Mistake in CIBIL Credit report: What you need to do?

Probably, your loan is rejected as your CIBIL credit report has provided for unpleasant information. You rush to check the report and find some drastic errors. But, there's little need to panic as the same can be rectified.

Mistakes on a credit report can be easily corrected with the CIBIL's help. All you need to do is:

a) Purchase your CIBIL credit report

b) Identify the erroneous information

c) Provide name, address, date of birth, an Control Number and the nature of the error on the credit bureau's website. This is known as a ‘Dispute Request‘ in credit bureau parlance.

The Control Number is a unique 9-digit number found on the top right hand side of your CIBIL Credit Information Report and is generated every time a credit report is generated. It is very important to provide this number to the bureau, as it helps identify the CIBIL credit report on which you would like to ‘dispute' information. Also read how to improve your CIBIL score?

Inaccurate Current Balance or Amount Overdue When you have purchased your CIBIL credit report you may notice that your Current Balance or Amount Overdue may not be updated for your most recent payment. This will usually be the case if you have purchased your CIBIL credit report within 45 days of making a payment. Loan providers report information to CIBIL on a monthly basis, which would mean that the latest payment will not reflect on your CIBIL credit report.

An inaccurate Current Balance (especially on the high side) implies that you have more debt than you actually do while an "Amount Overdue" indicates that you are unable to service your existing loan obligations. Both are viewed negatively by loan providers and may affect the chances of getting your loan application approved.

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