What is CIBIL Dispute and How to Resolve it?
One parameter that lenders check to assess an applicant’s creditworthiness before sanctioning a credit is the credit score or CIBIL score.
Represented by a 3-digit number, the CIBIL score reflects an individual’s credit health through the credits availed or repayments made throughout his/her credit history. However, sometimes the report may have incorrect information, resulting in a CIBIL dispute.
As the details of an individual’s credit history have a significant impact when availing any loans or advances in the future, it is crucial to clear off any disputes in it. Resolving it to improve your credit score is also one of the ways to increase your chances of getting a loan. With this information, now take a better look at what this dispute comprises.
CIBIL disputes – The meaning and types
A discrepancy in credit reports that results in lowered CIBIL score is known as CIBIL dispute. Any such dispute results in an individual to have reduced loan eligibility.
If you find any dispute related to the details present in your credit report, the ideal way to proceed is to raise a resolution request for CIBIL dispute. With an in-time resolution, your improved CIBIL score enables you to avail additional finances as personal loans to help you meet your financial needs.
Carrying a high credit score of above 750 along with other eligibilities can bring high-value personal loans along with several other features and benefits. With NBFCs, you also have an option to receive Flexi Personal Loans that make repayments more convenient and affordable.
Now, coming back to CIBIL dispute, have a look at the type of disputes that can occur. The broad classifications they fall under include the following.
A dispute of this type can extend to discrepancies like account duplication, personal details, company name, payment status, PAN number, etc.
A company’s CIBIL dispute extends only to incorrect information entered concerning account duplication, ownership details and details of the concerned accounts.
Resolution for CIBIL disputes – The way forward
If there has been any dispute related to your CIBIL report, the immediate step to go forward with is to resolve it through a request. Follow the process given below to request for the resolution.
- Log in to CIBIL’s official website
- Proceed to click on the ‘Raise a Dispute’ tab
- Choose the section to which you want to raise this dispute
- Go to account selection and choose your account
- Fill in the ‘Dispute Type’ section with the reason you want to raise the CIBIL dispute for
- For any inaccuracy in data, you need to provide the correct value in the dispute field before submitting.
Alternatively, you can also raise this dispute offline by sending a letter to CIBIL’s head office with all the necessary details. Once you sent this request, the dispute resolution process starts, and you can check your CIBIL report dispute status. Consequently, the credit report is updated, or request rejected in confirmation with the concerned credit institution.
With this information, you may now proceed to check your credit report and raise the request to resolve it by following the steps given above. As CIBIL score is important for personal lending. And, an early resolution of this dispute helps improve your eligibility to avail such loans and advances.