How to correct your CIBIL report mistakes to avail loan?A credit score and Credit Information Report (CIR) are critical to loan application and approval. Discrepancies in your CIBIL report can cause a delay in loan approval. Borrowers should check their CIBIL score at intervals and spot discrepancies if any. Know the types of errors that can occur in your CIBIL report:
- Wrong loan accounts attached to your name
- Incorrect personal details
- Inappropriate credit limit
- Outstanding payment status
- Incorrect track of repayment history
- Duplicate accounts, if any
There are certain errors that take time to resolve such as rectification of incorrect outstanding, date of payment, or verifying duplicate accounts. Issues related to data correction such as incorrect personal information gets corrected easily. Notifying errors and getting them rectified is a lengthy process that there are no charges levied to resolve the CIBIL report mistakes.
Steps to Rectify Errors in the CIBIL Report
As soon as you come across errors in your credit report, go ahead and file the dispute with the credit rating agency. Further, follow the below steps to fix the errors:
- Fill the official dispute form available online on the CIBIL website
- Enter your personal details along with the error details observed in the report
- Ensure the errors marked in the report are true
- Enter the 9-digit control number to fetch the disputed report
- On submission, the rectification request will be forwarded to the concerned lender
- If the errors marked stand true, the lender will revert with a confirmation to CIBIL
- CIBIL will then issue a revised report with incorporated changes
- The borrower will receive an email of the rectified report
- Review the rectified report thoroughly to confirm there are no errors in the CIBIL report
Once the CIBIL report is up to date, work towards improving your CIBIL score and increase the chances for easy credits/loans:
Pay Loan EMIs on Time: Be prompt with EMI payments as per the schedule. Delayed or missed EMIs can affect CIBIL scores.
Clear Credit Card Bills: Spend as per the limits prescribed in your credit card. Paying credit card bills in instalments will always keep the pending amount as a piling up bill, additionally with an interest rate. This impacts the credit score.
Minimum Borrowing Habit: Taking multiples small cash loans just because EMIs are easier to pay shows a credit-hungry behaviour. Choose to borrow when absolutely necessary. Managing multiple loans becomes difficult and affects the repayment history.
Effect of Joint Applicants: Bearing the brunt of your joint account partner can lead to a decrease in credit score. If your joint account holder has defaulted payments, it can directly affect your credit score too. So, it is advisable to apply for loans with individual accounts.
An excellent CIBIL score without any mistakes shows a responsible credit handling behaviour and makes the loan approval process easier. Hence, whatever may be the urgency to opt for immediate personal loans, ensure you don’t hurt the credit score in the process.