Your cibil score is one of the most important criteria used by banks for your loan appraisal. Cibil score is a 3 digit score that varies between 300 and 900. It is a score that showcase your behavior towards past debts and how have you handled repayment of loan in the past. It is very important for an individual to get a cibil rating of his own to make sure that nothing wrong is mentioned on your report. You can easily get your cibil score from cibil’s website with a minimal fee payment.
There can be some information that are wrongly mentioned in your cibil report. There can be information that might not directly impact your cibil score like address, name, surname etc which might be wrongly mentioned in your report. It is very important to rectify these mistakes. In case, you find that some loan or credit card account credited to your account then, you should raise a dispute with cibil.
You can raise a dispute with cibil on their website by providing all relevant details that are required for dispute resolution. Cibil will share this data with banks and NBFC and they will check their records. The rating agency will resolve the dispute by getting the feedback from banks and financial institutions. This whole process may take a period of around 1 month to resolve. If your dispute is found to be genuine then it would be reflected in your updated cibil score.
Resolving a cibil dispute is very important as a bad cibil score would hamper your chances of getting a loan sanctioned from a financial institution. It is advised to know your credit from time to time and make sure that only right information is reflected in your cibil score.