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How to Correct CIBIL Score: A Detailed Guide to CIBIL Report Correction
Reviewed by: Fibe Research Team
- Updated on: 5 Dec 2024
- Published on: 30 Mar 2021
Reviewed by: Fibe Research Team
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.
Sometimes, there may be minor errors in your report, such as misspelt name, wrong date of birth, incorrect or outdated residential address, etc.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:
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.
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.
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.
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.
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.
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.
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.
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
For easier reference, here is a list of common problems associated with credit reports and possible methods to obtain solutions.
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.
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.
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.
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.
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
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:
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.
You can carry out the process of CIBIL score correction online by submitting the dispute form available on the credit bureau’s official website.
Rectifying an error in your credit report and score can take up to 30 days.
If your report has any inaccuracies or inconsistencies, you should immediately report the same by submitting a dispute form available on the official website.
Rectification of the errors in your CIBIL report can take up to 30 days. As such, you cannot update the report immediately.
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.
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.
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.
A control number refers to the ten-digit number mentioned in your CIBIL score report.
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.
Yes! Here are some ways you can achieve a correct 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.
