We all are very well aware of the fact that to borrow a loan from a Bank/ Nbfc or any other financial institution there are certain rules that has to be followed by everyone. Even the lenders have certain policies which they cannot abide, not even for a small amount. Checking a credit score is one of them.
There are lot of things to introduce you to a CIBIL, credit score, credit cards and tips to improve your credit score that helps to borrow a secured or unsecured debt. There is also an article that helps you to come out of defaulter’s list. (Read: escape from defaulter’s list and be a good creditor). There are techniques that can be used to avail a loan even if your name is in defaulter’s list.
This was about those who are defaulters but what if you are not a defaulter but still your name appears in a defaulter’s list and bring your credit score low. This is the time when you have to check and correct your CIBIL report. The following article can help you to come out of your CIBIL report problems.
Ratan Shah, a 32-year-old software engineer was shocked when he received a call from his mortgage loan officer saying that his home loan application was rejected. The reason was that his CIBIL (Credit Information Bureau of India Limited) score was 520. When he checked and analyzed in detail, he found that the CIBIL report is reflecting a default of a credit card of some other person with the same name was updated in his CIBIL report. (Read: how to improve the credit score)
You must be wondering if this can really happen? Yes, this is true and can actually happen with anyone.
An error in a CIBIL report can be anything such as a spelling mistake in your name, mistaken identity, age, PAN card, address or credit card facilities never availed of, or may be someone else’s loans/debts reflecting in your CIBIL report. Such unknown mistakes can hurt your CIBIL score drastically without any fault from your end.
Mudrahome can guide you about the CIBIL grievance rectification process that can help you to find and resolve such errors:
• Firstly, do not panic. CIBIL consists a huge database of many customers with same name. The wrong information that is reflected in your report because of the same name, same nature of transaction or may be any other reason.
• You must apply to get the copy of your CIBIL report. However, it chargeable but this will always help you and this is why, to avoid such situations, it is always advised to keep a track of CIBIL scores.
• It is important to understand the nature of error in your CIBIL report. It is not necessary that every mistake or error create any disturbance in your CIBIL score. Nevertheless, such errors should be corrected. The following points can be a huge help to move on the right track.
• These corrections can be done by logging in to the CIBIL’s website and initiating a dispute by submitting a dispute resolution form, which is available on the website.
• Depending on the nature of the error it takes about 40 to 60 days to be corrected.
According to the details filled in online dispute form, the details reflecting in the CIBIL report are crosschecked with the credit institution.
• As per the available database, the credit institution can either accepts or rejects the dispute depending on the facts and information.
• If the dispute is accepted, corrections are made.
You will be notified about the corrections made in the CIBIL report. The remark of “under dispute” will be removed from the concerned section. (Read: how to get your dream credit score)
What if you are not satisfied with the results and the necessary actions taken in your CIBIL report?
The dispute can be bought in the attention of senior management. The process of grievance redressal is as explained below:
• Consumer Services Manager: This is the first level where you need to provide the details about your dispute submitted earlier. You can be expected to carry a valid service request number to further take this issue up to the next level of higher authorities. The resolution may take 10-15 days.
• Consumer Services – Assistant Vice President (AVP): Due to any kind of dissatisfaction with the response of consumer services manager, you can approach the Assistant Vice President through an online form. You will again have to provide the valid service request number along with the increased and unresolved issues discussed with the consumer service manager. To resolve this issue it may take 8-10 days.
• Consumer Services – Senior Vice President (SVP): If the problem still remain unresolved, you can further take the issue to the Senior Vice President along with all supporting documents, evidences, facts, responses of manager and most importantly the service request number provided at the lower levels. (Read: CIBIL report and its myths)
QUICK INFO: What all in your CIBIL report cannot lead to disputes?
• Incorrect dates
• Control number
• Enquiry dates
• Name of the Member unless there is an ownership issue
• Account number if there is no ownership dispute