Are you looking for a loan or a credit card but your application has got a rejection from the lender due to low credit score? Do you have any idea that some errors in your credit report can affect your score negatively? Well, the answer to this question is yes. Credit score is the most important thing while you look for an unsecured loan or credit card as this 3-digit number represents your creditworthiness and your repayment behavior. Whereas, your credit report provides all the financial transactions, utility bill payments, credit card bill payments, EMI payments, etc.
Based on this report, an individual can get his or her credit score. There are several credit rating agencies that provide the credit report of individuals such as CIBIL, Equifax, CRIF Highmark, etc. In this article, we will be telling you about how you can resolve any credit score related disputes at CIBIL. When you get the errors corrected on your credit report, your credit score will be updated, and based on this updated score, you will get the required credit. Individuals with a high credit score are deemed to be more creditworthy as compared to people with low credit scores. Let’s know about the process of dispute resolution at CIBIL.
How to make Credit Score Dispute Resolution at CIBIL
When we talk about the credit rating agencies of India, CIBIL (Credit Rating Information Bureau of India Limited) comes at the top without any doubt. You can know the height of its popularity by the fact that most Indians know the credit score as CIBIL Score only. Suppose you got your credit report from your lender or you got it from the CIBIL and you are seeing some errors in your credit report. The error can be related to anything such as your personal details, employment details, loan details, etc.
To correct any kind of detail, you don’t need to step out of your home. You will need only an Internet Connection and mobile or laptop. You just need to follow a simple few steps, and your application will be on its way. All of them are mentioned below. Have a look!
- Go to the official website of the CIBIL and login with your official username and password.
- After logging in, you will need to go to the section named Credit Reports where you will see “Dispute Center” where you will need to click on the “Dispute an Item”.
- By clicking this, you will see an Online Dispute form that you will need to fill it with the required details. You will also have to choose the section in which you want to correct your mistakes. For example, if the credit report has your name incorrect and wants to get your name corrected, you will need to choose the ‘Personal Details’ section.
- When you are done with these steps, you will need to choose if your dispute is related to some inaccuracies in the value or related to the Ownership/Duplicate.
- If it is related to the Inaccuracy, you will need to feed the correct value and submit the form.
After submitting the form, the lender will take up your credit score related dispute to the concerned lender. The lender will either accept or reject your dispute and mention it in the CIBIL report. On accepting the mistake, CIBIL will correct it and you will get an updated credit report. The overall process generally takes an overall period of 30 days and it also depends on the lender.
Other than the online option, if you want to the credit score dispute resolution in some other way, you can also write to the CIBIL about your concerns and it will look into it.