CIBIL Dispute – How to Raise & Resolve

The CIBIL credit bureau will give you a CIBIL score, which is a three-digit number. Your financial credit-worthiness is determined by the number. Before granting you a loan, banks, and lenders consider this based on your credit history. Before printing the data on the credit reports, TransUnion CIBIL would gather it from various lenders and assess its accuracy. 

You can always correct any errors in the CIBIL report or CIBIL score, including those involving bank information, contact details, your name, an unpaid balance, your date of birth, or the date the loan account was opened. CIBIL dispute is the procedure for locating and correcting inaccuracies in your credit record. 

Types Of CIBIL Disputes

1. Personal Disputes
The individual himself causes a few factors that lead to individual disputes. The inclusion of inaccurate personal information, such as name, age, and residence, in your CIBIL report, is one of the causes of an individual dispute. The identical loan application being submitted more than once could also be the cause of issues with duplicate accounts. This kind of duplicate account error drastically lowers the credit score. 

2. Business Disputes
Errors in business disputes are caused by the filing of incorrect information by the corporation regarding ownership details or other incorrect data. The company itself must submit the CIBIL score resolution form in the event of a dispute. Yet, it must be remembered that some details cannot be modified or corrected when disputes are resolved. They comprise, among other things, the member’s name, account number, and inquiry date. The official website can usually be used to resolve CIBIL score issues. 

Dispute Resolution Process

The following steps comprise the CIBIL Dispute Resolution process:

The issues that you have brought up are expressly marked as “in dispute”. The different dispute categories are separated and delivered to the appropriate credit institution to be thoroughly investigated. Depending on the nature of the issue, CIBIL will then get in touch with the relevant lender. The lender evaluates the dispute and based on the investigations, decides whether to accept it or reject it. Then, CIBIL receives this information. If the lender denies the claim, the case is withdrawn; however, if it is validated, CIBIL updates the inaccurate data. Once the problem has been resolved, the “under dispute” label is deleted. It could take up to 30 days to complete this process. You will be informed by CIBIL about the dispute resolution, and adjustments will be made to the CIBIL Report as necessary.

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