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How to correct the discrepancies in your Credit Information Reports
Posted on: 26/Sep/2016 1:08:55 PM
The Credit Information Bureau (India) Ltd, or CIBIL, is a store-house of records of an individual‘s payment history on loans and credit cards. CIBIL acquired the details from banks and other lenders on a monthly basis.
The data provided by lenders is used by CIBIL to create Credit Information Reports (CIR) and credit scores, which, in turn, are provided to lenders in order to help evaluate and approve future loan applications. The credit score helps loan providers quickly determine, who they would like to evaluate further to provide credit.
Since banks and financial institutions check a person`s CIBIL score to assess his capability to repay loans, it is important for the information to be correct. Here`s how you can access and rectify your CIR online.
Incorrect personal details such as name, address, date of birth or PAN details can be changed. Erroneous information regarding loan balances, payments, outstanding and overdue amounts can also be corrected.
Visit the dispute resolution section on the CIBIL website www.cibil.com and fill out a complaint form. For this, you need the nine-digit number provided on your credit report which contains the disputed details. CIBIL itself cannot edit your details but it will approach your bank to ascertain if your complaint is legitimate. You can expect a resolution within 30 days.
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