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  • CIBIL Dispute and Its Resolution

    CIBIL Dispute

    Credit Information Bureau India Limited, CIBIL which is the apex credit bureau of the nation, performs the job of collecting and evaluating credit history of customers. This includes gathering credit information of customers and using multiple parameters to arrive at a credit score for each customer. This process of assigning credit score and recording credit history is common for both individual customers as well as companies.

    Credit report of any individual or company plays a huge role in determining loan eligibility and credit sanction process. However, in case there is a discrepancy in your credit report, then chances of obtaining credit can be ruined to a great extent. CIBIL provides designated channels and procedures to resolve disputes pertaining to your CIBIL report. The process is slightly different depending upon whether the entity raising dispute request is a company or an individual.

    Types of disputes that may arise with CIBIL

    Various types of disputes may arise in an individual’s or a company’s credit report. Knowing the category of dispute makes the process of resolution easier. Here are some of the most prominent dispute types that customers can have with respect to their CIBIL report.

    • Company disputes
      • Company or Account Details
      • Various details pertaining to company like name, address etc. can be disputed. Company PAN and account details like credit type, sanction amount are certain examples of account details.

      • Ownership
      • Ownership disputes may arise if the company account mentioned is not actually on your name.

      • Duplicate Account
      • In your credit report, if the same account is being repeated over and over then you might wish you raise a dispute and get it rectified.

      • Fields which can be incorrect
      • Here are the company details which can be disputed-

        Company Name

        Legal Constitution

        City

        State

        PIN Code

        Company’s Registered Address

        Company’s Branch Address

        Telephone Numbers

        PAN (Company)

        Promoter/ Director/ Proprietor/ Partner Name

        Relationship

    • Individual disputes
      • Personal Details
      • This includes name of customer, address details etc. For example, Mohit Kapoor may be misspelt as Mohit Kapur and hence might need rectification.

      • Duplicate Account
      • Your account may be present twice and hence a duplicate dispute may arise which can be rectified by raising a dispute request with CIBIL.

      NOTE:

      Some details for which a dispute cannot be raised are listed below.

      Control Number

      Member Name (Unless it is an Ownership Dispute)

      Account Number (Unless it is an Ownership Dispute)

      Date Reported

      Enquiry Date

    How to resolve CIBIL disputes?

    A specific online-dispute form needs to be filled by companies as well as individuals to get their CIBIL report rectified. This is the first step towards resolving your dispute with CIBIL. Control number depicted on your credit report is one information that you surely need to put on the dispute form. This control number is a unique 9-digit number which is renewed every time your CIBIL report is generated. Once you have duly filled the dispute form, you will be furnished a dispute ID. This ID can be used to track your dispute request and for all further communication with respect to the request.

    In case the dispute is solvable by CIBIL, the changes are easily made. However, if CIBIL does not have enough data to fall back on and make changes, then it tries to contact your credit provider and requests for dispute resolution. Once the loan provider confirms that there is an error in the report, then CIBIL updates your information in its records and your CIBIL report. Any dispute raised with CIBIL may take up to a month to get resolved. As soon as your report is rectified, you will receive a SMS informing you of the same. In order to verify the change, you will need to once again request for your CIBIL report to check whether it has been updated or not.

    The most important point to note here is that CIBIL is not an authority that changes or manipulates your information. It is just an organization responsible for collecting and verifying information that is received from various credit associations and lending entities.

    FAQs on CIBIL disputes

    What are the various situations in which I can raise a CIBIL dispute?

    A CIBIL dispute can be raised in the following events-

    • Inaccurate balance overdue
    • Inaccurate personal details
    • Ownership issues
    Why does CIBIL not confirm information with customers before drawing the CIBIL report?

    CIBIL looks up to various credit institutions for furnishing of accurate information. Customer involvement in this case is neither required nor advisable.

    What should I do when I see an error in my CIBIL report?

    Any error in your CIBIL report should immediately be informed and gotten rectified. For this the first step would be to fill out the online dispute form at the CIBIL official website.

    Once the lending institute furnishes the correct information, how much time does CIBIL take to reflect the correct data?

    CIBIL takes around 7 days to update your records once the correct data is furnished by your bank.

    How do I know that my dispute with CIBIL has been resolved?

    CIBIL sends across an email as well as SMS for letting you know that your dispute has been resolved.

    What do I do if I am not satisfied with the dispute resolution?

    In case, you are dissatisfied with the dispute resolution, you will need to raise a new request or contact CIBIL directly. CIBIL updates information only when it is furnished by the credit institutions.

    Is there any way I can personally visit the CIBIL office to raise a dispute?

    No. CIBIL disputes can be raised only via CIBIL’s website and application form for the same can also be filled online. Tracking of the dispute request happens via email as well as SMS.

    CIBIL report or credit report is an extremely important document for a customer. Credit worthiness of a customer is decided purely based upon his/her credit report. Any discrepancy in the report should be rectified as soon as it comes into light. For banks and other lending institutes, credit report is the first point of reference while checking on the eligibility of customers for credit.

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