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.
What is CIBIL Disputes:
A CIBIL score is a three-digit number that is assigned by a credit bureau. The number determines your financial creditworthiness. This is based on your credit history and is a factor that banks and lenders look into before they give you a loan. TransUnion CIBIL will collect data from different lenders and then determine the accuracy of the data before it is printed on the credit reports.
If there is any discrepancy in the CIBIL report or CIBIL score, like bank-related information, contact information, your name, outstanding balance, date of birth, or date of loan account, you can always rectify the same. The process of identifying and fixing errors in your credit report is called CIBIL dispute.
- CIBIL disputes can be of two types: Individual CIBIL disputes and Company CIBIL disputes.
- You can always any raise disputes in your CIBIL report or in your CIBIL score by filling the CIBIL Dispute form via the CIBIL website.
- Any commercial CIBIL dispute can be submitted via the CIBIL Online Dispute Resolution Form which you can find on the CIBIL website.
- It will take around 30 days after you have raised the CIBIL dispute for it to be resolved.
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
- Duplicate Account
- Fields which can be incorrect
- Individual disputes
- Personal Details
- Duplicate Account
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 disputes may arise if the company account mentioned is not actually on your name.
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.
Here are the company details which can be disputed-
Company’s Registered Address
Company’s Branch Address
Promoter/ Director/ Proprietor/ Partner Name
This includes name of customer, address details etc. For example, Mohit Kapoor may be misspelt as Mohit Kapur and hence might need rectification.
Your account may be present twice and hence a duplicate dispute may arise which can be rectified by raising a dispute request with CIBIL.
Some details for which a dispute cannot be raised are listed below.
Member Name (Unless it is an Ownership Dispute)
Account Number (Unless it is an Ownership Dispute)
How Can you Raise a Dispute on the CIBIL Website?
- Step 1: Go to the website and click on 'myCIBIL’ and log in
- Step 2: After you log in, click on ‘Credit Reports' and select ‘Dispute Centre’. Select 'Dispute an Item'.
- Step 3: Fill in the dispute form with your contact details and click on ‘Submit’
- Step 4: Choose the section of your CIBIL Report for which you want to raise the dispute.
If the dispute is about an error in ownership details or duplication of information, you can select the type from the menu.
If the dispute is about inaccuracies in data, you can enter details in a field and click ‘Submit’.
Company Dispute Resolution
- Step 1: Click on ‘Company Dispute Resolution Portal’ on the CIBIL website and select ‘Raise an Online Dispute’.
- Step 2: Enter all details with the reason for raising a dispute.
- Step 3: Enter the captcha code and select ‘Submit’.
How Can you Raise a CIBIL Dispute Offline?
If you want to raise a CIBIL dispute offline, you can always write to TranUnion CIBIL:
TransUnion CIBIL Limited,
One Indiabulls Centre, Tower 2A, 19th Floor,
Senapati Bapat Marg, Elphinstone Road,
Mumbai – 400 013
Process of Resolution of CIBIL Dispute
- Step 1: CIBIL will verify your disputed information and will convey these details to the lender depending on the type of dispute.
- Step 2: If the lender accepts this dispute, the corrections will be made by CIBIL and the updated details will reflect on the next credit report.
- Step 3: After the dispute has been resolved, the ‘Under Dispute’ tag will be removed from the field.
It will take around 30 days for CIBIL to resolve the dispute.
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 disputes1. 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
CIBIL looks up to various credit institutions for furnishing of accurate information. Customer involvement in this case is neither required nor advisable.3. 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.4. 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.5. 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.6. 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.7. 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.
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report. CHECK YOUR CIBIL SCORE now.