Your credit score is one of the most important factors determining your ability to secure loans, credit cards, and other financial products. In India, the Credit Information Bureau (India) Limited, or CIBIL, is the largest credit bureau that collects and maintains credit records of individuals and businesses.
Your CIBIL score reflects your creditworthiness and is based on your credit history, repayment behaviour, and outstanding debts. However, sometimes when you check a Check CIBIL score online, you found errors or discrepancies in your CIBIL report due to human error, which can negatively impact your credit score. In such cases, resolving the CIBIL dispute effectively and efficiently is important. To resolve a CIBIL dispute, you need to file a dispute resolution request with CIBIL, which will investigate the issue and provide a resolution of CIBIL dispute within a specified timeframe.
What Is CIBIL Dispute?
A credit bureau assigns a three-digit number known as a CIBIL score to determine your creditworthiness based on your credit history. Banks and lenders check free CIBIL score to evaluate your loan eligibility. If there are any discrepancies in your CIBIL report or score, such as bank details, personal information, outstanding balance, date of birth or loan account date, you can rectify them by raising a CIBIL dispute. There are two types of CIBIL disputes: individual and commercial. You can raise a dispute by filling out the CIBIL Dispute form on the CIBIL website.
Commercial CIBIL dispute can be submitted using the CIBIL Online Dispute Resolution Form. The resolution of a CIBIL dispute usually takes up to 30 days. Your credit report plays a vital role in determining your loan eligibility and credit sanction process. Any discrepancies in your credit report can significantly affect your chances of obtaining credit. So, you must check free CIBIL score online regularly to ensure that your credit report is free from errors.
Types Of Cibil Disputes And Their Categories
Identifying the specific category of a dispute can simplify the process of resolving discrepancies in an individual’s or a company’s credit report. Disputes can come in different forms and recognizing their type is crucial in facilitating a more efficient resolution process. Here are some of the most common types of CIBIL dispute that customers may have with their credit report.
- Company or Account Details: Details of a company, such as its name, address, PAN, and account details like credit type and sanction amount, may be disputed.
- Ownership: Ownership disputes may arise if the individual does not own the company account mentioned in the report.
- Duplicate Account: A dispute may be raised to rectify the error if the same account is repeated multiple times in the credit report.
- Incorrect Fields:
The following company details may be disputed:
- Company name
- Legal constitution
- PIN code
- Company’s registered address
- Company’s branch address
- Telephone numbers
- PAN (company)
- Promoter/director/proprietor/partner name
Read Here More: 5 Important Reasons to Check Your CIBIL Score Regularly
- Incorrect Personal Information: Errors in personal information such as name, address, and date of birth can be disputed.
- Incorrect Account Information: Disputes may be raised if incorrect information is reported for an individual’s credit accounts, such as outstanding balances, overdue payments, or credit limits.
- Inaccurate Status: Inaccurate status updates, such as “settled” or “written off,” may be disputed.
- Unauthorized Access: Disputes can be raised if unauthorized access to an individual’s credit report is detected.
Knowing the type of dispute that needs to be raised can simplify the process of CIBIL dispute resolution and help individuals and companies to maintain accurate credit records.
Benefits of Checking Free CIBIL Score Online
Checking your free CIBIL score online can offer numerous benefits. By knowing your free CIBIL score on official website of Bajaj Finserv, you can better understand your financial standing, which can help you plan for the future. A higher credit score indicates a better credit history, making you eligible for lower interest rates, higher credit limits, and faster approvals on loans, credit cards, and other financial services. Bajaj Finserv provides customized pre-approved loan offers that are tailored to an individual’s credit score and financial requirements, and checking free CIBIL score online can facilitate access to these benefits. Moreover, monitoring your credit score regularly can help you identify and correct any errors in your credit report, which can negatively impact your creditworthiness. With Bajaj Finserv Credit Pass online CIBIL score checking facility, you can quickly and easily stay on top of your credit score and make informed decisions about your financial future.
Checking free CIBIL score online and resolving CIBIL dispute effectively is crucial in maintaining a good credit score, which is significant in obtaining credit from financial institutions. It is important to identify the specific type of CIBIL dispute and follow the correct procedures to resolve it. Regularly monitoring your free CIBIL score online and correcting errors can ensure your creditworthiness is not negatively affected. By taking these steps, you can maintain a healthy credit score and increase your chances of obtaining credit from banks and lenders.