How to raise a dispute and fix errors in your CIBIL report

New Delhi | Jagran Brand Desk: When you apply for a loan or any type of credit, lenders will inquire about your CIBIL score and report. This is because it is an indicator of your creditworthiness and applying with a poor credit profile will negatively affect your chances of getting approval. For this reason, it is important that you check credit score and credit report information frequently to ensure that are no glaring issues. These can reduce your score and stand out as red flags on your CIBIL report.

In fact, a common query among many is ‘How to fix my CIBIL score and errors on my CIBIL report?’ Read on to learn all about the process to do so and master these best practices to maintain a healthy credit profile.

Steps to undertake consumer dispute resolution:

Initiate a consumer dispute resolution process when you notice errors in your CIBIL report. Here is a step-by-step guide to help you complete it stress-free.

Step 1: Login on the ‘myCIBIL’ portal and if you do not have an account, create one
Step 2: Navigate to the ‘Credit Reports’ section and click on ‘Raise a dispute’
Step 3: Fill the online dispute form accurately
Step 4: Choose the dispute field as applicable

- If there are issues related to ownership or duplication, select the right dispute type

- If you are disputing inaccurate data entry, input the accurate information into the dispute field

Step 5: Submit the dispute request

Important things to note about CIBIL dispute resolution:

Thanks to online provisions, CIBIL dispute resolution is a fairly simple process. However, there are a few important facts to keep in mind.

- Online dispute resolution is quicker than doing it offline via mail
- CIBIL report dispute resolution is a free service and CIBIL doesn’t levy any charges
- The process can take up to 30 days to complete
- You can change multiple erroneous fields with a single dispute form
- The following fields can’t be changed via this provision:

o Report date

o Control number

o Enquiry date

Additionally, you should request a new credit information report (CIR) after the dispute resolution process is completed. This will help you verify if the changes have been made as per your request. By knowing the complete process and what to expect, there’s no guesswork involved. You can raise disputes and ensure that they are addressed in a timely manner. However, besides raising disputes, there are other ways to maintain a healthy profile. Here are a few tips that you can put into action.

Check credit score information frequently:

Ideally, you should check your credit score at least 3-4 times a year. This helps you monitor your score and be aware of discrepancies that could lower your score. Do note that checking your credit score is considered a soft inquiry and does not negatively impact your score. However, if a lender initiates such a check, it is considered a hard inquiry and will temporarily lower your score.

Know the different errors to spot in your credit report:

There are 6 main errors to look for in your CIBIL report. Not all of these will lower your CIBIL score but some may cause lenders to view your profile negatively. This is why should resolve any errors right away to avoid problems when applying for new credit. The common errors to look for are as follows.

- Discrepancies in personal information
- Outdated current balance data
- Inaccurate credit balance that does not match with the outstanding balance
- Falsely-listed or incorrect overdue amounts
- Erroneous loan account information
- Duplicate credit accounts

Avoid making multiple credit applications in a short period of time:

Multiple hard inquiries will have an adverse impact on your CIBIL score. Moreover, several such inquiries into your CIR indicate that you are a credit-hungry applicant and lenders usually do not approve such applications.

Maintain a low credit utilisation ratio:

Maintain a credit utilisation ratio of 30% or lower to ensure that your CIBIL score isn’t affected. Utilising a larger portion of the assigned credit limit will cause your CIBIL score to reduce. Armed with this information, you can easily build and maintain an excellent CIBIL score. Remember, having a strong credit profile is important for having a well-rounded financial profile.

It helps you secure the best financial deals in the market and can help you save money too! To stay informed about your credit health with ease, check your Credit score for free on Bajaj Finserv. You can complete the entire process in just 3 steps and without any hassles whatsoever. All you have to do is fill out the simple online form with basic details and verify your identity by entering an OTP. This will grant you access to your credit report within minutes and without any negative impact on your score.

(Disclaimer: This article has been written by the Brand Desk.)