What is a CIBIL Score?

CIBIL is the acronym for Credit Information Bureau (India) Limited which is licensed by the Reserve Bank of India.  A CIBIL score is a three-digit numerical number that is counted from an individual's credit history. A person's credit history is found in the credit information report (CIR), which is the payment history across loan types and credit institutions over time. A CIBIL score is a considerable factor while applying for a loan. Usually, a CIBIL score of more than 700 is considered good and opens more chances for getting a loan. Boost your credit score easily and increase your chances of getting a loan. 

What is a CIBIL dispute?

In some cases, financial institutions send the wrong information under your name to the credit bureaus. If the same information is updated by the credit bureau the errors will be reflected in the CIBIL report and contribute to the bad CIBIL score. 

Identify the incorrect information and fix it to get the correct CIBIL report. A bad CIBIL can become the reason for the rejection of loans. Identify the error, there can be various kinds of errors in the CIBIL report. For example, there can be inaccurate banking information, PAN card details, repayment history, etc. The process by which the errors are identified and fixed in CIBIL report is known as a CIBIL dispute.

What are the types of Loan Disputes?

Mentioned below are the two main types of loan disputes. 

1. Individual Disputes: Disputes in the CIBIL report for an individual person.

2. Company Disputes: Company disputes are the ones that are reflected in the CIBIL score of a company.

CIBIL Company Credit Information Report

CCR or CIBIL Company Credit Information Report (CCR) is the credit report of a particular company. Mentioned below are the types of disputes that can occur in the CIBIL report for a company.

1. Company details: The company details include name, address, etc. 

2. Account details –  Loan sanction date, loan sanction amount, credit type, etc all are included in the account details. 

3. Duplicate Account – When the same account is reflected more than once, it is known as a duplicate account.

4. Ownership –  When the ownership of a particular account has a discrepancy. 

How to raise a CIBIL dispute in CIBIL online?

Mentioned below is the step-by-step procedure to raise civil disputes for individuals.

1. 1.  Go to the CIBIL website or type https://www.cibil.com/. 

   2.  Register on the website by entering the relevant information to resolve the CIBIL dispute online.

   3.  Click on ‘credit report’. Select the category of ‘Dispute Center.'

   4.  Select the option of ‘Dispute an Item’. 

   5.  Choose the section of the CIBIL report under which you want to raise a CIBIL dispute.

   6.  Raise the dispute online and receive a confirmation receipt from CIBIL sent through e-mail and SMS.

   7.  After filling CIBIL dispute form, it usually takes 30 days to solve the dispute from CIBIL.

How to Check CIBIL Dispute Status? 

Check the CIBIL dispute status through e-mails from CIBIL in case the dispute is raised for the individual. If the CIBIL dispute raises online for the company, then a unique ID is generated. You can check the CIBIL status through the unique ID. Alternatively, an applicant can contact them on the consumer helpline number: +91-22-6638-4600.

Conclusion

CIBIL score is one of the important considered factors if you are thinking about taking a loan. CIBIL report errors can be easily rectified from the CIBIL. The process of identifying errors from credit reports is called CIBIL Dispute.  Register online for rectifying errors and open chances of getting a loan. Be financially stable with My Mudra by getting loans of every kind that can fulfil every need.