To make a dispute online, log in to CIBIL portal and navigate to the ‘credit reports’ section. Then go to ‘dispute centre’ and click on ‘dispute an item’. Next, fill out CIBIL’s online dispute resolution form and keep handy the control number.
Let’s imagine that you visit a lending company to apply for a loan. The loan is turned down. As a responsible borrower, you are perplexed as to why your loan application was rejected. One cause can be that there’s a problem with your CIBIL score. When you check your CIBIL credit record, you discover several mistakes that startle you.
Should you be alarmed under such circumstances? No. You can submit a CIBIL dispute to get it fixed. How can a CIBIL disagreement be raised? What are the CIBIL report’s errors? What is the purpose of CIBIL and what does a credit score mean? Let’s respond to these inquiries.
CIBIL and CIBIL score
The premier credit bureau in India is called CIBIL (Credit Information Bureau (India) Limited). It compiles and assesses client credit histories. Both individuals and businesses may be among these clients.
Credit scores are given by CIBIL. Your creditworthiness is assessed using a three-digit number called a credit score. The credit report includes the credit score. Other information, like your credit history, is also provided in the credit report.
CIBIL Dispute
Financial institutions occasionally send inaccurate information. Sometimes, the credit bureau will update incorrect information inadvertently. In all situations, these inaccuracies will appear on the credit record.
Types of Loan Disputes
Conflicts might be of two different types:
Individual disputes– Conflicts involving borrowers of loans or credit cards
Company conflicts – Company disputes are those that involve businesses.
Steps to Resolve a Dispute for Individuals
The user can use the following actions to settle any form of dispute:
- Register on the CIBIL website by going there.
- Enter your login information to access your credit report.
- Select “Credit Report.” Choose “Dispute Center.” Next, choose “Dispute an Item.”
- Select the area of the CIBIL report that you want to challenge, and then submit it online.
- ‘Under Dispute’ is the label for disputed fields. From CIBIL, you will receive a confirmation receipt. You will receive it via SMS and email.
- Wait patiently for CIBIL to settle the conflict. The disagreement is often resolved in 30 days.
CIBIL Company Credit Information Report (CCR)
Credit information pertaining to businesses is included in the CIBIL Company Credit Information Report (CCR). You must correct any errors in this material if there are any. There are various conflict types, including:
Details about the company or account – Name, address, etc. Account information includes the credit type, date, and amount of the loan sanction.
Duplicate Account: When an account is reflected more than once, it is said to be a duplicate.
Ownership – Ownership indicates that you do not own a specific account. Alternatively, the entire report has errors.
The disagreement must be brought up by the relevant company’s authorised signatory. Submit an online Dispute Form to report anomalies in CCR. Another option is to file a complaint in writing at the registered CIBIL address.
FAQ
How to raise the Cibil dispute offline?
To contact Transunion CIBIL, you must use its official address. TransUnion CIBIL Ltd., One World Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 is the current permitted address.
You must include important information while filing a dispute offline, such as the transaction ID, report order number, etc. Online dispute settlement, however, is significantly quicker and easier.
Why is it important to fix errors in CIBIL reports through the dispute resolution mechanism?
Your eligibility for a loan is heavily influenced by your credit report. Your loan application could be denied if the CIBIL report contains specific flaws. If you make a mistake, you can be eligible for a loan with a higher interest rate. Your score might be impacted, for example, if your credit report contains a duplicate account. If these inconsistencies are fixed, you might have access to greater financing opportunities.
Does CIBIL make changes to the credit report directly upon raising a dispute?
After receiving permission, CIBIL approaches the lender and implements the adjustments. This procedure requires time. Usually, the turnaround time is 30 days.
Can a lender reject a dispute raised?
The lender may reject the dispute in particular circumstances. You will be informed of this by CIBIL. Review your credit report frequently to check for inaccurate information. Any time you discover an error in the report, bring it to our attention right away. The dispute settlement procedure is strong, despite the fact that there are occasionally inconsistencies in the credit report. Apply for the loan you require and have faith in the process.