Things to do for correcting your cibil score


cibil score rangeQ1. Can an individual raise a dispute in his credit report ?

Ans. Yes if a borrower finds any discrepancies in the credit report, he can reach out to the concerned bureau for having it corrected. This would help the individual in raising his/her credit score range.


Q2. Faulty Account Details in the credit report : What causes it and how faq1to correct it ? Does it affect the cibil score?

Ans. There are chances that there is a mistake in reporting by the financial institution on the loan account like amount balance, amount overdue etc. There can also be a situation where the individual might have repaid the payment or the loan amount, but still the reports reflect it unpaid. This can hugely decrease the cibil score of the individual. One should reach out to the financial institution to have the account details updated and get corresponding proof for the same.  Thereafter, immediately approach the bureau with the proof to get the credit report corrected.


credit score rangeQ3. False Loan Account Details, What causes it and how to correct it ?

Ans. This is in almost all cases a result of Identity theft and can adversely impact your cibil score. The immediate step is to immediately reach out to the financial institution and ask for the documentation that was taken for the loan. Thereafter, you should approach the branch where the loan was supposedly taken and escalate it to senior management of the concerned financial institution.


Q4. Incorrect record, what causes it and how to correct it ?faq3

Ans. The personal information present in the reports is mainly name, mobile, email address, residential address etc. An error could possibly occur at the time of update of any of the above.  It is important to have the same updated as future lenders would like to see consistency with current KYC documents and this would immensely help in improving the cibil score.


faq6Q5. Will the credit bureau identify mistakes itself?

Ans. No, credit bureaus do not collect data itself. Rather they have provided information by the financial institutions. So it is really important for the individual to raise a dispute after identifying the error in order to increase his/her cibil score.


Q6. How can an individual raise a dispute?faq5

Ans. The process is very simple. The individual just needs to login to the respective credit bureau’s website and file a dispute online. It is recommended to provide proofs for the errors present in the report.


faq2Q7. How much time does the bureau require to solve the dispute?

Ans. Normally the credit bureau takes 30 days to solve the issue. And once the right proofs and information are received by the bureau, it takes approximately a week to update it to the credit reports and simultaneously the cibil score also improves.


Q8. What happens if an individual raises a wrong dispute?faq1

Ans. There is no action taken against the individual and also does not decrease the cibil score of the individual. Also there is no mention in the credit reports regarding this and the cibil score will be unaffected.