Your CIBIL report represents the detailed analysis of all the credit products that you have availed from various lenders. CIBIL score is one of the most vital components of CIBIL report that highlights your creditworthiness. To maintain a healthy CIBIL score, you must make sure that your CIBIL report is clean from all types of errors. Even a minor error, if it remains unnoticed and stays for a long time, can lower your CIBIL score significantly. Therefore, all you need to do is to regularly check CIBIL score online for errors and resolve them at the earliest. In this article, we shall discuss various types of CIBIL report errors and ways to correct them so there is no difficulty in availing credit products from the lending institutions.

Types of Credit Report Errors

Several types of errors might remain unnoticed, for you to check and remain aware are further discussed:

Incorrect Personal Information

You need to check your CIBIL report for incorrect or misspelt personal or contact information, such as your name, PAN card, permanent address, date of birth and age. It may have occurred at the end of the lender or the credit bureau. Due to such errors, your accounts may get mixed with another individual’s name with the identical or similar details.

Duplicate Account

Sometimes due to the credit bureau’s internal data mismanagement, there could be duplicate accounts shown under your name. This could result in an increase in your active accounts. 

Recent Credit Enquiries

This error occurs when a credit bureau adds a hard enquiry to your credit report under recent credit enquiries. If you haven’t performed any such enquiries but it’s mentioned in your report, you should immediately raise a grievance. It can either be due to an identity theft by a third party or due to an administrative error by the bureau. In both cases, there are high chances of your credit score getting impacted negatively. 

If the enquiry has been performed by a third party, it suggests that your PAN and other details are being misused for carrying out frauds and you should report it immediately to all concerned parties.

Mismatched Overdue Amount

Always check the overdue amount in your report, as at times the credit bureau may reflect the overdue amount in your credit report, which is greater than the actual. This usually happens when the lender has not shared the updated information with the credit information company. If the error persists in consecutive credit reports, you should raise a grievance with the lender as well as with CIBIL.

Unrecognizable Loan Products

There are chances that the credit bureau might mistakenly add a loan account under your name that was not availed by you. Your CIBIL score might get impacted due to this clerical error. To avoid any identity theft, you can request the respective credit bureau to add a fraud alert to your account. This activity shall notify the lenders, if your account is being misused by anyone.

Additional CIBIL Report Errors

In addition, a few other minor errors that you need to check include fraudulent transactions, incorrect credit utilization, wrong mentioning of active accounts, closed accounts shown as open, accounts appearing multiple times, accounts with incorrect current balance or credit limit, etc. You need to check and correct any of these minor or major errors to keep your CIBIL report clean and remain credit fit.

Ways to Correct Your CIBIL Report Errors

Below stated are various steps to resolve errors in your CIBIL report:

∙         First step is to initiate the CIBIL correction process by downloading your CIBIL report available at various online platforms that are eligible to offer credit score from the RBI

∙         Check out for the unique 9-digit Enquiry Control Number (ECN) to further identify the concerned area in your CIBIL report

∙         Fill out the Consumer Dispute Resolution form online at CIBIL’s official website. Further, you need to add the personal and error details along with the 9-digit control number

∙         Click on ‘Submit’ to proceed with the dispute resolution process

∙         TransUnion CIBIL shall verify the details and after understanding the mentioned dispute, provide an update within 30 days from the date of application.

Note: The Consumer Dispute Resolution is a FREE service offered by TransUnion CIBIL to its customers.

As per the Credit Information Companies (Regulation) Act of 2005, CIBIL cannot make any correction, deletion, or addition to any information in the database without confirmation from the relevant bank/financial Institution.

Alternatively, you can raise a dispute with the platform through which you have generated your credit report. The platform intimates CIBIL about the dispute and ensures that errors in your report are cleared at the earliest. 

Things to consider:

Usually, TransUnion CIBIL takes around 30 days to resolve your raised dispute(s). After closing the dispute, TransUnion CIBIL will email you the updated CIBIL report. The lender needs to authenticate your raised dispute to finally resolve the dispute. At times, there could be minor errors in your credit report that could act as a deciding factor in your future loan application. Therefore, you need to check your CIBIL report regularly, as any wrong information in your report can raise a red flag resulting in lenders denying your loan or credit card application(s). Also, try improving your credit score to enhance the chances of your loan approval.