CIBIL or TransUnion CIBIL is a credit information organisation that stores, maintains, and evaluates the financial records of Indian citizens and companies. Your credit report reflects how financially responsible, credible, and qualified you are as an individual. Whatever financial actions you take is incorporated in the report to give you an indicative score. Thus, considering the importance of this report, CIBIL disputes are something that can effectively hamper your chances of availing credits.
CIBIL related disputes could mean error in data, credentials, personal details, and so on. Such disputes and discrepancies in the records also impact your score. To maintain proper credit records, you must check CIBIL score and data from time to time.
Why should you raise CIBIL disputes without delay?
Whenever you wish to borrow funds, your CIBIL score is something that comes to the forefront. This is because it signifies how well you can manage your finances. For example, if you apply for a personal loan, a lender will first check your CIBIL score to deem your creditworthiness.
The reason behind this is to assess your repayment capability, ensuring that a particular borrower does not fail effective loan repayment. Thus, this is how CIBIL score holds immense importance in personal lending.
You could end up facing rejections on loan requests even if you are qualified enough for such loans. This could be because of an unresolved CIBIL dispute in your profile. Although the reports are updated and verified by the CIBIL from time to time, misinformation could always affect your credit rating.
Thus, you must always keep a check on your CIBIL details. Moreover, if you are planning to opt for a personal loan anytime soon, this score becomes more important. In case you spot an error, you can raise a dispute to implement CIBIL report correction.
Some of the common errors found in CIBIL records are:
- Account status
- Incorrect personal details, like name, mobile number, PAN, etc.
- Payment history
- Wrong credit limit
- Invalid loan accounts on your name
- Outstanding loan amount
- Duplicate account
Your CIBIL score may be getting you down, minimising your chances to avail a personal loan at favourable terms. Thus, checking and raising such disputes when you notice errors in the report is essential.
Process to raise CIBIL dispute for wrong credit details
Follow these steps to raise a dispute with CIBIL online-
- Visit the official website of CIBIL.
- Log in to the portal using your credentials.
- If you are not yet registered on this portal, fulfil the registration formalities first.
- Next, look for the ‘Dispute Centre’ option under ‘Credit Report’.
- Select ‘Dispute and Item’.
- You will then be redirected to a new page, where you will have to fill up all the dispute details.
- Choose the relevant option under ‘Dispute Type’ to enter the required details.
- Click on the ‘Submit’ button.
You can also raise a CIBIL dispute offline by writing to the company. Mention all the necessary details like transaction ID, dispute type, report order number, etc., and provide the necessary documents to submit the dispute report.
People can also keep a check on their CIBIL dispute status under the ‘Dispute Status’ section on the portal. Tracking the status of dispute and rectifying the errors promptly becomes particularly important when you are in urgent need of a loan. Moreover, having an error-free credit report and an impressive CIBIL score are some of the requisites to avail better interest rate on your personal loan.
You can also vouch for the exciting pre-approved offers extended by Bajaj Finserv to level up your loan benefits. Avail of these offers on personal loans, business loans, and credit cards to foster the fund-availing process. By providing some basic details, you can check your pre-approved offers.
TransUnion CIBIL also allows you to raise multiple CIBIL disputes in a single dispute form. You get to access this facility devoid of any charges. So, it is wise to stay updated regarding your credit report and rectify discrepancies, if there are any.