How to Raise a Dispute with CIBIL: A Step-by-Step Guide
Submitted by admin on December 12th, 2024
If you find errors in your CIBIL report, it’s crucial to address them promptly to ensure your credit score reflects accurate information. Here’s how to raise a dispute with CIBIL in detail:
Step 1: Get Your CIBIL Report
Obtain the latest copy of your CIBIL report.
Carefully review all sections, including personal details, account information, and credit inquiries, to identify inaccuracies like:
Incorrect personal details (name, address, PAN, etc.).
Mistakes in account status or loan repayment history.
Log in to your account or create a new one if you don’t already have access.
You’ll need to provide details like your name, date of birth, email address, and PAN to register.
Step 3: Navigate to the Dispute Resolution Section
After logging in, go to the Credit Dispute Resolution section.
This is where you can file disputes related to errors in your credit report.
Step 4: Fill Out the Dispute Form
Select the type of dispute you want to raise:
Personal Details: If errors pertain to your name, address, or contact information.
Account Information: For issues related to loan/credit card status, overdue amounts, or repayment records.
Duplicate Accounts: If the same account is listed multiple times.
Mention the Control Number (a unique 9-digit number in your report) for accurate identification of the disputed entry.
Provide details about the issue and attach supporting documents (e.g., loan statements, bank confirmations).
Step 5: Submit the Dispute
Review all the information for accuracy before submitting the dispute.
Once submitted, you’ll receive a dispute ID for tracking purposes.
Step 6: Monitor the Dispute Status
CIBIL forwards your dispute to the respective bank or financial institution for verification.
The institution reviews the dispute and responds to CIBIL.
Check the status of your dispute periodically by logging into your account.
Step 7: Resolution Timeline
The resolution process typically takes 30 days.
If the lender confirms the error, CIBIL updates your report accordingly.
If the dispute is rejected, the reasons will be provided in the resolution.
Step 8: Verify the Updated Report
After the dispute is resolved, download the updated CIBIL report.
Verify that the errors have been corrected.
Tips to Ensure a Successful Dispute
Be precise: Clearly explain the issue and provide supporting evidence.
Stay updated: Follow up with the lender directly if necessary.
Be patient: The resolution process may take time but ensures fair outcomes.
Conclusion
Raising a dispute with CIBIL is a straightforward process that ensures your credit report reflects accurate and up-to-date information. Correcting errors improves your credit score and enhances your financial credibility for future loans or credit card applications.
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