How to Correct CIBIL Score: A Detailed Guide to CIBIL Report Correction

CIBIL scores are significant to prosper in any financial avenue, such as taking a loan or a credit card. This is why learning how to correct the CIBIL score is essential. Financial institutions, including banks and NBFCs, look at your credit score to ascertain your creditworthiness and whether or not you are eligible for loans.

By carrying out the correction process in case of any issues, you can boost your creditworthiness and get easy access to credit. But how can you raise a dispute and maintain the accuracy of your CIBIL score and report?

It is easy to correct credit report mistakes if you know exactly when and how to correct a CIBIL report. Even after you spot the errors in your credit report, the bureau may take a while to resolve your dispute. This is because of a certain set of standard procedures that credit bureaus like TransUnion CIBIL follow. 

Read on to learn more about the process.

How to Spot Credit Report Errors?

Sometimes, there may be minor errors in your report, such as misspelt name, wrong date of birth, incorrect or outdated residential address, etc. It can also be a major error, such as a wrongly credited loan or an outstanding credit balance.

Resolving minor errors is not much of a hassle. However, major issues can be challenging and may take some time to reflect corrections on your report. You can identify any issues by downloading your credit report from the official website and then applying for a CIBIL report correction. Here is an in-depth review of the types of errors you need to look out for:

• Inaccurate Personal Information

Sometimes, your personal information on the credit report, such as name, age and contact information, could be either misspelt or missing. While going through your report, make sure all the details are correct. Additionally, check there is no error in your Aadhaar and PAN details.

• Current Balance is Not Updated

Sometimes, your credit report may show an error in your credit balance. These errors occur as a result of the gap between the payment time as the financial institutions only report to the credit bureau every 30-45 days. Thus, it is imperative to check your report periodically.   

• Incorrect Overdue

Overdue is the amount that you owe your credit provider, which has a significant impact on your credit utilisation ratio and overall score. Thus, it is vital for you always to double-check your overdue amount. 

• Outstanding Loans

You must check for your outstanding loans and their status. If you have repaid the loan but your credit report says otherwise, immediately file for a CIBIL report correction online. Any delays in payment are reflected in your report and have a significant impact on your creditworthiness. 

• Duplicate Account

There is a slight possibility of the same account reflecting more than once in your CIBIL report. This can increase your debt, leading to a negative impact on the score. You may also see an account that you have not authorised that has been opened by a fraudster. In such instances, contact your issuer or lender immediately or raise a dispute. 

In conclusion, you should look for incorrect figures, loans/cards, dates or due dates and ensure that the information in your credit report is correct. 

How to Raise a Dispute on Spotting Errors in the CIBIL Report?

For good financial health, you should know how to correct the CIBIL score. For this, you can raise a dispute through the CIBIL website or by sending a letter to the registered office address. Here are the steps to correct the CIBIL report online and offline.

Online CIBIL Dispute Resolution

• Step 1: Log in to myCIBIL.com with your user credentials
• Step 2: Check your latest CIBIL score and report  
• Step 3: Fill the Dispute Request Form online
• Step 4: Submit the form

Once you successfully submit the dispute form, the bureau will forward your request to the concerned financial institution. They will then review your data and make the required changes. 

You can check the status of your dispute by logging into your CIBIL account. Remember, the entire process may take at least 30 days and you will receive updated and accurate reports from the credit bureau.

Raise CIBIL Dispute Offline

To raise a CIBIL dispute offline, you can write to TransUnion CIBIL by mailing the registered office. You can send the letter with the relevant documents to this address:

TransUnion CIBIL Limited 

(Formerly known as Credit Information Bureau (India) Limited) 

One World Centre, Tower 2A, 19th Floor

Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013

Ph: +91 – 22 – 6638 4600

Specific Problems Reflected in Credit Reports with Solutions

For easier reference, here is a list of common problems associated with credit reports and possible methods to obtain solutions.

• Problem: Poor Credit History

A low credit score on your credit report indicates irresponsible credit behaviour in the past. Frequent delays in repayment, high utilisation of credit, credit card debts, etc., are some reasons leading to a low credit score. This reduces your ability to avail of credit in the future.

Solution: Make sure you pay your credit card bills and EMIs on time. Borrow only what you need and as per your repayment capacity and avoid making minimum payments. If you’re unable to work with the current plan, try and work out an alternative payment schedule by restructuring repayment with your lender.

• Problem: Errors in Personal Information

These are minor errors that include misspelt names, age, contact information and errors in account details.

Solution: Get your credit report copy from the credit website and check your personal information. If you spot an error, raise a dispute by filling up the online CIBIL dispute resolution form.

• Problem: Days Past Due (DPD)

DPD means the number of days since you’ve not paid the due amount. Anything other than ‘000’ or ‘XXX’ in your DPD section indicates you have delayed your payment. This paints a bleak picture of your credit usage and responsibility and lowers your score.

Solution: Multiple late payments will lower your credit score. The best way to avoid this is by setting monthly reminders to pay the amount due before the given due date. You can also set auto-debit instructions to ensure you don’t miss a single payment. However, make sure you have sufficient balance, or you may have to face a penalty from the bank too.

• Problem: Error With Account Ownership

There may be a few accounts mentioned on your credit reports, but they may actually not be yours. Known as errors with account ownership, this could be an administrative error or could indicate fraudulent usage.

Solution: If there are incorrect mentions of open accounts on your credit report, raise a dispute immediately to avoid further errors. If there are administrative errors, you can raise a dispute to correct them. If it is a fraudulent account, early action will protect your information and creditworthiness.

• Problem: Overdue for Paid–Off Accounts

Your credit report may show an outstanding overdue amount which you have already paid. There may also be an error in the payment history despite regular payments.

Solution: The lenders submit their data to credit bureaus once in 30-45 days. If you have received a copy of your credit report within this time period and there is an error, it could probably be because your data is not yet reconciled. If there isn’t any change after 45 days, raise a dispute with the bureau to rectify the error.

It is essential to have a high credit score and to attain this, you need to make sure your credit report is up-to-date and error-free. So, generate your credit report regularly and make sure your credit score is not affected by any of the errors mentioned above.

Also Read :  Why CIBIL Score is Important

How to Improve Your CIBIL Score?

Having a low score despite an accurate report means that you need to make some changes to your credit behaviour. With most lenders, a credit score of 750 or above may be helpful in negotiating favourable loan terms. To get there, here is how to correct the CIBIL score with disciplined actions:

• Make timely payments of your EMIs and credit card bills
• Raise a dispute with the bureau if you detect any errors in your report
• Maintain older credit card accounts with excellent repayment patterns
• Avoid applying for credit too frequently or with many lenders simultaneously
• Don’t opt for the settlement option
• Keep your credit utilisation ratio at an acceptable level of 30% or under

Having a healthy credit score can come in handy at any time, more so during emergencies. Therefore, build good credit habits to stay credit-ready. However, if you have a low score and need instant access to funds, you can apply for loans with lenders like Fibe.

At Fibe, we don’t rely on credit scores to gauge your creditworthiness and instead have an alternate credit scoring system. With the Fibe Instant Personal Loan, you can get cash of up to ₹5 lakhs at attractive interest rates and flexible tenures. Download our Personal Loan App or register on the website to apply seamlessly online.

FAQs on CIBIL Report Mistakes

How can I correct my CIBIL score mistake?

You can carry out the process of CIBIL score correction online by submitting the dispute form available on the credit bureau’s official website.

How long does it take to correct a CIBIL score?

Rectifying an error in your credit report and score can take up to 30 days.

What if my CIBIL report is wrong?

If your report has any inaccuracies or inconsistencies, you should immediately report the same by submitting a dispute form available on the official website.

How can I update CIBIL immediately?

Rectification of the errors in your CIBIL report can take up to 30 days. As such, you cannot update the report immediately.

In how many days is the CIBIL score updated?

The credit bureau updates the information in your CIBIL report every 30 to 45 days. You can check your CIBIL report once a month or once every two months to get the updated information and score.

How to clear overdue amounts in CIBIL?

An overdue is the outstanding amount for the previous billing amount. Once you pay all your dues, including EMIs and credit card bills, the overdue amount reflected in your report will clear and your score will improve.

How to report the wrong CIBIL score?

Your CIBIL score is a culmination of the information in your report. As such, you cannot correct the score but rather any inaccurate information in your report. For this, you must learn how to correct a CIBIL report by raising a dispute through an online form. Generally, the bureau takes at least 30 days to offer a resolution.

What is the control number in a CIBIL dispute form?

A control number refers to the ten-digit number mentioned in your CIBIL score report.

How can I correct my CIBIL score immediately?

Two ways to improve your score are to fix credit report errors and pay outstanding EMIs and credit card bills. Even if you take these two approaches, your latest credit score will get updated in 30 to 45 days.

Is it possible to repair my CIBIL score?

Yes! Here are some ways you can achieve a correct CIBIL report:

• Pay your EMIs and credit card bills on time by setting up autopay or reminders
• Raise a dispute to fix any errors in your credit report
• Avoid applying for loans and credit cards frequently
• Opt for different types of credit
• Keep your old credit accounts open

How to remove a closed account from your CIBIL report?

Depending on whether they have a positive or negative history, an old account can stay on your credit report for up to 10 years. To remove them, you can file for dispute or formally request your creditor to remove them.