What is CIBIL?
The most well-known of the four credit information companies licensed by the Reserve Bank of India (RBI) is the Credit Information Bureau (India) Limited (CIBIL).
The Credit Information Bureau (India) Ltd., a credit rating agency authorized by the Reserve Bank of India, provides the CIBIL score (RBI). Individuals, banks, and non-banking financial institutions can obtain CIBIL scores and credit reports (NBFCs). These scores are based on your credit history, including everything from loan repayment history to credit card repayment history.
There are many CIBIL Score App mobile applications available on the app store through which you can easily check your CIBIL Score. Some of them also provide additional functionalities. You can also get the best loans and credit card offers from anywhere. With that app, you can also keep track of your spending and bills.
What are CIBIL Disputes?
The process of finding and fixing inaccuracies in your credit report, such as incorrect bank data, transaction details, spelling errors, incorrect email ID, and so on, is known as CIBIL Disputes. You can file a complaint by completing the CIBIL dispute form on the CIBIL website.
Types of CIBIL Dispute
CIBIL Disputes can be classified into Company Disputes and Individual Disputes.
- Company Disputes – For the errors done in the company’s details, the disputes that can be raised are :
- Banking Information or Enterprise – You can file a dispute if you discover an error in your organization’s name, ownership details, or address. This also allows for the correction of the company’s incorrect banking information.
- Duplication of Account – You can file a dispute if your account shows on your credit report multiple times and get it fixed by filing a dispute.
- Individual Disputes – You can raise a dispute if you find inaccuracies in your credit report.
- Personal Details – You may file a dispute if you discover an error in your personal information, such as your name, contact number, email ID, PAN details, etc.
- Duplicate Account – If your account surfaces on your credit report more than a few times to get fixed, you can file a dispute.
CIBIL Dispute Resolution Status
You can fix the errors in your CIBIL Credit Information Report (CIR) in two ways, online and offline.
Online
- Visit CIBIL’s official website at https://www.cibil.com/.
- If you are a new customer, fill out the form on the page.
- Enter your credentials to access the page.
- Select ‘Dispute Centre’ from the ‘Credit Report’ tab.
- Fill out the form completely.
- Select the type of dispute you wish to file.
- Please submit the form.
- It may take up to 30 days to resolve the dispute.
Offline
If you want to file a CIBIL dispute offline, write to TransUnion CIBIL at the address below:
TransUnion CIBIL Limited,
One Indiabulls Centre,
Tower 2A, 19th Floor,
Senapati Bapat Marg,
Elphinstone Road,
Mumbai – 400 013
Process of CIBIL Dispute Resolution
- When you submit the dispute form, the contested fields will be labeled ‘Under Dispute.’
- Depending on the nature of the dispute, CIBIL will consult with lenders in response to your request.
- The lender can either accept or reject the disagreement.
- Changes will be implemented if the lender acknowledges the disagreement.
- The ‘Under Dispute’ sign will then be removed.
- The changes can take up to 7 days to incorporate, and the entire CIBIL dispute resolution process can take up to 30 days.
- You will receive an SMS on your registered mobile number once the dispute has been resolved.
Conclusion
The credit report of any individual or company is critical in determining loan eligibility and the credit approval process. However, if your credit report contains inconsistencies, your chances of receiving credit may suffer significantly. As a result, to provide the best possible service, CIBIL provides a variety of ways to contact customer support to resolve issues with your CIBIL report. You can use any CIBIL Score App to solve the problem.