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Credit bureaus in the country collect individual data and prepare a credit report. They also calculate the credit score using their proprietary algorithm. However, there could be errors in your credit report that can hamper your chances of getting a loan approval.
The errors in your credit report can range from incorrect personal information to wrong credit accounts. You should rectify the errors in your credit report at the earliest to avoid further problems. Let’s take a look at some of the common errors in your credit report.
Here’s how you can dispute errors in your credit report.
You can raise an online dispute with the credit bureau to dispute errors. Visit the dispute resolution section and fill the form to fix the error. It should be noted that you will need to submit the nine-digit number provided on your credit report which contains the disputed details.
Once you submit your online complaint form, the credit bureau will verify the dispute by approaching the bank. It should be noted that credit bureaus cannot make changes in the credit report on their own.
Generally, it takes around 30 days for your dispute to get resolved. As per laws, banks have to come up with a formal resolution for a dispute within 45 days of the issue being raised. You will be noticed about the result once it is resolved via an email.
your report is wrong, including submitting documents to support your claims. It is important you have all the records for the data you have sent. Given below are the addresses of the credit bureau if you decide to send your complaint by mail:
Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30348
P.O. Box 4500
Allen, TX 75013
TransUnion LLC Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
Given below are the steps to follow when you send in a mail to Credit Bureau to dispute any errors in your credit score:
In the event your dispute doesn’t get resolved then you will have to request the statement of dispute to be added to your credit file reports in future. You can also ask the credit bureau to provide the statement to anyone who has a copy of your credit report. However, you might be charged a fee for the same.
It should be noted that it takes time for issues related to incorrect outstanding amount, loan account status, date of payment to get resolved. Meanwhile, disputes related to personal information, data aggregation can be corrected in a much easier way. Once the dispute is resolved, you should check your credit report to see if the changes have been made.
If there is an error in your credit report related to personal information or credit accounts, you can raise a dispute with the respective credit bureau to resolve it.
Yes. You can raise multiple disputes in your credit report via a single dispute resolution form.
No. You can raise and resolve a dispute without any charges. Credit bureaus will not levy any charges for disputing errors.
No. You can’t dispute your credit score. Your score is based on your credit report, therefore changes in your credit report will automatically change your score.
No. Enquiry date, report date, and control number cannot be changed using the dispute resolution procedure.
It is important to check your credit report from time-to-time even if your credit history is good. You are entitled to get one free credit report in a calendar year, as per a mandate by the Reserve Bank of India (RBI). At present, there are four credit bureaus in the country therefore you can get four credit reports in a calendar year. You can check your credit report for free on BankBazaar.
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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.
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