A credit report is a comprehensive summary of your credit history and repayment behaviour. The report contains personal information and all your past as well as current credit cards and loan details. You can avail one free copy of a credit report from the four credit bureaus in the country, as per a 2017 mandate from the Reserve Bank of India (RBI).
Types of Errors in your Credit Report
- Errors in Personal Information: Your credit report can have errors related to your personal information such as name, gender, address, PAN number, mobile number and email address.
- Incorrect Records of Credit Accounts: The most important section in your credit report is the details about your credit account type, account status, ownership type, accounts opened, accounts closed, current balance, among others. These errors directly affect your credit score in a negative way. Therefore, you need to get them fixed at the earliest.
Steps to Rectify your Credit Report
Step 1: First and foremost, you will have to obtain an online dispute form from the respective credit bureau’s official website. After filling up the necessary information in the form and send it to the bureau.
Step 2: The agency shall verify the error report and send it to the respective bankers, NBFCs or licensed lenders for additional investigation.
Step 3: Banks shall cross check the error report and share an audited report with the concerned agency. If there are no errors, the agency shall contact you with a revised report.
Step 4: If there are errors, banks shall correct internally and share revised details to the concerned agency.
Step 5: Finally, the credit bureau will send you an updated report.
Reasons to Check your Credit Report Periodically
- To safeguard against identity theft
- To ensure the completeness and accuracy of details
- To track your credit status and progress