What Is CIBIL Dispute And How To Resolve It?

CIBIL score is a common term used nowadays, especially when availing unsecured credit like personal loans. It is a three-digit number designated to individuals by TransUnion CIBIL (Credit Information Bureau of India Limited). Representing an individual’s credit history, this score is calculated on the basis of his/her CIR (Credit Information Report). 

Nevertheless, such calculations can inadvertently carry errors, resulting in misrepresented information. Such errors can be resolved via a timely CIBIL dispute, a method of notifying the authority of the error, whereby a concerned individual can check his/her CIBIL dispute status to gauge the stage of such resolution.

Understanding CIR error and CIBIL dispute

Errors in the CIBIL report could be related to personal information like name, date of birth, contact details, bank account details, identification number provided by the government, and so on. Finance-related information such as that of loans and credit transactions could also be recorded incorrectly. 

Such errors can go on to impact a person’s CIBIL score adversely, making it difficult for him to borrow loans. This necessitates raising a CIBIL dispute with promptness. Such disputes often take 1 to 2 months to resolve, and up to 6 months to reflect.

If you have faced loan rejections or planning to avail a loan soon, make sure to go through your CIBIL score and CIBIL report to ensure its accuracy. You will need to cross-check the information regarding your contact, employment, ownership, accounts, etc. recorded on the portal to identify any such error.

Ways to forward a CIBIL dispute for resolution

CIBIL score often plays a deciding role in giving you access to loans. Nevertheless, in particular, the score is most crucial in availing unsecured loans such as personal loans. Knowing how CIBIL score is important for a personal loan, individuals must make sure to raise a dispute with CIBIL against such errors immediately. 

Once you check CIBIL score and report, and identify errors in it, you can raise a dispute in two separate ways.

  • Raising a dispute using myCIBIL
  • Login to MyCIBIL using required credentials.
  • Click on the ‘Raise a Dispute’ option.
  • Select the relevant issue against which you want to raise such dispute.
  • Select your account.
  • In case of disputes regarding incorrect information, enter the correct information in the concerned fields.
  • Submit your dispute.

Another way to raise such disputes online is by filling up the dispute resolution form instead of logging in with CIBIL’s portal.

  • Raising a dispute offline

Individuals can also reach out to the authorities regarding CIBIL-related disputes by writing to them. The letter needs to be addressed to the registered office of CIBIL in Mumbai. In the letter, you need to mention the errors as well as necessary changes accurately. You might as well need to provide certain documents along with that letter.

Once you submit the dispute form, the authorities will label your case as ‘Under Dispute’. Discussions are then carried on with lenders to enquire about the dispute. It might take around 30 to 45 days for the authorities to check, verify, and rectify the CIBIL errors. Throughout this span, you can keep track of your CIBIL dispute status to know the updates. 

Once the disputes are addressed, you can see the necessary changes being made in your report, which will also reflect a change in your CIBIL dispute status. 

Ensuring that your CIBIL report is absolutely error-free can increase your chances of availing a personal loan, or any other such unsecured advance.

The ideal score required to avail a personal loan is 750. Any score below this could pose a challenge in securing loan approval. Individuals seeking a personal loan should specifically focus on CIBIL report correction to avoid facing rejections simply because of discrepancies.

Lenders like Bajaj Finserv further make applying for a personal loan hassle-free and quick with their pre-approved offers. 

These offers are also available for credit options like business loans and credit cards. You can check your pre-approved offer with essential contact details only.

After the submission of your dispute, CIBIL sends automated emails every seven days so that the individuals can be aware of their CIBIL dispute status. In case there has been a delay of more than 45 days to rectify the report, you can re-raise a dispute online.