How to Get CIBIL Score Corrected: A Step-by-Step Guide

A credit score and CIBIL credit report (Credit Information Report/CIR) are critical to loan or credit card application and approval. Errors in your CIBIL report can cause a delay in loan approval. Borrowers should check your CIBIL report at intervals and spot common CIBIL report errors, if any. Knowing the types of CIBIL errors that can occur in your CIBIL report may include:

• Wrong loan accounts attached to your name
• Incorrect personal details
• Inappropriate credit limit
• Outstanding payment status
• Incorrect track of repayment history
• Duplicate accounts, if any

Specific CIBIL report errors can take time to resolve, such as rectifying incorrect outstanding amounts, dates of payment, or verifying duplicate accounts. Issues related to data correction, such as incorrect personal information, can be corrected easily. Notifying errors or delays in updating and rectifying them is a lengthy process, and no charges are levied to resolve CIBIL report mistakes.

Steps to Rectify Errors in the CIBIL Report

 As soon as you come across errors in credit, go ahead and raise a dispute in CIBIL with the credit rating agency. Further, follow the below easy steps to rectify CIBIL report errors:

1. Once the CIBIL report is up to date, work towards improving your credit score and increase the chances of getting loans easily:
2. Pay Loan EMIs on Time: Be punctual with EMI payments according to the schedule. Delayed or missed EMIs can impact your CIBIL score and lower your credit score.
3. Clear Credit Card Bills: Spend as per the limits prescribed in your loan or credit card. Paying credit card bills in installments will always keep the pending amount piling up, additionally with an interest rate. This affects your CIBIL score and credit history.
4. Minimum Borrowing Habit: Taking multiple small cash loans just because EMIs are easier to pay shows credit-hungry behaviour. Choose to borrow when absolutely necessary. Managing multiple loans becomes difficult and affects repayment details to CIBIL and your CIBIL score online.
5. Effect of Joint Applicants: Bearing the brunt of your joint account partner can lead to a decrease in CIBIL score. If your joint account holder has defaulted payments, it can directly negatively impact your score. So, it is advisable to apply for loans or credit with individual accounts.
6. An excellent CIBIL score without any mistakes shows responsible credit handling behaviour and makes the loan approval process easier. Hence, whatever may be the urgency to opt for an immediate personal loan, ensure you don’t hurt your CIBIL score in the process.

Once the CIBIL report is up to date, work towards improving your CIBIL score and increase the chances for easy credits/loans:

Pay Loan EMIs on Time: Be prompt with EMI payments as per the schedule.  Delayed or missed EMIs can affect CIBIL scores.

Clear Credit Card Bills: Spend as per the limits prescribed in your credit card. Paying credit card bills in instalments will always keep the pending amount as a piling up bill, additionally with an interest rate. This impacts the credit score.

Minimum Borrowing Habit: Taking multiples small cash loans just because EMIs are easier to pay shows a credit-hungry behaviour. Choose to borrow when absolutely necessary. Managing multiple loans becomes difficult and affects the repayment history.

Effect of Joint Applicants: Bearing the brunt of your joint account partner can lead to a decrease in credit score. If your joint account holder has defaulted payments, it can directly affect your credit score too. So, it is advisable to apply for loans with individual accounts.

An excellent CIBIL score without any mistakes shows a responsible credit handling behaviour and makes the loan approval process easier. Hence, whatever may be the urgency to opt for immediate personal loan, ensure you don’t hurt the credit score in the process.

Frequently Asked Questions

1. How many digits does the ECN number have?

The ECN number typically comprises 9 digits, which can be a combination of numbers and alphabets.

2. How can I improve my chances of passing Credit Appraisal?

To improve your chances of passing Credit Appraisal, maintain a good credit score, reduce existing debts, provide accurate financial documents, and ensure a stable source of income.