A CIBIL report is a detailed summary of all of your credit-related behaviour. On the basis of the information in the CIBIL report, you are assigned a three-digit-long CIBIL score ranging from 300-900. The higher your CIBIL score the better and vice versa. A lender makes it a point to check your CIBIL score as it gives them a clear picture of your loan repayment capability and overall creditworthiness. This is why all of the information in it must be accurate. But, that may not always be the case. If such a scenario arises, you can raise a dispute and get the error rectified. Let us find out how.
In order to get any of the errors you may find in your CIBIL report rectified, you must raise a dispute request through CIBIL’s official site. You will need to follow the below-mentioned steps to do so.
Steps to Raise a Dispute Request Through CIBIL Website
- Login to myCIBIL on the CIBIL website.
- Then, help yourself to the “Credit Reports” section
- After that, navigate to the subsection that suits your case and click on ‘Raise a Dispute’.
- Post that, duly fill in the relevant dispute form and specify the section you would want to dispute. If, for instance, you are disputing ownership, you must select that particular dispute type. If, in case, you want to raise a dispute over inaccuracies in information currently present on your CIBIL report, enter a value for the disputed field.
- Click “Submit”.
You can also raise a dispute request through a letter and sending it to CIBIL’s official address:
TransUnion CIBIL Limited,
One Indiabulls Centre, Tower 2A,
19th Floor, Senapati Bapat Marg,
Elphinstone Road, Mumbai
Maharashtra 400 013
Based on the nature of your dispute, CIBIL will take up the matter with the relevant bank or financial institution. However, one should note that banks and/or financial institutions have the power of accepting or rejecting the dispute. If the dispute is acknowledged, the corrections are promptly made and the “Under Dispute” status is removed from the disputed field under the relevant section(s).
Depending on the time taken by the bank or the non-banking financial institution, the dispute will be closed within 30 days. Note that you can raise a dispute through CIBIL’s official site free of cost.
A CIBIL report that is home to a healthy CIBIL score is crucial for securing a loan or any form of credit at competitive rates of interest and with flexible options of repaying the same. If you would like to know more about the concept of CIBIL report and the various factors that affect it, you can always navigate to financial services aggregator portals such as Finserv MARKETS in order to educate yourself further. Aggregator portals like this one also educate people further regarding matters of personal finance and financial products. Such portals help users stay ahead of the curve in matters of money.