CIBIL or Credit Report Checklist

In a country like India, it is difficult to track records of a large population. It becomes difficult to match names, dates of birth, addresses, telephone numbers, PAN card details, voter IDs, passport numbers etc. as there is a huge data base. CIBIL has developed an algorithm to consider several fields before making a match before raising the credit report. But that being said, there will be some mistakes made on the part of lenders or identity theft, lack of updated information, errors in personal data etc.

Since the individuals now have access to their credit report, they can check for these discrepancies. While reading your credit report, it is not only important to read your credit score, it is important to read the whole report. The following are the three important parameters you must not miss to check:

1. Make sure there are no errors in reporting by the lender

   CIBIL credit reports should be checked at least once a year. When you are applying for a fresh loan, a lender will check your credit report. So, you need to be sure there are no errors so you can avail the best terms on the loan. There is a good chance that your lender might’ve made a mistake in reporting your credit transaction details.

   • The first thing you need to do is read the whole report.
   • Check for the outstanding amount on your credit cards and loan. They might’ve been cleared but the report might not have been updated. This is wrong information and it needs to be corrected as your credit score will be affected.
   • When you spot an error in personal data, address, outstanding balance etc., immediately report it to the credit reporting bureau. And write a letter to the creditor who reported the wrong information. You can raise a dispute with Credit Bureau for correction.

   It is very important to maintain a high CIBIL Score so that you can have a healthy financial future. It helps you avail the best credit from the banks.

2. Check for stolen or duplicate identity

   Check for reports or enquiries that are not made by you. For instance, if there is a loan application reported in your CIBIL report not initiated by you, then you can be sure that it is a case of identity theft. What you need to look for while checking for possible frauds are

   • Loan accounts that were not initiated by you.
   • Credit inquiries that you did not make.
   • Late payments or defaults that you did not make.
   • Wrong address and other identifying information.
   • Wrong phone number.

   When you suspect a case of identity theft, report it to the credit bureau that issued the report and notify the bank immediately.

3. Check your account information

   A majority of the information in your CIBIL report is your account information. You need to

   • Review your accounts, check your loans and credit card accounts.
   • Cross check your credit limit, current balance and payment history.
   • Make a note of the accounts that are inactive and were closed.
   • Make a note of the late payments and their negative remarks.
   • Check for the active loans and credit cards and see if you can consolidate them.
   • Organise paperwork relating to your accounts and keep the details in order so you can track them easily.
4. Dispute resolution process
   1. Read your CIBIL report and spot the mistakes.
   2. Submit an Online Dispute Form at https://www.cibil.com/file-consumer-dispute/.
   3. The relevant section will be marked as ‘Under Dispute’.
   4. Then CIBIL will take the matter up with the concerned lender, the lender then accepts or rejects the Dispute.
   5. When the dispute is accepted by the lender, the correction is made.
   6. The ‘Under Dispute’ remark will then be removed from the concerned section.

   7. The turnaround time for the dispute resolution is 30 days. Ensure you have the proof before you decide to file a complaint.

By doing all these you will know the outstanding balance on your accounts and also you can keep a track of everything. There is a good chance that your loan might’ve been rejected because of wrong information reported in the CIBIL Report. By checking and correcting discrepancies in your report, you minimise the chances of your loans being rejected. It is an individual’s responsibility to check their own report and not the banks or CIBIL’s.