Bad CIBIL Score due to Wrong Data? Here’s your guide to get it corrected!

cibil score

Aditya had checked his CIBIL report last week and he was quite surprised to find his CIBIL score at just 400 which is considered quite low. So, he made sure he visited Kuber in the weekend.

My score is just 400 and I think it is quite low. This is even while I have not missed any of my home loan or credit card payments. Can you check what is affecting my CIBIL score?” Aditya seemed concerned.

“Well, don’t worry, Aditya. Just enjoy the tea while I am seeing your credit report.” Kuber was happy to note that Aditya was monitoring the credit score.

“All your loans are fine except one. The report is showing a long pending outstanding towards one credit card issued by ABC Bank and the dues are increasing every month due to interest and this is precisely the reason for your low score.”Kuber analyzed his report and informed Aditya.

Aditya seemed confused, “An overdue credit card, I don’t even have a card from ABC Bank. I think there’s some confusion over here.”

“I believe, there’s some wrong data in the report. But not to worry, we can get it corrected. The process is a simple one.” Kuber said in a tone of assurance.

Kuber continued, “We need to just fill out an online dispute form on the website of CIBIL, which will also require us to specify the specific details which we are disputing and want the same to get it corrected. It will also ask us for the correct details that should occur in the report. The system will then validate the dispute based on the information filled and the information present in the credit report. Once it is validated, CIBIL will mark the relevant section as ‘Under dispute’ in the credit report and take up the case with the credit institution, generally the Banks.”

You are always at my rescue, Kuber. But what if banks don’t respond to the dispute?” Aditya fired another question.

The normal turnaround time for the dispute is around 30 days. CIBIL also sends a daily reminder to the bank until the dispute is resolved. Further, once the dispute is validated, CIBIL updates the records instantly. However, in case the bank rejects the dispute, we need to contact the bank directly.” Kuber was quick to convince Aditya again.

The tea is over now and so is my confusion over my low credit score.” Aditya was smiling.

Leave a Reply

Your email address will not be published. Required fields are marked *