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 email@example.com and communicate with them about errors in the report.
In credit report, certain fields can be disputed:
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.
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.