Your financial condition can be given its true nature by one prominent feature, which is your CIBIL score. Even before sanctioning loans or credit card services, banks and other financial service providers check out your credit score. The CIBIL report carries in detail your credit history including information such as lists of loan accounts and credit card details along with repayment history.
Sometimes, errors may occur in the CIBIL reports and these errors include incorrect personal details, incorrect loan accounts, or even wrongly reported payment records. These errors may negatively impact your CIBIL score and cause your loans to decline or attract a higher interest in them. Luckily, you can correct these errors through CIBIL disputes.If you seek collateral free business loan it is important to understand Cibil and credit reports in detail.
In this article, you can understand the types of CIBIL disputes, how to raise them, and the process for dispute resolution.
Types of CIBIL Disputes
- Personal Information Disputes
These disputes involve errors in your personal details, such as:- Name spelling mistakes
- Incorrect date of birth
- Wrong address or contact information
- Gender mismatch
Such errors do not directly affect your CIBIL score but can cause confusion in your report.
- Account Information Disputes
These are more serious and can impact your CIBIL score. Common account information disputes include:
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- Incorrect loan or credit card details
- Wrong outstanding balance
- Duplicate loan entries
- Incorrect payment history, such as missed payments being reported when you have paid on time
- Closed accounts being shown as open
- Loan accounts that do not belong to you
It is essential to review your CIBIL report regularly to spot these issues early.
How To Dispute CIBIL
There is a provision to dispute CIBIL through a straightforward process. Here’s how you can dispute your CIBIL:
- Login to the CIBIL Portal
- Refer to the website of CIBIL. Use the following link: https://www.cibil.com/. Login to your account with your ID and password. If you haven’t created an account yet then follow the procedure there to enroll by filling in all your basic details.
- Access Your CIBIL Report
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- Once logged in, download your CIBIL report and review it thoroughly to identify the errors.
- Raise a Dispute Online
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- Scroll to the Dispute Resolution section on the website.
- Click on ‘Raise a Dispute’ and select the type of error or issue you are facing (Personal or Account Information).
- Provide the necessary details, such as the specific entry that needs correction, and submit any supporting documents if required.
- Submit the Dispute
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- After filling in all the details, submit the dispute. You will receive a dispute ID, which you can use to track the status of your request.
- Follow Up
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- Keep an eye on your email or the CIBIL portal for updates on your dispute.
Dispute Resolution Process
Once you raise a dispute, CIBIL follows a systematic process to resolve it. Here are the steps involved:
- Verification by CIBIL
- After receiving your CIBIL dispute, the CIBIL verifies the information and moves it to the concerned lender or financial institution for further investigation.
- Lender’s Investigation
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- The lender reviews the disputed entry. If they find the error valid, they will correct the information in their records and inform CIBIL.
- Correction in the CIBIL Report
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- Once the lender updates the information, CIBIL will make the necessary changes to your credit report.
- Notification of Resolution
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- CIBIL will notify you via email once the dispute is resolved. You can also log in to the CIBIL portal to check the updated report.
- Timeframe for Resolution
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- It takes about 30 days in general to solve the problem, though it may take a longer time depending on the actual details of the kind of case and how much time the lender takes to respond.
Conclusion
Having a good CIBIL score is very important. But sometimes it can affect your business loan online applications and credit card approvals if your CIBIL has disputes and errors. Knowing how to raise and resolve disputes means that your credit report will not reflect some of the wrongdoings that you might have faced, hence paving the way for better opportunities and future financial assistance.
A good credit score is important for an MSME. Since the lending criteria at traditional banks are very stringent, NBFCs are a great alternative. NBFCs have flexible loan options, quicker approvals, and personalized solutions for MSMEs in times of need. Whether it is expansion, working capital, or equipment purchase, be assured that NBFCs will be there beside you to take your business journey to the next level.
