WHAT IS CIBIL DISPUTE?
The 3-digit number of the CIBIL score decides your financial lending background and is also one of the key factors that allow you to use loans from banks and non-banking financial institutions. TransUnion CIBIL gathers information from different lenders and is taking every possible step to ensure the information in credit reports is correct. However, the same can be detected and rectified in case of any anomalies in your CIBIL score or personal or bank details such as name, information of contact, date of birth, outstanding balance, date of credit account, etc. CIBIL conflict is known as this mechanism of fixation of credit reports errors.
TYPES OF CIBIL DISPUTES
CIBIL disputes can be classified under the heads, as mentioned below:
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Individual Disputes:
In case of errors in the following information, you can raise individual CIBIL disputes.
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Ownership & Account related:
If the credit report does not contain a loan account or inquiry, or the report more than once represents the same loan application, you can bring a separate CIBIL dispute. It also involves inconsistencies in the timely update of account details such as balance, overdue number, etc.
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Personal details:
In the credit report you can rectify any errors in personal information such as name, address, PAN card etc., via CIBIL dispute.
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Company Disputes:
Such conflicts may be posed with the following heads on errors in the company credit reports.
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Ownership & Account-Related:
If the particular account in the CCR of the company does not or does not contain the agency, or if the full record is incorrect, or if a company credit report multiply represents the same account.
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Incorrect Company/ Account Details:
CIBIL business conflict is also covered by errors in company name, address, balance of the current account, telephone number, banking remarks, etc.
HOW CAN I CLEAR MY CIBIL DISPUTE?
TransCIBIL will start the correction and complete the rectification process within 30 days after raising the CIBIL dispute. It takes about 30 days until the CIBIL conflict has been settled by you. it takes about 30 days. You will get an SMS with the conflict settlement in your registered mobile numbers. In the Dispute Status section of the website of the CIBIL, You can also watch the status of CIBIL or call customer helpline number on 022-66384600.
HOW TO FILL CIBIL DISPUTE FORM?
In a single dispute, you can navigate to different report parts and find errors in several fields. For those seeking a faster resolution, the online method is recommended. Follow the procedure given below to raise a dispute online:
- i.Log in to myCIBIL with your credentials. If you have accessed the report via a vendor, you must register yourself with CIBIL and log in to your account.
- ii.Under ‘Credit Reports’ section, navigate to ‘Dispute Center’ and click on the ‘Dispute an Item’ option.
- iii.You will be redirected to the ‘Online Dispute Form’. Fill up the details in the form.
- iv.Under ‘Identification #’, select the identification document that needs to be corrected and correct the corresponding number at the bottom of the form.
- v.Click on the ‘+’ symbol to correct information related to multiple documents.
- vi.After disputing all the mistakes, you can click on ‘Submit’.
RAISING A DISPUTE OFFLINE
You can write about your dispute and send it to the address:
TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, SenapatiBapatMarg, Elphinstone Road, Mumbai - 400 013
DISPUTE RESOLUTION PROCESS
- i.Once you submit the Online Dispute Form, the fields disputed will be labelled ‘Under Dispute’.
- ii.CIBIL will take this up for discussion with lenders based on the type of dispute.
- iii.The lender may or may not accept the dispute.
- iv.If the lender accepts the dispute, changes are made accordingly.
- v.The label ‘Under Dispute’ will be removed from the disputed fields.
- vi.The total turnaround time of the process must be within 30 days.