Errors sometimes are inevitable. How much ever careful one is, errors do creep in somehow. Seeing an error in the CIBIL report is a very disheartening situation. It feels bad to see your name in the defaulters list, and the feeling is even worse if you do not know how to correct this mistakes. This article would guide you to get rid of a few common errors that one usually encounters in the CIBIL report. But before that, make sure you apply online for your CIBIL Credit Report.
First of all we must understand what the common errors that sneak into the report are.
- Errors in the CIBIL Report: CIBIL is regularly updated by the banks on a regular, monthly basis. At the time when data is entered, some human errors may occur. These human errors are the major reason for a lot of complains. For instance, say you have an outstanding credit of Rs 3,000, but by mistake, it got entered as Rs 30,000. Similarly, several other things can get wrong. A few are
- Account/Loan Type
- Ownership Type
- Account Status
- Date of last payment
- Date opened
- Date closed
- Current Balance
- High Credit/ Sanctioned Amount
- Amount Overdue
- DPD/ Asset Classification
You should ensure that these little things are correct so that you do not have a problem in any future loans.
- Mistakes in basic details: Sometimes mistakes may be in your basic details such as name, date of birth, address, etc. A name like “Ashwin Chauhan” can be spelt wrongly as “Ashwin Chavan”in the CIBIL report. Now, if suppose someday a real “Ashwin Chavan” commits some fraud, runs away after taking some 50 lakh loan, then human error can lead to “Ashwin Chauhan” facing problems. Thus, such errors should be taken very seriously and corrected at the earliest. The list of basic details is given below:
- Name
- Date of Birth
- Gender
- Passport Number
- Income Tax ID
- Voter’s ID
- Address
- Telephone Numbers
- State
- PIN
- Something has a Duplicate Entry or doesn’t belong to you: Sometimes you may see something in the CIBIL report that is not yours. This falls under “human errors”. You may not be aware of it, but it may be on your name. There are chances that this may have happened as your documents are being used by someone else. This actually happens, and has happened in the past with many people. So this should not be taken very lightly.
Steps to make a correction in your CIBIL report
“Dispute Resolution” is the online redressal mechanism CIBIL has to handle all mistakes that creep into the CIBIL Credit Report.
The following diagram depicts clearly the steps taken for correcting mistakes in the CIBIL report:
STEP 1: Filling up the Dispute Resolution Form
The first step to be taken is filling up an Online Dispute Resolution Form by CIBIL which looks like this:
Fill up the form very carefully and put in all information correctly. The CIR report has a CONTROL NUMBER, which has to be entered in this dispute redressal form along with other information. This is a 9 digit unique number present on the top right corner of a CIBIL Credit Information Report and every time some credit report is generated, this unique number is generated as well. You need to provide the exact mistake and also the correct information correctly. After the form is submitted, a Dispute ID will be given to you for all future references. It will be emailed to you as well.
STEP 2: communication with Loan Provider
Once a dispute request is raised, CIBIL tries to see first if it can somehow verify and rectify the mistake on its own. But most of the time this does not happen and it forwards you dispute request then to the bank that has provided you the loans (credit card, car loan, home loan, etc.). The loan provider then confirms that an error had occurred and sends CIBIL the corrected data. CIBIL updates this data then and informs you. It should be noted that it is CIBIL’s responsibility and duty to aid you in resolving your request.
Do remember that the information cannot be changed by CIBIL on its own. It is just a steward of information that it receives from the credit institutions. It can make a change in your credit information only and only when the relevant loan provider(s) confirms it. It takes around 30 days for a dispute to resolve upon which an email is sent to you notifying you of the results. After the dispute gets resolved, the status of CIBIL report can be seen by applying for it afresh.
