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How to Rectify Errors in Your Credit Report

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

News About How to Rectify Errors in Your Credit Report

  • DHFL raises concerns over CARE’s revised rating

    Dewan Housing Finance Corporation (DHFL) has expressed concern over CARE’s re-rating of its long-term debt instruments. DHFL Chairman and Managing Director Kapil Wadhawan stated the decision to revise the rating is completely irrational. He added that the company has connected with big entities is in the advanced stages of discussions to achieve the same over the next 90 days. DHFL has enough capital and retail assets, which can be used to securitise further to preserve liquidity and service all its financial commitments, he added. 

    Earlier in February, CARE Ratings downgraded DHFL’s debt worth Rs.1.2 lakh crore. The debt includes the housing finance firm’s bongs, non-convertible debentures, fixed deposit program and long-term bank facilities. CARE has downgraded the rating from ‘AAA’ (outlook: stable) to ‘AA+’. The downgrade of the rating has been attributed to moderation in the DHFL’s financial flexibility owing to a sharp reduction in its share price and significant rise in bond spreads. 

    9 March 2019

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