How to Dispute Errors in your Credit Report

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.

  • Incorrect personal information (name, mobile number, and PAN, among others)
  • Wrong loan accounts on your name
  • Incorrect credit limit
  • Account status
  • Outstanding payment
  • Payment history
  • Duplicate account

Here’s how you can dispute errors in your credit report.

  • Fill the form

    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.

  • Process

    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.

  • Dispute resolving period

    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.

Things to Remember

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.

FAQs

  1. What is a dispute?
  2. 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.

  3. Can I raise multiple disputes in a single dispute resolution form?
  4. Yes. You can raise multiple disputes in your credit report via a single dispute resolution form.

  5. Are they any charges to resolve a dispute?
  6. No. You can raise and resolve a dispute without any charges. Credit bureaus will not levy any charges for disputing errors.

  7. Can I dispute my credit score?
  8. 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.

  9. Can I change the control number and report date using the dispute resolution procedure?
  10. 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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