Your three-digit CIBIL credit score is very powerful as it reflects your financial creditworthiness and ability to avail credit from various financial lenders.
In short, the score provides a snapshot of your financial health and responsibility, and is widely used by individuals as well as entities) for credit facilities.
The entity behind conceptualizing and calculating this widely used credit scoring model is TransUnion CIBIL. It collects data from various financial lenders and based on this, it prepares a credit report and assigns a score to each individual entity.
However, at times, one may find some discrepancies in their credit reports like an error in personal information, outstanding balance, or loan account. If there are any unused by all financial institutions to determine the eligibility (oh errors, it is advisable to get them fixed as early as possible.
The process of fixing errors in your credit report is known as the CIBIL dispute. In this article, we will check the options available for CIBIL Dispute Resolution.
CIBIL disputes are broadly classified into two parts, Individual Disputes and Company Disputes.
There are two ways, online and offline, through which you can fix the errors in your CIBIL Credit Information Report (CIR). Let’s discuss the steps involved in both options.
Must Read: How to Read Your CIBIL Report?
The online process is recommended for quicker resolution of the CIBIL Dispute. Following are the steps to initiate a dispute.
In the offline process, you need to raise the dispute request in writing mentioning the nature of the CIBIL dispute. You have to send the letter to the following address:
TransUnion CIBIL Limited,
One Indiabulls Centre, Tower 2A, 19th Floor,
Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.
CIBIL doesn’t have the power to modify its database or change your credit report directly. It sends the dispute raised to the respective financial institution and only after the change is authorised by the same after due verification and confirmation, the CIBIL report is updated.
The whole process of CIBIL dispute resolution takes up to 30 days. And, it takes up to 7 days to incorporate changes in the report.
Once the dispute is resolved, CIBIL sends an SMS to your registered mobile number to notify you whether the dispute has been resolved or rejected.
You can also track the “Dispute Status” on the CIBIL website or contact the helpline number 022-66384600.
If you are not satisfied with the CIBIL dispute resolution, a new dispute resolution can be raised along with the details of the previous request.
Must Read: How to Check Your CIBIL Score?
One of the best ways to ensure that your credit report doesn’t contain any error or discrepancies is by checking it regularly. Also, there are other benefits associated with checking your credit report regularly.