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Let us say you received your CIBIL credit report and suddenly found some Errors in CIBIL Report, then how to correct them online? In this post, we will see how to update online.
What is CIBIL Credit Report?
This score is nothing but the records of your payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders on a monthly basis. Â This information forms the basis of your CIBIL Score and Credit Report which is provided to lenders in order to help them evaluate and approve your loan applications.
You have to monitor your CIBIL credit score regularly to know about the current credit score, any discrepancies in that and to know how your past financial transactions affected your score. Your score ranges from 300 to 900. Any score above 750 is considered as the healthy credit score. Any score near to 900 is considered as a healthy score. If you have a higher score, then there are higher chances of your loan application get approved easily.
Hence, it is very much important to know your CIBIL score on the regular basis. In fact, recently Government proposed that from now onward once in a year you will receive a free credit report. This itself shows the importance of credit score in your financial life.
This below video explains more about what is CIBIL Report and how to read it.
What types of errors in CIBIL Report may be possible?
It is common that sometimes there may be some errors or you may feel data not pertaining to you. If you found any such errors then it is your responsibility to correct them immediately.
Thre are usually three types of discrepancies may be possible.
# Ownership
The report data may not be belong to you. It may be someone’s financial data may be wrongly linked to your credit report. Hence, it is always best to check each transaction that affecting your credit score.
# Incorrect Personal Details
Banks or financial institutions submit your personal information to CIBIL. This information contains your personal / contact / employment information such as name, address, date of birth, PAN, telephone number, income etc. CIBIL then creates your complete credit profile basis these details.
Hence, you must notice all your personal information properly. If you found any such discrepancies, then immediately you must request for correction in errors.
#Â Inaccurate account details
Usually, banks and financial institutions send the information to CIBIL once in a month. However, let us say you closed the personal loan on 5th August, 2016, but bank already sent your information on 1st August, 2016. If you request report after the closure of loan, then this transaction may not reflect in the credit report. It may still report your existing loan.
It usually takes around 30-45 days to reflect your last transaction. Hence, even after 30-45 days, if your transactions still reflecting in credit report wrongly, then you have to request for error rectification.
How to correct errors in CIBIL Report online?
Note that CIBIL will never update or correct your errors on it’s own. CIBIL approach the banks or financial institutions and based on their report it updates your report.
The process of correcting errors in CIBIL report is called CIBIL Dispute Resolution process. For this purpose, you must have the control number. The control number is the unique found on the top right-hand side of your CIBIL Credit Information Report.
You can request for correction in errors in a single Dispute Resolution process. There are two ways to request for correction of errors in CIBIL Report online.
In both the types, the process of correction of errors in CIBIL Report will flow like below.
Notice that the whole process will take around 30 days time. You can dispute either ownership or particular account/enquiry. However, you can dispute only one at a time either ownership or particular account/enquiry. Both can’t disputed in a single dispute resolution application.
There are two ways one can correct the errors in CIBIL Report.
1) If you obtained the CIBIL Report from bank-
If you received the CIBIL report from banks or financial institutions, then you have to follow the below process by visiting the portal of CIBIL Dispute Resolution. You have to fill the below form and submit to proceed for next steps and complete the entire process by explaining what error you found.
2) If you obtained the CIBIL Report from CIBIL–
If you have an account with CIBIL and obtained the report from CIBIL, then follow the below process for the same.
Once there is an update to your dispute (either error corrected or your request rejected), you will get an email notification from CIBIL informing you of the status of the dispute request. If your dispute is accepted and disputed information is updated, CIBIL will send your updated report.
What if CIBIL unable to update the errors in CIBIL Report?
As I said above, CIBIL not update or correct the errors on it’s own by your request. If banks or financial institutions update and send the updated information to CIBIL, then only it corrects.
Hence, if CIBIL unable to update your requests, then you have to approach the banks or financial institutions for rectifying the errors. Once they update, then after 30-45 days of time, request for CIBIL report and once again verify for the same.
However, you resolved the errors directly interacting with banks of financial institutions, but still, you find the errors in CIBIL report, then there may be two reasons to it. First one is, the bank may not submitted your recent credit information report to CIBIL. The second one is, the dispute is still going on.
Hope I provided all information related to correcting or updating the errors in CIBIL Report using online platform.
Sir I wrote dispute resolution but the application did not submit.
Finance institutions not updating my overdue payments. It’s been more than 60days since paid my overdue. What should I do in this situation? I tried to file dispute but I paid after their last reported date. Like I said their last reported date was more than 60 days.
Dear Rajkumar,
You have two options. Either approach the lender or CIBIL.
if financial institution not responds to cibil to rectification raised by client what to do.
Dear Saida,
You can raise a complaint against them with Banking Ombudsman.
Dear sir,
After raising dispute over personal information and wrong account information, CIBIL denied correcting the mistakes. What should I do now?
Dear Sreenivas,
Whether you used their dispute resolution process?
I approached sbi for personal loan last August months .They are denied my loan due to not generated the cibil score. They tried again and again but every time it shows system error. Actually I am unable to understand why score is not generated ? Bankbazzar.com generated 812 score but sbi why not able to generate? Please suggest.
Dear Asian,
I am not sure with SBI. You can get your CIBIL score and show it to them.
What if Pvt Bank enters a biased data to spoil one’s record.? Deliberately.
Dear Shankar,
They can’t do like that. You can sue them to court if they do such misdeeds.
I’m facing difficulties for home loan from SBI. My CIR shows someone used my details and took two loans of about 1.9 Lakhs and became defaulter. Interestingly, all CIBIL addresses entered showed it is someone from Maharashtra where I never stayed. Even both cases, even I don’t know name of the banks. Then why I have to take pain and approach to CIBIL or banks for correcting it? What kind of useless score defaming someone without his knowledge? What are the legal remedies (though again I have to take pain)? Why we create such a system which doesn’t have any checks and balance? Why RBI is not putting any checks? CIBIL most probably will ask those two bankers and put some balm at the end. Why there will be no punishment for those idiot banker who are doing such malpractices?
Dear Raj,
“why I have to take pain and approach to CIBIL or banks for correcting it?”-TO CLEAR YOUR NAME (If someone did intentionally or wrongly added to your PAN).
A bank, despite me paying EMIs regularly have continuously entered wrong information of delayed payment from my side on CIBIL records. For example, despite being prompt on EMI payments they are entering a delay of 29 days of EMI payment! I initially reported to their CSE who processed the loan, then raised an official complaint with the bank’s dispute resolution system and then escalated to the next higher level for issue resolution as well. But they are not responding and above that they continue to mention that 29 days delayed payment entry every month in my CIBIL report! Now, I lost faith in their dispute resolution. Is it now right to proceed against them legally as a criminal/civil offense case?
Dear Venkatesan,
Knock Banking Ombudsman.
Great article for cibil correction.
Dear Madhur,
Pleasure 🙂
Hi, great article.
Unfortunately I am also a victim of low cibil score and was looking measures to improve it. Will try the above actions. Thanks.
Amit-Pleasure 🙂
Dear Mr. Basavaraj
I have purchased my credit report from CIBIL, there was a written off credit card which was not correct and in actual fully paid.
I raised online dispute, after 1 month i received update that your dispute is accepted, and relevant changes have been made to your credit report.
When will i get my free credit report after dispute is accepted by credit institution.
Suresh-Great to know about this. You will not receive any FREE reports. You have to pay and get it.
how can i delete my loan and credit card inquiry from CIBIL?
Bhagwan-You can’t delete on your own. You have to follow the above process and after verification, banks will do that.
How to get once in a year free CIBIL Credit Report?What is process for it?
Akshat-Wait for some more time for clarity.