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If you identify an error on your credit report, you should start by disputing that information with the credit reporting company (Experian, Equifax, and/or Transunion). You should explain in writing what you think is wrong, why, and include copies of documents that support your dispute.
The following are the steps for CIBIL Dispute Resolution:
Step 1: Go to www.cibil.com, and create an account. If you already have one, simply sign in.
Step 2: Select the ‘Credit Reports’ option and click on ‘Dispute Centre’ before selecting ‘Dispute an Item’.
Step 3: Fill in the online CIBIL dispute form and choose the relevant section.
Step 4: Select the ‘Dispute Type’, enter a value if you are disputing data inaccuracies, and click on ‘Submit’.
Once the CIBIL dispute form is submitted, TransUnion CIBIL will verify the information with the relevant lender, and the status will most likely be updated within a month.
1. Keep an Eye on Your CIBIL Report
While most credit users are conversant with keeping tabs on their CIBIL scores, very few bother to monitor their credit reports. You can buy your CIBIL report directly from the bureau. A single purchase costs you Rs.550 whereas a yearly subscription is much more economical and costs you Rs.1200 for a report every month.
2. Check the CIBIL Status of your Accounts
Carefully scrutinize the document for discrepancies or potential red flags. If you are confident that you have identified an error or inaccurate information in your credit report, you must immediately initiate the dispute resolution process through the CIBIL website. In such a scenario, CIBIL will check with the concerned financial institution to determine the authenticity of your claim. You can expect to hear back from CIBIL in 30 days. You might want to contact the bank directly and point out their mistake as well. This will expedite the process considerably. If your claim is legitimate, CIBIL will remove the error and restore your CIBIL report.
3. Check the Payment History of each of your Accounts
Go through the ‘Days Past Due’ section carefully. Anything apart from 0 or X should be treated as a caution, and you must act upon it immediately.
4. Get a NOC from the lender
Once you have paid off the settlement amount, obtain a NOC from the lender, stating that you no longer owe anything to them. Request the lender to post the same NOC report to CIBIL, asking them to update your CIBIL status. This should remove written-off status in your CIBIL report in some time.
If you suspect that the error on your report is a result of identity theft, visit IdentityTheft.gov , the federal government’s one-stop resource to help you report and recover from identity theft.
Credit reporting companies must investigate your dispute, forward all documents to the furnisher, and report the results back to you unless they determine your claim is frivolous. If the consumer reporting company or furnisher determines that your dispute is frivolous, it can choose not to investigate the dispute so long as it sends you a notice within five days saying that it has made such a determination.
If the furnisher corrects your information after your dispute, it must notify all of the credit reporting companies it sent the inaccurate information to, so they can update their reports with the correct information.
If the furnisher determines that the information is accurate and does not update or remove the information, you can request the credit reporting company to include a statement explaining the dispute in your credit file. This statement will be included in future reports and provided to whoever requests your credit report.
1. Personal Information Errors
There are times when credit bureaus confuse one consumer with someone else or when credit reports list incorrect addresses. These incidents are primarily caused by identity or personal information errors. Here are some of the most common identity errors that you should look out for:
Your basic personal facts should always be updated whenever you move to another house, change your name, or use a new phone number. If you recently filed a divorce and have joint accounts with your former spouse, remove your name from these accounts to avoid suffering from incurring debts in the future.
2. Account Errors
3. Account Reporting Errors
Errors may happen in the actual status of your accounts, too. Among all these inaccuracies, missed and late payment dates are one of the most alarming. If taken for granted, you may end up defaulting on your payments. Even worse, these errors can cut back your credit rating significantly.
Below are the most common errors that could happen in your account:
4. Balance Errors
5. Duplication Errors