What are Best Solutions for CIBIL Errors?

RBI has made it essential for banks to allow individuals to access their credit report when needed. The Reserve Bank of India (RBI) has prescribed a nominal fee per credit report according to the Credit Information Companies Regulations 2006 Act.

In case the bank denies loan or credit card application, then you may ask for the control number for your credit report and contact CIBIL at info@cibil.com and communicate with them about errors in the report.

What could be the Errors in Credit Reports?

  • Credit reports can be received instantly online. These reports are produced each month. Thus, there is a possibility that your current balance may have not been recorded in the report.
  • There could be inaccuracy in the figures of current balance shown. If the report shows overdue amount, which you have already paid, then notify CIBIL.
  • Sometimes your personal details such as name, date of birth, address, PAN number etc may contain errors.
  • You must verify whether any outstanding loans mentioned are factually correct or not.
  • The credit report must be reviewed to know if duplicate accounts are shown registered in your name or not.
  • Besides these, there could be misprint of control number, account number, date of report, or enquiry date.

Which Fields can be disputed?

In credit report, certain fields can be disputed:

  • City, State and PIN Code
  • Branch address
  • Telephone numbers
  • Company's name and address
  • PAN (Company)
  • Relationship
  • Legal constitution
  • Proprietor/ Partner name
  • Account details
  • DUNS Number and Report Order Number

How to File a CIBIL Dispute Request?

You must fill out an online form for dispute. This is available freely on the CIBIL's official website. Keep your control number, which is a nine-digit number at the top right of the report and is created when a CIR generates. The organization will verify given details with the specific bank, and you will receive an email notification about the dispute request status. In case the dispute is solved, you will receive the updated report.

However, you can initiate this process again if you are unsatisfied with the solution to first dispute request. Once more CIBIL will repeat the credit report verification procedure. You can write directly to the Credit Information Bureau (India) Ltd, Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021.

How is Resolution to Credit Report Errors Met?

It is the credit institution and not CIBIL that can make changes to your credit information report. The institution ascertains the legitimacy of the dispute and then verifies the details. The changes are again authenticated with concerned bank, and the credit report is then updated. You as a customer will be notified duly. It may take 30 days for resolving a CIR dispute based on the time taken by the bank or institution in reverting with the information.