CIBIL disputes: Types, Resolution, and Tracking Dispute Status

Your CIBIL score is extremely important, as it determines your eligibility for a loan. A score of 750 and above is considered good and signifies that you are a creditworthy applicant. However, a score lower than 750 indicates that you have either mismanaged your finances in the past or lack experience with credit, both of which are a red flag for a lender. While a lower CIBIL score is typically a result of delayed or missed EMIs and defaults, discrepancies in your report can also bring down your score considerably. Therefore, it is a good idea to regularly check your CIBIL report and resolve disputes, if any. By doing so, you will not face any trouble with regards to qualifying for a loan.

Read on to know more about the types of CIBIL disputes, how to raise one, and how to get quick resolution.

Types of CIBIL Disputes: Depending upon the borrower type, CIBIL divides disputes into two categories: company and individual disputes.

1. Company Disputes These are disputes pertaining to a company account. Some of the more common fields that may contain an error are as follows. Company details: Incorrect company name, registered address, branch address, PAN, legal constitution, etc.

Account details: Incorrect data relating to loan type and sanction

Duplicate account: This is when your credit account is recorded more than once

2. Individual Disputes These are disputes made in order to rectify inconsistencies in a personal account. Take a look at the common fields that can contain an error. Account details: Incorrect or misspelt name and address

Duplicate account: This is when your credit account is recorded more than once

How to raise a CIBIL Dispute? When you find discrepancies in your credit report, you can raise a CIBIL dispute in one of the following three ways.

Through myCIBIL Raising a CIBIL dispute via myCIBIL is simple and quick. All you have to do is follow these steps.

1)Login to myCIBIL at https://myscore.cibil.com/CreditView/login.page?enterprise=CIBIL

2)Go to the ‘Credit Report’ section and click on ‘Dispute an item’

3)Fill the online dispute form and select the ‘Dispute Type’

4)If you want to dispute incorrect information, enter the correct information in the right field

5)Submit the form Through an online dispute resolution form The second way of raising a CIBIL dispute is by submitting an online dispute resolution form. Follow these steps to get started.

i.If you are an individual, visit this link https://www.cibil.com/dispute/. Fill out the form and submit it.

ii.To dispute as a company, fill and submit this form: https://www.cibil.com/online/file-company-dispute.do Offline dispute resolution You can also raise a dispute by writing to the CIBIL office in Mumbai. Follow these steps to do so.

1)Write a letter to CIBIL regarding your dispute

2)Ensure you mention important details such as the report registration number and transaction ID accurately

3)Send it to: Trans Union CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai: 400 013

CIBIL Dispute Resolution Once CIBIL is in receipt of your dispute, it takes the following steps to resolve it.

a)CIBIL marks the disputed fields with an ‘Under Dispute’ tag

b)Based on the nature of the dispute, CIBIL either looks into the mistake and rectifies it, or sends it to the relevant credit institution for rectification

c)If the lender doesn’t back up your claim, no changes are made. On the contrary, if the lender agrees with you, changes will reflect in your credit report shortly, and the ‘Under Dispute’ tag will be removed Do note that this CIBIL dispute resolution process can take up to 30 days to process.

How to check CIBIL Report Dispute status? You can check the CIBIL report dispute status in two easy ways. You can either login to myCIBIL and view the status under the ‘Dispute Status’ section, or receive intimation via email. However, note that CIBIL typically creates a myCIBIL account for you and emails the login credentials to you. Retrieve this email to track your claim more conveniently. Optionally, you can use the unique ID that CIBIL generates for you to track a dispute. Simply call the CIBIL helpline at 91-22-6638-4600 to do so. Now that you know how CIBIL dispute resolution works, you are all set to apply for a loan with an up-to-date credit profile. If you are looking to get a Personal Loan in particular, consider applying with Bajaj Finserv to access a hefty sanction of up to Rs.25 lakh in just 24 hours. All you have to do is meet simple eligibility terms and produce minimal documentation to enjoy instant approval in under 5 minutes. Further, you can repay the loan via pocket-friendly EMIs by selecting a suitable tenor ranging from 12 to 60 months.