How to Resolve CIBIL Score Disputes

What is a CIBIL score? 

The Credit Information Bureau India Limited (CIBIL), which regulates your credit score, has direct power over your future interactions with lenders and financial institutions. The CIBIL score is a numerical measure of your creditworthiness. It’s a three-digit number that ranges from 300 to 900. A credit score of 900 or higher may qualify you for better credit card and loan offers. A CIBIL score of 750 or more is preferred by most lenders, including banks and non-banking finance firms (NBFCs). 

How do I check my credit score?

A strong credit score will ensure that your loan or credit card application is granted without delay, but a negative credit score will jeopardise your current and future opportunities. Your credit score is determined by a variety of elements that a credit agency considers while calculating it. When you apply for a loan product, these characteristics show your previous credit behaviour and are reported to banks and NBFCs.

Disputes with CIBIL and its resolution

Customers’ credit histories are gathered and evaluated by Credit Information Bureau India Limited, or CIBIL, the top credit bureau in the country. This involves acquiring client credit information and calculating each customer’s credit score based on a variety of factors. Both businesses and individuals frequently go through the process of assigning credit scores and logging credit histories.

What are CIBIL disputes? 

A credit bureau assigns a three-digit number called a CIBIL score to each individual. Your financial creditworthiness is determined by the number. Before granting you a loan, banks and lenders consider this, which is based on your credit history. Before printing the data on the credit reports, TransUnion CIBIL would gather it from various lenders and assess its accuracy.

You can always correct any errors in the CIBIL report or CIBIL score, including those involving bank information, contact details, your name, an unpaid balance, your date of birth, or the date the loan account was opened. CIBIL dispute is the procedure for locating and correcting inaccuracies in your credit record.

There are two different categories of CIBIL disputes: individual disputes and corporate disputes.

  • By completing the CIBIL Dispute form on the CIBIL website, you can always raise questions about your CIBIL report or your CIBIL score.
  • The CIBIL Online Grievance Resolution Form, which is available on the CIBIL website, can be used to lodge any commercial CIBIL dispute.

After you have raised the CIBIL dispute, it will take around 30 days to be settled.

The process of approving credit and evaluating loan eligibility heavily relies on the credit record of any person or business. Your chances of getting credit, however, may be severely damaged if there is a difference in your credit report.

How can CIBIL disputes be resolved?

Companies and individuals must fill out a special online dispute form to have their CIBIL report corrected. This is the first action you should take to settle your conflict with CIBIL. One piece of information that you must include on the dispute form is the control number listed on your credit report. Every time your CIBIL report is generated, a new control number with nine unique digits is generated. You will be given a dispute ID once you have properly filled out the dispute form. This ID may be used to follow up on your dispute request and in all other communications pertaining to it.

If CIBIL can resolve the dispute, the improvements are simple to implement. If CIBIL does not have enough information, however, to make modifications, it will attempt to contact your credit provider and issue a dispute resolution request. CIBIL updates your information in its records and your CIBIL report after the loan provider acknowledges that there is a mistake in the report. The resolution of any matter brought up with CIBIL could take up to a month. You will get an SMS letting you know when your report has been corrected. You will need to obtain your CIBIL report one more time to confirm the modification and determine whether it has been changed or not.

The most crucial thing to keep in mind in this situation is that CIBIL is not a body that modifies or manipulates your information. It is merely a company tasked with gathering and validating data obtained from various lending institutions and credit associations.

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