CIBIL score is undoubtedly one of the crucial determinants of an individual’s creditworthiness. Usually, financial institutions rely on credit scores to ascertain applicants’ loan eligibility and repayment capability before approving their applications. This makes it a vital metric in the entire borrowing process.
Nonetheless, often due to discrepancy or error in the credit report, individuals’ CIBIL score can get negatively impacted. This, in turn, hampers their loan eligibility and overall borrowing experience. Regardless, individuals can rectify the same by keeping a tab on their credit report to identify such errors at the earliest and get it rectified by raising a CIBIL score dispute. To streamline the process, individuals need to find out the steps involved in detail.
Steps to raise CIBIL dispute
Individuals can raise a CIBIL score dispute either online or offline by following a few simple steps.
- Online method
Those who wish to raise a dispute relating to loan CIBIL score discrepancy can resolve it by following these steps –
Step 1 – Log in to CIBIL’s official website using the required credentials. Those who do not have an account need to create one to raise the dispute.
Step 2 – Navigate to the ‘Credit Reports’ section.
Step 3 – Click on ‘Dispute Centre’ and then proceed to click on ‘Dispute an Item’.
Step 4 – Once redirected to the ‘Online Dispute Form’, enter essential details to fill it up.
Step 5 – Select the document that has to be corrected in the dispute form under the ‘Identification’.
In case a correction is required in more than one document, you would need to click on the ‘+’ symbol.
Step 6 – Once all inaccuracies are addressed, click on the ‘Submit’ button.
Individuals who are not very confident about raising a dispute online may choose the offline method. However, the online process is relatively quick and hassle-free.
- Offline method
One can raise a CIBIL dispute offline by sending a mail to TransUnion CIBIL.
Steps to resolve CIBIL dispute
The CIBIL score dispute resolution process is elucidated below –
Step 1 – Once the online dispute form is submitted, the checked fields are flagged as ‘Under Dispute’.
Step 2 – CIBIL verifies the submission.
Step 3 – Based on the dispute type, the same is routed to the concerned lender. Note that the lender may refuse the loan CIBIL score dispute.
Step 4 – The necessary changes are made when the lender accepts the dispute.
Step 5 – The tag of ‘Under Dispute’ will be removed.
Usually, it takes around 30 days to resolve CIBIL score disputes.
While it is wise to keep information related to the resolution of CIBIL disputes handy, individuals should also have a fair idea about the types of CIBIL score disputes. Usually, the approach to resolving a type of dispute varies from another. So, having an insight into the types will help to account for them accordingly.
Types of CIBIL disputes
In a broader sense, CIBIL disputes are of two distinct types –
- Individual dispute
Providing incorrect personal information in the CIBIL report is one of the most prominent reasons for an individual dispute. Reflection of duplicate accounts for more than once in the CIBIL report is another form of individual dispute. Notably, these disputes erode an individual’s credit score.
- Company dispute
A few common reasons for company disputes include – inaccurate date, ownership detail, duplicate accounts, etc. Usually, this dispute resolution process is initiated by the concerned company and carried out by submitting a CIBIL dispute form. Note that individuals cannot rectify data like – member’s name, account number, enquiry date and control number.
These steps below provide an idea about the company dispute resolution process –
Step 1 – Go to TransUnion CIBIL’s official portal.
Step 2 – Navigate to ‘Company Dispute Resolution Portal’.
Step 3 – Click on ‘Raise an Online Dispute’ button.
Step 4 – Provide essential details to fill up a commercial dispute form.
Step 5 – Enter CAPTCHA code.
Step 6 – Click the ‘Submit’ button.
Individuals who plan to apply for credits must make it a point to verify their credit report whenever they check their CIBIL score. This will help them to keep a tab on the credit report and identify inaccuracies in data. Subsequently, it will prove helpful in raising essential CIBIL score disputes and enhance their chances of loan approval.