CIBIL Dispute

TransUnion CIBIL, one of the four RBI authorized credit monitoring bureaus, assigns a numeric number to the borrower, termed the CIBIL score. This value indicates the borrower’s financial health and creditworthiness. This quantitative number is derived, considering the overall credit behaviour of the individual. 

Numerous aspects such as previous loans and their timely repayment, the current level of debt, credit mix, and frequency of loans availed by the individual determine the CIBIL score. In the ultimate analysis, the CIBIL score determines the probability of an existing or prospective lender getting back the money and the individual’s likelihood of getting a loan sanctioned in the future. 

Any anomaly in the CIBIL score can thus lead to a negative outcome for either the parties; the lender or the borrower. It, therefore, transpires that any CIBIL score dispute must be resolved as an accurate CIBIL score bodes well for a robust financial system. 

In actual practice, there is a possibility that the information passed on by member banks to the credit bureaus for compiling the credit report may not be completely accurate. Thus, Equifax credit report, CRIF credit report, CIBIL credit report, or the Experian credit score check may not be the same as you expected. The faulty information may thus lead to an inappropriate score being generated and thereby harm your prospects of obtaining a loan. 

Such anomaly needs to be highlighted to CIBIL for further corrective action. When an individual escalates discrepancies in the CIBIL score by filing a resolution request form, it is thus referred to as a CIBIL dispute. 

Additional Reading : Check Free Credit Score

If you want to raise a CIBIL dispute, the best way to get a quicker resolution is by raising a dispute online. Follow the steps given below to raise a CIBIL dispute online and get it resolved:

• Login to ‘myCIBIL’.
• Go to the ‘Credit Reports’ section and navigate to the respective sub-section.
• Click on ‘Raise a Dispute’.
• Complete the online dispute form.
• Select the relevant section which you want to dispute.
• If you are disputing Ownership/Duplicate, select ‘Dispute Type’.
• If you are disputing Data Inaccuracies, enter a value for the disputed field.
• Click on the ‘Submit’ button.
• Once you submit your dispute, the disputed field under the relevant section will be marked ‘Under Dispute’.
• It will be taken up with the concerned financial institution based on the type of dispute.
• The financial institution then accepts or rejects the dispute.
• If the CIBIL dispute is accepted by the financial institution, corrections will be made and the CIBIL dispute status of ‘Under Dispute’ is then removed from the disputed field under the relevant section.

Please note that it may take up to 30 days to get the dispute resolved. 

Alternatively, you can raise a personal as well as commercial CIBIL dispute request by writing to CIBIL at the address given below: 

TransUnion CIBIL Limited, One World Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.

CIBIL disputes are classified into two broad categories; individual dispute and commercial CIBIL dispute. The two are briefly explained as follows:

Individual disputes – A CIBIL report shows information under the following heads:

• CIBIL Score
• Personal Information
• Contact Information
• Employment Information
• Account Information
• Inquiry Information

Any discrepancy may arise on account of ownership, inaccurate personal details, or erroneous account details. However, ownership disputes arise when details or inquiries that do not belong to the individual in question are mentioned in the Credit Information Report (CIR).  

Incorrect name, wrong PAN number, address, age, and address are instances of inaccurate personal details. Finally, erroneous account details may arise due to the time period (30-45 days) in which the lending institutions forward data to CIBIL. A lag may arise between the payment date and the date on which such information is reported to CIBIL. Needless to say, this would be autocorrected in the subsequent updating and would result in CIBIL dispute resolution. However, if such details do not feature in the credit report even after a two-month period, the individual has to raise a CIBIL dispute.

Company disputes – Also known as commercial CIBIL disputes are reported when incorrect company ownership details, wrong data, and entry of duplicate accounts happen. Thus, under commercial CIBIL disputes, the fields that can be disputed include company name, registered address and branch address, company PAN, credit type, asset classification, current balance, and bank remarks.

If an account that does not belong to the company but features in its Credit Information Report, this qualifies for a CIBIL dispute resolution. Likewise, a reflection of an account more than once is a commercial CIBIL dispute that requires correction. In such cases, the person authorized by the company has to take up the matter and follow the dispute resolution process that has to be initiated by the authorized signatory of the concerned company by submitting the CIBIL dispute form. The CIBIL website provides the option to raise an online dispute. Dispute resolution is also possible through offline mode. 

Additional Reading: Cibil score check free online by pan number

An online dispute can be raised for the correction of inaccuracies, information related to ownership, and duplicate information in the individual’s CIBIL report. Multiple fields in the CIBIL report can be disputed in a single dispute form. It is pertinent to mention that CIBIL does not charge any fee for such rectifications. The incorrectness in the credit score report may have come to light when the individual checked the CIBIL report online on myCIBIL. Alternatively, the individual may have received the incorrect CIBIL report from the lender. In either case, the rectification is possible online by following these steps.

Step 1: Login into the myCIBIL website.

Step 2: If you do not have a member account, create one. On the other hand, if you have an account on myCIBIL, use your account login details and password to open it.

Step 3: Go to the Credit Reports section, navigate to the Dispute Center, and then specifically to the subsection which needs to be corrected.

Step 4: Fill in the details in the CIBIL dispute form. In case of a dispute of ownership or duplicate entry, select ‘dispute type’ and submit. In case of a dispute of data anomaly, enter the ‘value’ for the disputed field and submit. 

Depending on the type of dispute, CIBIL may check internal records or take up the matter with the concerned financial institution. The dispute may be accepted or rejected after thorough verification. Whatever be the case, the total turnaround time for dispute resolutions is 30 days. 

The online CIBIL dispute resolution process is recommended for speedy resolutions and thus the perfect answer to the question ‘how to improve CIBIL score immediately?'

Additional Reading: How to get loan for low cibil score?

In order to address the concerns of individuals who are not comfortable with online modes, CIBIL dispute raise is possible through the offline mode. Disputes surfacing in the CIBIL score check can be raised simply by writing a letter and posting it to the CIBIL’S registered office in Mumbai. The individual has to correctly mention personal details, transaction ID and explicitly state the issue that is being disputed. The dispute request has to be sent to the under mentioned address:

TransUnion CIBIL Limited, 

One Indiabulls Centre, 

Tower 2A, 19th Floor, 

Senapati Bapat Marg, 

Elphinstone Road, 

Mumbai – 400 013

At every stage of life, one needs funds to fulfil certain obligations. Irrespective of financial health, borrowings come in handy. To avail of such benefits, one needs a clean CIBIL report. The onus, therefore, lies on the individual to resolve the CIBIL dispute, if any, and increase their chances of getting financial aid at favourable terms. CIBIL disputes raised, and subsequent CIBIL dispute resolution is available through online and offline channels, as explained above.

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After the individual has raised a dispute after their CIBIL score check, CIBIL follows the under mentioned process for its resolution:

Step 1: The sections that have been disputed are marked as ‘Under Dispute’.

Step 2: It is noteworthy that CIBIL, on its own, does not alter or modify the data. It relies on the information it receives from member institutions and collates it. The CIBIL dispute information furnished by the borrower is passed onto the concerned financial institution for a cross-check and rectification. The concerned financial institution reverts back to CIBIL, mentioning whether the dispute has been accepted or rejected. 

Step 3: In case the financial institution rejects the dispute, the CIBIL dispute status is changed to ‘Closed’ without any alterations in the credit score report. 

Step 4: On the other hand, if the financial institution accepts the dispute, rectification is made in the credit score report. The ‘Under Dispute’ tag is removed.

The entire CIBIL dispute resolution process is completed within the stipulated time of 30 days, and the individual is apprised of the resolution thereafter.

Also Check - Cibil score for personal loan