A Complete Guide to Resolving CIBIL Disputes: Tips and Techniques

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Whether searching for a new home loan or getting ready to purchase your dream car on credit, your credit score plays a significant role in your financial journey. Your CIBIL Dispute score is a three-digit number, lenders use to determine your creditworthiness. However, sometimes, errors may occur on your credit report. 

A CIBIL dispute arises when inaccuracies appear on your credit report. These can range from errors in your personal information to issues related to duplicate accounts, which can all negatively impact your Check CIBIL score. Resolving these disputes is crucial to maintaining a healthy credit score.

Types of CIBIL Disputes

There are two primary types of CIBIL disputes. Individual disputes related to mistakes in your personal details, like your name or address, or issues involving duplicate accounts or unrecognised credit inquiries. On the other hand, company disputes arise from inaccuracies in company credit reports, such as incorrect ownership details or data inaccuracies. Both types of disputes can affect your free CIBIL score.

Important Steps to Initiating A CIBIL Dispute

  • Access your CIBIL Report: You must have a copy of your CIBIL report to identify the errors and raise a dispute. You can do this by logging into the ‘My CIBIL’ portal.
  • Identify Errors: Review your credit report thoroughly. Look for errors or discrepancies such as incorrect personal details, inaccurate account information, unrecognised credit inquiries, or duplicate accounts.
  • Go to Dispute Center: Once you have identified the errors, log into ‘My CIBIL’ and navigate to the ‘Dispute Centre’ under the ‘Credit Reports’ section.
  • Fill in the Dispute Resolution Form: The next step is to fill in the CIBIL dispute resolution form. You need to provide accurate details about the dispute. Ensure you fill in all the necessary fields and describe the nature of the dispute clearly.

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  • Choose the Relevant Section for Dispute: In the dispute resolution form, choose the relevant section for your dispute. For example, if there is an error in your personal details, select ‘Personal Information’. If there is a duplicate account, select ‘Account Information’, and so on.
  • Submit the Dispute Resolution Form: After filling in the form with the correct details, submit it. You will receive a confirmation from CIBIL that your dispute has been registered and is under review.

Remember to keep a copy of your CIBIL dispute submission for your records. The resolution process may take up to 30 days, so you should regularly check the status of your dispute.

Tips and Techniques to Resolve CIBIL Dispute

  • Regularly Monitor Your Credit Report: Make it a habit to check your credit report or CIBIL score on reliable platforms such as Bajaj Finserv Credit Pass. Regularly monitoring your credit report lets you quickly identify any errors or discrepancies that could lead to a CIBIL dispute. The sooner you identify and rectify these errors, the less they’ll affect your credit score.
  • Understand the Nature of the Dispute: Disputes can arise from incorrect personal details, unrecognised credit inquiries, or duplicate accounts. Understand the nature of the dispute you’re dealing with to provide accurate details when raising the issue with CIBIL.
  • Maintain Accurate Documentation: Keep all your financial documents, like loan statements, credit card bills, and bank statements, in order. These documents can serve as proof when disputing an error in your credit report.
  • Raise the Dispute Correctly: When raising a dispute with CIBIL, ensure you follow the correct process, provide accurate details, and clearly state the nature of the dispute. Remember to choose the correct section for your dispute in the CIBIL dispute resolution form.
  • Be Patient and Persistent: The dispute resolution process can take up to 30 days. During this time, regularly check the status of your dispute and be patient. If the dispute is not resolved in your favour and you believe there’s an error, don’t hesitate to raise the issue again.
  • Keep Your Lenders Informed: If you notice a discrepancy in your credit report, inform your lender. Sometimes, errors occur because of misinformation from the lender’s end. By keeping your lender in the loop, you can ensure they’re providing accurate information to the credit bureaus.
  • Stay Vigilant Post-Resolution: Even after a dispute is resolved, stay vigilant. Make sure that the correction reflects in your subsequent credit reports. If it doesn’t, you may need to contact CIBIL again to ensure the error has been fixed permanently.

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Conclusion

Regularly monitoring your free CIBIL score on online CIBIL score checking services such as Bajaj Finserv Credit Pass and understanding how to resolve CIBIL disputes can save you from potential financial difficulties. By taking these steps, you can ensure your credit score accurately reflects your creditworthiness, making your future financial goals more attainable. Remember, a healthy free CIBIL score is a key indicator of your financial health, and resolving any CIBIL dispute promptly is an important part of maintaining good financial health.

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