How to Raise and Resolve Your Dispute in CIBIL?

CIBIL score is a three-digit number that numerically represents your credit history. The normal CIBIL score ranges from 300 to 900. A higher number indicates sound financial health that credit providers prefer before approval. CIBIL is one of India's most reputed credit bureaus that creates your credit report based on data they collect from your credit card and loan providers. The more responsibly you handle your credit, the higher the credit score you accumulate. However, your CIBIL report may contain errors that might lower your credit score. In that case, you can raise dispute in CIBIL and get it resolved to improve your score. In the following guide, you will learn how to raise dispute in CIBIL.

What is the Meaning of the CIBIL Dispute?

A CIBIL dispute is the procedure of formally reporting and rectifying incorrect, incomplete, or outdated data in your CIBIL report, which is maintained by TransUnion CIBIL. As a report may contain discrepancies in your credit report, such as incorrect personal information, account details, amount due, or loan dates, it is crucial to review it thoroughly. If you spot errors in your CIBIL report, you can raise a dispute with TransUnion CIBIL for proper corrections so your report will reflect positively. Resolving a CIBIL dispute ensures that your credit history is a correct representation and protects your financial integrity.

A dispute in a CIBIL report takes around 30 days to resolve completely. After CIBIL dispute resolution, your credit score improves, and you get easier loan approvals with better terms and conditions. That is because credit-providing companies largely depend on your CIBIL credit report to evaluate your creditworthiness and determine your loan eligibility, amount, interest rate, and other conditions. Therefore, reviewing your CIBIL report regularly is necessary to identify errors in your report in time and get them rectified through the dispute resolution before they impact your credit score negatively.

Types of CIBIL Disputes

An individual’s or a company’s CIBIL report or company credit report may have different CIBIL dispute types. Identifying the correct category will make the dispute resolution process easier and faster. Here are the most common dispute in the CIBIL report types you may have in your CIBIL report regularly:

You can raise a CIBIL dispute online or offline by filling out an online dispute resolution form on the CIBIL website. The only difference is that to file a company CIBIL dispute, you must click the Company Dispute Resolution Portal on the website.

Individual Disputes:

• Errors or spelling mistakes in personal details like name, address, etc.

• Duplicate accounts, like one account present twice in the report

Company Disputes:

• Errors in the company or account details, like name, address, PAN, credit type, outstanding balance, etc.

• Mistaken ownership when you cannot identify a company account present in your report

• Duplicate account when the same account is present in your report multiple times

• Incorrect fields like company name, legal constitution, state, city, pin code, registered address, branch address, telephone numbers, company PAN, relationship, or names of proprietors, partners, directors, or promoters

You can raise both types of CIBIL disputes by filling out an online CIBIL dispute form on the CIBIL website. The only difference is that to file a company CIBIL dispute, you must click the ‘Company Dispute Resolution Portal’ on the website.

How to Raise a CIBIL Dispute Online?

Want to know how to raise dispute in CIBIL online? Here is a detailed process to follow:

• Visit CIBIL's official website

• Log in or click on ‘MyCIBIL.'

• Click on 'Credit Reports

• Select ‘Dispute Centre’

• Select 'Dispute an Item'

• Fill out the dispute form with the required details

• Click on ‘Submit’

• Select the section for which a CIBIL dispute raise is required. For instance, if the report has an error in your ownership details or duplicate information, select the type of dispute you want to raise. If the data is inaccurate, enter the details.

• Click ‘Submit’

CIBIL Dispute Resolution Process

How does the CIBIL dispute resolution process work? Here is a stepwise procedure of how CIBIL then takes steps to resolve CIBIL disputes:

• Raise the Dispute: A CIBIL dispute raise is possible through the credit bureau’s website. Open the CIBIL dispute resolution area on the site and fill out a form. Enter the nine-digit number present on your credit report containing the error.

• Wait for Processing: Once you raise the CIBIL dispute by submitting the complaint form online, CIBIL will contact your credit company to confirm the details. Remember that a credit bureau cannot make changes in the credit report independently.

• Get the Dispute Resolved: 30 days is the average time a credit bureau takes to resolve a dispute. According to rules, credit companies must formally respond to a disagreement within 45 days of CIBIL dispute raise. Once the credit bureau handles the discrepancy, they send you an email notifying you about the outcome.

Conclusion

Sometimes, incorrect information, typo errors, discrepancies, and mismatched data may appear in your CIBIL report, reducing your chances of getting credit approval for any Personal Loan purpose. Therefore, it is important to check your credit report frequently to identify these errors in time and raise dispute in CIBIL to get them corrected.

Frequently Asked Questions

1. What are the various situations in which I can raise a CIBIL dispute?

You can raise dispute in CIBIL in several situations. Request and review a copy of your CIBIL report and identify any errors or strange entries in it. If anything seems suspicious, verify with your credit provider and report it to the credit bureau for resolution. Your credit report may have spelling mistakes, duplicate accounts, paid accounts still showing as pending, incorrect names or addresses, wrong account balance, etc.

2. How do I know that my dispute with CIBIL has been resolved?

Once you file a dispute online via the CIBIL website, the credit bureau contacts your credit provider and gathers the correct information. After correcting the error in your report, they will send you an email confirming the change. Usually, the whole resolution process takes around 30 days to complete. You will also get a dispute ID that you can use to check your dispute status online through the CIBIL website.

3. Is CIBIL dispute free?

Yes, it is completely free to raise dispute in CIBIL. CIBIL is also entitled to provide you with one report each year for free. You may need to pay additional charges if you need extra report copies.

4. How can I check my CIBIL dispute status?

After the CIBIL dispute raise, you will get a unique dispute ID for your complaint. The resolution process takes around 30 days, after which you can visit CIBIL's website and enter your dispute ID to check your dispute status. CIBIL will also send you an email after resolving your dispute to confirm the resolution.