CIBIL score plays an important role when you are applying for a loan or a credit card. The banks check your credit score to decide the interest rate to offer to you. If you credit score is high, there is a good chance the bank will offer you a reasonable interest rate. But, on the other hand if the credit score is low, the banks will be unsure about offering you credit or they will give you credit for a higher interest rate. So, it is important for you to keep an eye out on your credit score. Make it an effort to make your credit score higher and look out for discrepancies in your credit report.
Since there is a huge database of a lot of people the wrong information might be included in your report because you had the same name or due to any other reason. Any discrepancy on your report might lead to the bank rejecting your application for loan. This will further harm your credit score. So, before you apply for a loan or a credit card, check your Credit Information Report and see if it is accurate and updated. If there is any error with regard to your name or age or credit information, a dispute request can be raised based on the CIR that you purchased from CIBIL or the CIR that was accessed by the Credit Institution with whom you applied for the loan or credit card.
All consumer interactions will be classified as Query, Request, Complaint or Feedback. Query is when a person is seeking information. Request is when a person requests for correction of a discrepancy in the CIBIL Report. Complaint or grievance is when a person is not satisfied with the response time or the quality of response received. Feedback is where a person gives suggestions on improving services or products.
Credit Information Report
Know what your Credit Information Report consists of, so you will know what possible discrepancies you have to look for. A CIR is a record of your credit payment history that is compiled from the information your lender provided to CIBIL. The report consists of your basic information, details about credit facilities you have availed, past payment history, amount overdue, current status and inquiries made. CIR includes:
- Sanctioned amount will be the loan amount that was disbursed to you by your lender.
- Current balance is the amount you owe to your lender. Keep in mind that the lender will take 30-45 days after they have received the payment to update it on CIBIL.
- EMI amount is the monthly instalment that you have to pay on the sanctioned loan.
- The actual payment amount is the amount that you have paid against the amount due.
- Amount overdue is the amount that is not paid against the due amount.
- Repayment tenure is the term for which you have taken the loan.
- Collateral is the asset you have kept against the loan as a security.
- Credit limit is the available credit in case of credit card or an overdraft facility.
- Cash limit is the cash that one can withdraw using the credit card.
- High credit is the highest amount that has been billed against a credit card or an overdraft facility.
- Days past due is the number of days that a payment was late after the date of payment.
- Non-performing assets are the payments made within 90 days after the due date.
- Enquiry is added on your report every time a lender accesses your credit report from CIBIL.
- Control number the number that is created for every CIR.
- Ownership if it is a joint or if a guarantor is present of is authorised user is mentioned.
- Written off and settled status will be mentioned. It also includes the written off total and principal amount.
These are some of the important things that will be mentioned in your credit report. Look for discrepancies and make sure that all the information provided is accurate.
Initiate a dispute:
If at all you find a discrepancy in the Credit Information Report, you can initiate a dispute with CIBIL. The easiest way to do that is to submit a duly filled online dispute form. Keep in mind that you cannot raise a dispute for the following:
- Control number
- Member name unless it is an ownership dispute
- Account number unless it is an ownership dispute
- Date reported
- Enquiry date
Dispute Resolution Process:
- First recognise the discrepancy.
- Submit the online dispute form
- The relevant section of dispute is marked as ‘Under Dispute’
- The dispute is taken up with the concerned lender based on the type of the dispute.
- Then, the lender either accepts or rejects the dispute.
- If the dispute is accepted, the corrections are made.
- Finally, the ‘Under Dispute’ remark is removed from the concerned section.
If you have any grievances, you can address it to CIBIL. In case you are not satisfied with the response you receive from CIBIL, you can bring the dispute to the notice of senior management.
- Escalate level 1: You can submit your grievance through an online form with your personal details and your escalation detail. This escalation is forwarded to the Manager of Consumer Services. You will generally receive a response within 10 business days from the date of submission of the grievance. Keep in mind that you will be required to have a valid service request number to escalate an issue. This number is generated whenever you have any interaction with CIBIL.
- Escalate level 2: If you are not satisfied with the level 1 response, you can escalate your concern to Assistant Vice President of Consumer Services through an online form. It takes 10 business days for you to get a response. Bear in mind that you will need to have a valid service request number and the online grievance ID level 1 which will be generated on successful submission of Level 1 escalation of the issue along with your personal and escalation details.
- Escalate level 3: If your query is still unresolved after the level 2 escalation, you can escalate the matters to Senior Vice President of Consumer Services. Use the online form to fill in personal details and escalation details along with a valid service request number and the online grievance ID level 2 which will be generated on successful submission of Level 2 escalation of the issue.