What is a CIBIL Dispute? How to resolve it?

A CIBIL score is significant in deciding your financial eligibility and credibility. Approvals for different lines of credit depend greatly on the CIBIL report. That is why your credit report should be completely accurate. Yet there are chances of inaccuracy, like an incorrect account detail, an outdated repayment record, or a mismatch in personal information. Incorrect information on the report can negatively impact your score and, to extent, your access to credit.

Inaccuracies in the CIBIL reports must be reported and disputed. This is where we introduce the term  - CIBIL dispute. It is a formal way to get errors in the credit report corrected to ensure your financial profile reflects the correct information.

Let’s take a closer look at the CIBIL dispute and explore a detailed guide on how to raise dispute in CIBIL.

What is a CIBIL Score?

CIBIL stands for Credit Information Bureau (India) Limited, which is authorised by the Reserve Bank of India. It is a three-digit numeric score computed from the credit history of an individual. The credit report reflects an individual’s credit history, which includes details of different types of credit and their payment history. 

The table shows the CIBIL score range and how different scores impact your credit eligibility:

Boost your credit score easily and increase your chances of getting a loan. 

What is a CIBIL Dispute?

Sometimes, banks or financial institutions may unintentionally report wrong information in your name to the credit bureaus. If such wrong information appears in your credit report, your CIBIL score will be impacted negatively. Small mistakes like wrong banking information, wrong PAN data, or wrong repayment history can also lower your score and lower the chances of loan or credit approval.

This is where a CIBIL score dispute fits in. A CIBIL dispute is the procedure of finding and correcting errors in your CIBIL report to ensure that it reflects your financial history accurately. By filing a dispute and having the errors corrected, you can safeguard your credit profile and improve the chances of securing loans on good terms.

What are the Types of Disputes?

Mentioned below are the two main types of loan disputes.

1. Individual Disputes: Raised for individual Consumer CIBIL Dispute

• Account Section: Balances, payment history, account status, and so on.
• Personal Information: Name, DOB, Gender, and so on.
• Employment Information: Employment type, income, and so on.
• Credit Application History: Loan applications, credit card applications
• Contact Information: Address, contact numbers, and so on.
• Other Information: Dispute status, dispute process, and so on.

2. Company Disputes: Raised for a Company’s CIBIL Dispute

• Company Details: The company details include name, address, and so on. 
• Account Details: Loan sanction date, loan sanction amount, credit type, and so on. 
• Duplicate Account: When the same account is reflected more than once, it is known as a duplicate account.
• 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 on how to raise CIBIL dispute for individuals.

• Go to the CIBIL website or type https://www.CIBIL.com.
• If you have received the report from a third party, you must register on the CIBIL website by entering the relevant information to resolve the CIBIL dispute online.
• Check your CIBIL report. Click on the Raise a Dispute button if you find any inaccuracies. 
• Click on the Access Dispute Form.
• Choose the section of the CIBIL report under which you want to raise a CIBIL dispute.
• On the next page, you will see different dispute types and Find Solution buttons for each. Read through the solution presented.
• If you find the solution satisfactory, take the option, or click on Raise a Dispute if you want to proceed and raise CIBIL dispute.
• Fill out the form and click on Continue.
• Cross-check all details on the form and click on Submit dispute.
• CIBIL will now verify the raised dispute and will update the changes.

Note: After filling the CIBIL dispute form, it usually takes 30 days to resolve the CIBIL dispute raise. You will be informed about the status via email by CIBIL.

How to Check CIBIL Dispute Status?

• Check the CIBIL dispute status through emails from CIBIL in case the dispute is raised for the individual. 
• If the CIBIL dispute arises 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: +91-22-6140 4300.

How to Raise a CIBIL Dispute in CIBIL Offline?

While the online process is convenient, you can raise a dispute in CIBIL offline by sending a letter to TransUnion CIBIL Limited, at: 

One World Centre

19th Floor-Tower 2A

Senapati Bapat Marg

Mumbai - 400 013

Conclusion

CIBIL score is one of the most important factors considered if you are thinking about taking a loan, and it should be accurately presented. In case there are any errors in the CIBIL report, they can be easily rectified. The process of identifying errors from credit reports is called CIBIL Dispute. Register with CIBIL, raise a dispute whenever required, and keep your chances of credit approval high. 

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Also Read:
- Check Your Free CIBIL Score By PAN Card
- How to Update Closed Loan Closure in CIBIL