June 17, 2024
Finance

How to Raise & Resolve CIBIL dispute?

At times, a few discrepancies may happen in your CIBIL report which can be extremely detrimental to your loan and credit card eligibility. Whenever you see any information in your credit report, you must raise a CIBIL dispute. This move is recommended so that the issues are corrected on time without impacting your credit.

How can you raise your CIBIL dispute or CIBIL grievance?

Any dispute in the CIBIL report or the company credit report can be notified instantly by raising a dispute resolution request. If you have registered on the CIBIL site, you can directly raise the CIBIL grievance by logging into your member account. Ensure to follow the listed steps –

No. 1 step – Log on to the myCIBIL and next select the ‘raise dispute’ tab.

No. 2 step – Choose the suitable section that you are looking to dispute.

No. 3 step – Choose the ‘dispute type’ and place it in the dispute details concisely.

No. 4 step – If you are disputing any data inaccuracy, place the right value in the disputed field and then click on submit.

Alternatively, you can even fill up the CIBIL dispute resolution form available online. Online dispute resolution is one of the fastest ways to rectify discrepancies in your report. However, you also can raise a dispute just by writing a letter directly addressed to CIBIL’s registered office in Bombay.

Office address of CIBIL in India – TransUnion CIBIL ltd., One world centre, tower 2 B and A, 19th floor, Senapati Bapat Marg, Mumbai – 400013.

How does the CIBIL resolve addressed disputes?

Once a CIBIL dispute is raised by the users by filling up the online form for dispute, CIBIL initiates the dispute resolution procedure.

The types of CIBIL disputes reported are –

Individual dispute

Inaccuracies in your report can be linked to your own details and issues linked with duplicate accounts. Personal details contain wrong filing of address or name. For instance, Neeraj Rathee can be misspelt as Neerav Rathee or just a single credit card might be reflected twice or thrice in your report, thus lowering your overall credit score.

Commercial/company disputes –

Company disputes might come up in the form of wrong ownership details, the existence of data inaccuracies, duplicate accounts etc. The company’s authorized signatory can initiate the dispute resolution just by filling out the dispute form available on CIBIL’s site. However, details that cannot be corrected through the dispute resolution procedure include member name, account number, control number and enquiry date.

What are the errors that happen in your report?

Inaccurate personal info –

There is a chance that there may be identity mistakes in your credit report i.e.,

∙       Wrong name

∙       Incorrect spelling of a name

∙       Wrong contact details i.e., address and phone number

∙       PAN card number stated is not yours or other employment or personal or account linked details may be wrong.

Incorrect account details –

∙       At times an open account in your report may be reported as closed or another way round.

∙       Wrong credit card limit and the wrong balance

∙       Wrong dates of closing and opening of the accounts

∙       Payments made on time are directly reported as late or not processed

∙       There may be loans mentioned that you did not avail

Wrong loan balance –

∙       Your credit report may display an incorrect outstanding balance

∙       As credit bureaus accumulate the details provided by the lenders, there stands a high chance that the lender may not report a few important details about your timely repayments, thus showing wrong info.

What’s the procedure of CIBIL dispute resolution in the online medium?

Step by step follow the mentioned approach to raise the CIBIL dispute online –

Step no. 1 – Approach the CIBIL website.

Step no. 2 – Click on the option ‘dispute resolution’

Step no. 3 – Click on the option ‘consumer dispute resolution

Step no. 4 – Fill up the form with all relevant details.

Step no. 5 – Now, choose the relevant category or section you want to rectify.

In case you are disputing over duplicate info or ownership, choose the same on the ‘dispute type’, next submit the details of the issue concise. In case you are disputing the data inaccuracy, place it in the right value for the disputed field and then click on submit button.

Important frequently asked questions (FAQs) on CIBIL dispute

∙       I have closed my loan account; however, it still shows up on my CIBIL report. Is it important for me to report it?

Yes, you must confirm the same with the CIBIL as it is unauthorized to make changes in the report unless details are furnished by your lender.

∙       Can the CIBIL dispute be raised offline?

Yes, you can raise your dispute just by writing a letter to the CIBIL address to its Mumbai office. Ensure that you place in all the crucial details like the report order number, transaction ID and others and send the same to the registered office of the CIBIL stated above.

∙       How long does it take for the CIBIL to solve the issue?

Turnaround time for the CIBIL dispute resolution is around 30 days.

∙       What if I am unsatisfied with the dispute resolution? What should I do next?

If you are unsatisfied with the dispute resolution, a new dispute request must be raised along with details of the previous request.

∙       Post dispute resolution, exactly how long does it take for the CIBIL to furnish the CIBIL report?

It generally takes up to 7 days to do the changes.

∙       How can you check your CIBIL dispute status?

If you already hold access to myCIBIL, you can simply check the status straightaway by logging in and visiting the section called dispute status. However, in case you do not have any access to myCIBIL, then CIBIL will send an email notification about the disputed status. When you raise the company dispute successfully, a unique ID for the dispute will be generated which you can use to track your CIBIL dispute status. Also, you can call the helpline number of CIBIL. Ensure to always call on the helpline number given on its website.

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