CIBIL Dispute: Types, Process, and Resolution Steps

Your three-digit CIBIL credit score is very powerful as it reflects your financial creditworthiness and ability to avail credit from various financial lenders. 

In short, the score provides a snapshot of your financial health and responsibility, and is widely used by individuals as well as entities) for credit facilities. 

The entity behind conceptualizing and calculating this widely used credit scoring model is TransUnion CIBIL. It collects data from various financial lenders and based on this, it prepares a credit report and assigns a score to each individual entity.

However, at times, one may find some discrepancies in their credit reports like an error in personal information, outstanding balance, or loan account. If there are any unused by all financial institutions to determine the eligibility (oh errors, it is advisable to get them fixed as early as possible. 

The process of fixing errors in your credit report is known as the CIBIL dispute. In this article, we will check the options available for CIBIL Dispute Resolution.

Types of CIBIL Dispute

CIBIL disputes are broadly classified into two parts, Individual Disputes and Company Disputes.

1. Individual Disputes: In this segment, errors related to an individual’s CIBIL disputes are filed. It includes errors related to personal details, issues related to duplicate accounts and errors in data filing. The personal details include an error in filing names or address and duplication of loan accounts in the CIBIL report.
2. Company Disputes: In this, discrepancies in the company credit report are sorted out. It includes such as incorrect ownership details, the existence of the duplicate account, data inaccuracies in the company credit report. 

CIBIL Dispute Resolution

There are two ways, online and offline, through which you can fix the errors in your CIBIL Credit Information Report (CIR). Let’s discuss the steps involved in both options.

Must Read: How to Read Your CIBIL Report?

Raising the Dispute Online

The online process is recommended for quicker resolution of the CIBIL Dispute. Following are the steps to initiate a dispute.

1. Access the member login portal of CIBIL (https://myscore.cibil.com/) and register yourself. Log in to myCIBIL to access the credit report.
2. Go to the “Credit Reports” section, navigate to the “Dispute Center” and click on “Dispute an Item”
3. You will be redirected to the Online Dispute Form, where you will need to enter the required details.
4. Now, select the relevant section you want to dispute. You can select multiple items in this dispute resolution form. If you are disputing Ownership/Duplicate, select Dispute type and if you are disputing data inaccuracy, enter the value for the disputed field before submitting the form.

Raising the Dispute Offline

In the offline process, you need to raise the dispute request in writing mentioning the nature of the CIBIL dispute. You have to send the letter to the following address:

TransUnion CIBIL Limited, 
One Indiabulls Centre, Tower 2A, 19th Floor, 
Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.

How does CIBIL Resolve the Dispute?

CIBIL doesn’t have the power to modify its database or change your credit report directly. It sends the dispute raised to the respective financial institution and only after the change is authorised by the same after due verification and confirmation, the CIBIL report is updated.

The whole process of CIBIL dispute resolution takes up to 30 days. And, it takes up to 7 days to incorporate changes in the report. 

Once the dispute is resolved, CIBIL sends an SMS to your registered mobile number to notify you whether the dispute has been resolved or rejected.

You can also track the “Dispute Status” on the CIBIL website or contact the helpline number 022-66384600. 

If you are not satisfied with the CIBIL dispute resolution, a new dispute resolution can be raised along with the details of the previous request.

Must Read: How to Check Your CIBIL Score?

Check Credit Score Regularly

One of the best ways to ensure that your credit report doesn’t contain any error or discrepancies is by checking it regularly. Also, there are other benefits associated with checking your credit report regularly.

• Helps to know your financial standing: It helps to monitor your credit behaviour and the effect of your financial activity on the credit report. This way, you can accordingly make changes to your borrowing habits and can avoid any actions that could lower the credit score.
• Improve credit score: By checking regularly, you can improve CIBIL score and maintain a healthy credit profile. A good credit score reflects positive credit behaviour and if you have a poor credit score, you can take measures to improve the CIBIL score. Through this way, you can have favourable chances of loan approval when you apply for an instant personal loan. 
• Can negotiate better terms on the loan: Lenders generally prefer borrowers with a good credit score for a personal loan, as the chances of default are less. 
• Also, if you have a good credit score, you can negotiate better terms on your personal loan application with the lender.