How to correct wrong entries in the CIBIL Report? CIBIL Score Correction

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CIBIL, or Credit Information Bureau (India) Limited, plays a crucial role in your financial life. It acts as a credit bureau, meticulously recording your borrowing behaviour and generating a credit score based on that data. Lenders, including banks and credit card companies, regularly report your repayment details to CIBIL, typically every three months.

This information forms the basis of your CIBIL credit report, which can significantly impact your ability to secure loans and favourable interest rates. However, there’s a chance that inaccurate information might find its way into your report, potentially harming your credit score.

How to raise a dispute request with CIBIL for Correction?

If you are looking to raise a dispute request with CIBIL for Correction then following the below-mentioned steps helps to object:

  • Step 1: Identify the errors in your CIBIL report. Various errors can occur, including incorrect personal information, wrong loan accounts, inaccurate outstanding balances, and incorrect credit limits.
  • Step 2: Submit an online dispute with the credit bureau. You will need your 9-digit control number to complete the form.
  • Step 3: The credit bureau will verify the dispute with your bank or lenders. To expedite this process, you can provide supporting documents as evidence.
  • Step 4: The credit bureau typically takes 30 days to correct an error on your report. By law, banks must issue a formal resolution within 45 days. You will be notified by email about the resolution.

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Also, read: How to check and remove your name from CIBIL’s Defaulter List?

Address of the Credit Bureau Agencies:

Equifax Experian Transunion
Equifax Credit Information Services,
Unit 932, 3rd Floor, Building, No 9, Solitaire Corporate Park, Andheri Ghatkopar Link Road,
Andheri East, Mumbai 4000093		 Experian Credit Information
Company of India Private Limited,
5th Floor, East Wing, Tower 3, Equinox Business Park,
LBS Marg, Kurla (West),
Mumbai 400070		 TransUnion CIBIL Limited

(Formerly: Credit Information Bureau (India) Limited),
One Indiabulls,
19th Floor, Tower 2A-2B, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013
Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA  30374-0256		 Experian
P.O. Box 4500
Allen, TX 75013		 TransUnion LLC Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016

Also, check: Credit Rating Agencies in India

What is the process for sending mail to credit bureaus for error corrections to your credit reports?

Mailing to credit bureaus for error correction in credit reports is a very simple process and the following steps be followed by them:

  • Step 1: Request the credit bureau to have any erroneous or missing information corrected or removed.
  • Step 2: You should go through the mail and ensure that it contains details like name, address, and mistakes that should be fixed. Also, attach copies of the paperwork to support the request letter
  • Step 3: Also, attach a copy of the credit report with all the errors that are wrong and should be fixed.
  • Step 4: Next, also send a letter requesting the return receipt received by the CIBIL and keep all the copies of the document that you have submitted.

Also, read: Smart ways to improve CIBIL Score

Frequently Asked Questions

1. Can I dispute errors in my credit report online?

Yes, you can write a mail and send it to the concerned authorities to dispute errors in my credit report online.

2. What should I do if I find discrepancies in my credit report after disputing?

If you find discrepancies in my credit report after disputing then you should report it to the concerned authorities.

3. Are there any specific timelines for resolving disputes on my credit report?

Yes, credit agencies take a time of 30 days to resolve disputes on the credit report.

4. Will disputing errors in my credit report affect my credit score?

No, disputing errors in the credit report affect your credit score.

5. Can I dispute errors in my credit report if I’ve already been denied a loan?

Yes, you can dispute errors in the credit report if you have already been denied a loan.

 

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