There are agencies in every country that monitor credit transactions and offer credit scores to cardholders. This score is presented to credit card holders in the form of a report. In India, the credit bureau CIBIL keeps track of credit purchases and spending patterns. As a result, the CIBIL report is one of the most critical documents that must be free of errors.
The credit score is quite sensitive, and it might fluctuate depending on a person’s spending habits. To maintain a high credit score, it is necessary to keep the CIBIL record as clean as possible. In general, there are no inaccuracies in the CIBIL report. However, it is possible that it contains some inaccuracies. It is the major priority for the credit card user to resolve any CIBIL report dispute as soon as possible.
CIBIL report dispute resolution procedure
The complete method for settling a CIBIL report disagreement is described in detail below. To properly delete any error from the CIBIL report, follow the methods outlined below. Examine the following scenarios in detail:
Case 1: Objecting to a CIBIL report
The processes to file a CIBIL report dispute are outlined in full below:
Step 1: Fill out the online form: Go to CIBIL’s official website and look for the online form that must be filled out if your report contains a mistake. Make sure you do it as soon as you receive the report with the problem.
Step 2: Make a mental note of the control number: As you fill out the online form to fix the CIBIL report error, you will be given a nine-digit control number. This number allows you to see your report and, if necessary, correct your entry.
Step 3: Fill in the following details regarding the error: On the web form, you must describe the nature of the CIBIL report error. Make sure the description is worded accurately. This will make it easier for the bureau to find the dispute and handle it swiftly.
Step 4: Make sure your personal information is correct: When filling out the online form, double-check that your personal information and contact information are correct. This allows CIBIL to successfully communicate with you whenever necessary.
Step 5: Verify credit information: You must verify your credit information with the bank that provided your credit card.
Step 6: Monitor the email and notification: Once the credit card owner submits a dispute application, CIBIL will send him an email and notification. You should keep track of your emails and notifications because they can assist you determine the status of your claim.
Case 2: Dispute Resolution
The following are the methods for resolving CIBIL report issues in detail:
- The correction process usually takes some time to begin, as CIBIL talks with the bank that issued the credit card to the borrower who has had a dispute. Only until the affected bank confirms the error can the credit bureau begin to correct it.
- The speed with which the concerned bank responds to the CIBIL is entirely in their hands. CIBIL begins correcting the inaccuracy once the report has been revised and the error has been confirmed. If a user’s CIBIL report has an error, the concerned bank verifies the database and gives a report.
- It can take up to 60 days for CIBIL to thoroughly resolve a dispute in a credit card holder’s CIBIL report. For factual information about the transaction, the bureau contacts with the credit institution.
- The credit institution requires time to further contact with the bureau with the data regarding the error, which causes a delay in the rectification of the CIBIL report.
- CIBIL produces a new corrected credit report for the concerned credit card user once the entire correction procedure is completed. This procedure can likewise take up to 15 days; however, the client will be notified through email when the procedure is complete.
Despite the fact that resolving a CIBIL report disagreement is a hard and time-consuming process, it is a necessary task. The presence of a dispute can lead to credit-related issues and a significant drop in a person’s credit score. It is your job as a credit card user to go over the minute facts in the CIBIL report.