How The CIBIL Report Dispute Could be Resolved

In every country, there are organizations which observe the credit transactions and provide the card owners with credit scores. This score is provided to the credit card owners as a report. In India, CIBIL ensures surveillance on credit purchase and their pattern of spending. As a result, the CIBIL report is one of the most important things that should be kept error-free.

The CIBIL score is very sensitive, and it can change according to the pattern of spending of a human being. To ensure a high credit score, one must try to keep the CIBIL report clean. In general, the CIBIL report does not contain any errors. However, rarely some errors might be present in it. It is the primary concern for the credit card used to resolve any dispute in the CIBIL report with immediate effect.

Procedure for Resolving CIBIL Report Dispute

The entire procedure of resolving the CIBIL report dispute is mentioned below in detail. Follow the steps mentioned below to eliminate any error from the CIBIL report successfully. Go through the following cases thoroughly:

Case 1: Raising a dispute in CIBIL report

The steps to raise a dispute of CIBIL report is mentioned in details below:

Step 1: Submit the online form

You have to visit the official website of CIBIL and search for the online form which needs to be submitted on having an error in your report. Make sure you do it as soon as the report with an error reaches you. 

Step 2: Note the control number

A nine-digit control number will be given to you as you fill the online form for correcting the error of the CIBIL report. This number helps you to access your report and to rectify your entry if necessary. 

Step 3: Enter information about the nature of error

You have to clarify the nature of the CIBIL report error on the online form. Make sure the description is precisely written. This will ease the bureau’s work to look for the dispute and resolve it quickly.

Step 4: Enter the personal details accurately

When filling the online form, you need to make sure that the personal information and contact details are authentic. This enables CIBIL to communicate with you whenever necessary successfully.

Step 5: Verification of credit details

You have to verify the credit details with the bank that has issued you the credit card. 

Step 6: Track the notification and emails

Once the credit card owner places the dispute application, he can get an email and notification from CIBIL. You need to track the email and notifications as it can help you to check the status of your claim. 

Case 2: Resolution Process

The ways by which CIBIL report disputes are resolved are given here in detail:

  • It generally takes some time for the rectification process to start as CIBIL communicates with the bank that has provided the credit card to the borrower who has experienced a dispute. The credit bureau only starts rectifying the error if the concerned bank confirms the presence of the error. 
  • It lies on the hands of the concerned bank on how fast they respond to the CIBIL. Once the report is updated along with the confirmation of the error, CIBIL starts rectifying it. The concerned bank checks the database and provides the report if there is an error present in the CIBIL report of a user. 
  • It can take 60 days for CIBIL to completely rectify the dispute present in the CIBIL report of a credit cardholder. The bureau communicates with the credit institution for the factual data regarding the transaction.
  • The delay for the correction of CIBIL report takes place as the credit institution takes time to further communicate with the bureau with the data regarding the error.
  • Once the complete rectification procedure is completed, CIBIL publishes a new rectified credit report for the concerned credit card user. This process can also take up to 15 days; however, the person will be informed about the completion of the rectification procedure via email. 

Although it is a complicated and time-consuming process for resolving a CIBIL report dispute, one must go for it as it is a mandatory task. Presence of a dispute can lead a person to credit-related problems and a sharp decline of credit score. As a credit card user, it is your responsibility to go through the minute details present in the CIBIL report.