Status & Process of CIBIL Dispute Resolution

 

The CIBIL score, a three-digit number designated by TransUnion CIBIL, plays a vital role in loan approvals and even the Annual Percentage Rate offered by lenders. CIBIL, or the Credit Information Bureau of India Limited, keeps tabs on an individual’s creditworthiness. Any error in the credit information report may affect the individual's borrowing power and calculation of Annual Percentage Rate.

These errors are usually termed as CIBIL disputes. It is essential to keep a check on CIBIL dispute status and take the necessary steps to resolve it.

What are the types of errors in the CIBIL report?

There can be multiple types of errors in a credit report, affecting the CIBIL score significantly. Some of these include -

• Spelling errors in name or incorrect personal information like contact details, date of birth, address, bank account details, identification number, etc.

• Financial information such as loan variants, credit transactions, repayment data, and dates recorded incorrectly. 

It is crucial to take note of and resolve these disputes in the CIBIL score for a personal loan to ensure a favourable Annual Percentage Rate.

How to rectify the errors in the CIBIL dispute?

Often lending institutions decide APR rate and loan amount based on CIBIL score. Failing to satisfy the credit score set by lenders can become a barrier during loan processing. This mandates the need to understand how CIBIL score is important for a personal loan and how to resolve any disputes effectively.

Here’s how one can raise a dispute using the online portal -

• Visit the official CIBIL website and log in to myCIBIL.

• Select the credit report section and redirect to the dispute centre.

• On the displayed page, click on the ‘raise a dispute’ option.

• Fill the online dispute form with relevant details.

• Select the changes required to resolve the dispute. 

• Select an appropriate issue against which concern needs to be raised.

• Submit the dispute.

It is essential to know that for raising an ownership dispute, one has to select the type. While for data inaccuracies, appropriate information has to be typed.

Individuals can also resolve the CIBIL issues by writing about their concerns to the TransUnion CIBIL. During certain circumstances, one has to submit relevant documents to prove his/her claims. 

How to check CIBIL dispute status?

After submitting a dispute, CIBIL sends automated emails every seven days to inform individuals about the status. If there are delays of more than 45 days in report rectification, one can re-raise a dispute online.

Individuals can finally check the required changes in a credit report after the disputes are addressed. Meanwhile, individuals must practise ways to improve their CIBIL score to increase the chances of availing a personal loan. 

Lending institutions give weightage to borrowers with a 750+ CIBIL score and remarkable credit history. However, to make a successful application, one needs to fulfil other eligibility parameters to avoid rejections and avail an affordable Annual Percentage Rate. It is essential to notify the lenders regarding CIBIL dispute correction to remove the chances of personal loan rejection or discrepancies. 

This would again help in gaining additional benefits from lenders. For instance, reputed NBFCs like Bajaj Finserv offer customised pre-approved offers to borrowers. These offers make the application process swift and hassle-free. Such offers are levied on financial products like business loans, personal loans, etc. Check your pre-approved offer today by entering a name and number.

The CIBIL score and credit report are two vital elements of every individual’s borrowing profile. It is, therefore, the responsibility of an individual to keep a tab on necessary changes and raise a concern if disputes are noticed.