How to Resolve Cibil Disputes

We are all quite aware of the significance the cibil score and report in a loan application process. This is why it is absolutely necessary to ensure that our cibil report is in order. It all lies in the smallest of details, based on which our loan application may be approved or rejected. Let us take a look at the disputes raised by individuals, and the procedure to resolve the same. Of course, nothing (except purchasing the report) can be done if your cibil score is lower than what's expected. However, you can have a thorough look in order to understand the reason behind a low credit score, at the same time you can also ensure that there are no errors in the information presented.how to know cibil score

A dispute can be raised if:

1. Your personal information such as name, date of birth, pan number or residential address is not entered correctly.

2. Your account information containing data such as previous loan status, date of last payment, outstanding amount and other such details can be questioned.

3. Your personal information does not match with your account information.

4. In case your account is reflecting more than once.

Before you raise a dispute, ensure that you are confident that an error has been made in your report. Now, let us have a look at the general process followed to solve a cibil related dispute.

Step 1 Raise a dispute by applying in the official website.

Step 2 Make a note of the reference number mentioned in your application form.

Step 3 Depending on the type of dispute, action is taken. i.e. If required, a lending institution mentioned in your report, may be contacted for clarification.

Step 4 Once the request has been placed, the lending institution indicates whether the dispute made is valid or invalid. Depending on which the necessary changes are made to the original data.

Step 5 The changes are incorporated by cibil and a new report is issued and the customer is updated.

The total time taken to resolve these disputes can be anywhere between 30 to 45 days. The upside to solving these issues is that you not only clear your records for the time being, it is indeed a permanent change and it is obviously for the better! So, don't you think it is wise to know the details in solving issues in your credit report, so that you can get on with your loan process, hassle free. However, it is important you understand that only the said issues can be raised, nothing or nobody can help you if your score is lower than the cut-off put forth by banks.