Cibil Grievance

It is not necessary that the customers have to accept the score awarded by CIBIL is the ultimate assessment for the financial status or creditworthiness. On scrutiny of the Credit Report, you may have some CIBIL Score Grievance like incorrect ownership, duplication of accounts, discrepancy regarding account details, etc. You have a CIBIL Customer Grievance cell to whom you can report the CIBIL Score Grievance.

There are different levels for escalation of CIBIL Grievance, and the time frame for resolving the issue at different levels will be different.

When an individual or a company is not satisfied with the services of CIBIL, it gives rise to CIBIL Grievance. The discrepancies in the CIBIL Report will result in depletion of the CIBIL Score, which is not appreciated either by an individual or a Company. Resolution of these discrepancies can be one of the solutions to your concern ‘how to increase CIBIL Score.’

The various kinds of CIBIL Grievance that arise are as mentioned below:

• Incorrect Information: Dispute may arise in respect of incorrect personal details like the name of an individual or Company, PAN number, etc. should be rectified to maintain a good credit score range. 
   
• Duplication of account details: The same account may be repeated several times, which also will have a negative impact on the credit score.

Incorrect account information: Regularization of overdue accounts and closure of loan accounts may not be updated, which results in non-updating of CIBIL Score. If this happens beyond 45 days of your last payment, it can be considered a dispute. The reason being financial details are updated by the banks to CIBIL only once in 30 to 45. CIBIL does not update any record before getting confirmation from the financial institutions.

It is necessary to draw a Credit Report and scrutinize for the correctness of the CIBIL score awarded. There are times when you will be deprived of a credit facility owing to a wrong score. For instance, the minimum CIBIL Score for Personal Loan will be 750 and owing to some discrepancy in the report; your score has come down to 600. You will naturally be dissatisfied with the services of CIBIL.

CIBIL Grievance is when a consumer is not satisfied with the services rendered by CIBIL. The communication from the consumer is broadly classified as

Query: When a consumer seeks certain information, then the Grievance is classified as Query.

Request: When the dispute involves rectification of any discrepancies, it is classified as a request.

Complaint: When the consumer is not satisfied with the grievance redressal, the concern can be escalated to CIBIL, and it will be classified as a Complaint.

Feedback: Suggestions by consumers with regard to improvisation of services and products of CIBIL will be termed feedback

Redressal Process: You will have to initiate a CIBIL Grievance by filling up a Dispute Registration Form available on the official website of CIBIL. If you receive a resolution and you are not satisfied with the redressal, you can escalate the Grievance to the Senior Management. The Redressal Registration Process to be followed is given below.

Level 1 Escalation: The Grievance can be submitted online with your personal details as well as escalation details. You should mention a valid Service Request number that is provided when you initiate a dispute. The Manager Consumer Services will now deal with the Grievance and will ideally respond within 10 working days of submission of the CIBIL Grievance.

Level 2 Escalation: If you are not satisfied with the response from Level 1 Escalation, you can further escalate the issue to Asst. Vice President, Consumer Services by filling up the Escalate to Level 2 Form available on the CIBIL website. Do not forget to mention the Service Request Number and the Online Grievance ID Level 1 that is generated on successful submission of the Escalate to Level 1 Form. The response will be communicated within ten working days from the date of submission of the form.

Level 3 Escalation: If the Level 2 Escalation response is not satisfactory, you can further escalate the issue to the Vice President of Consumer Services. Fill up an online Escalate to Level 3 form mentioning the Service Request Number and Online Grievance ID Level 2. The escalation to Level 3 has to be only on getting a response from CIBIL with regard to Level 2 escalation.

In case the response received says that the bank has confirmed that the details in the report are correct, then you will have to contact the bank directly for verification.

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CIBIL is one of India’s first Credit Information Companies. The services and products of CIBIL have brought about a significant change in the credit processing procedure of banks while enabling the safety of credit provided. It has also helped the customers in getting faster credit at better interest rates and other terms.

Financial Institutions across the country will provide information about the loans and credit cards of individuals and Companies, and CIBIL maintains collated information about every individual and Company in the form of a Credit Information Report. CIBIL then, with a mathematical algorithm, provides CIBIL scores ranging from 300 to 900 based on the information available in the CIR.

Financial Institutions rely on the good Credit Score range for evaluating loan applications. A glance at the Credit Information Report will give an insight into the credit profile of the customer along with the repayment track and financial status. 

Credit Information Report enables financial institutions to categorise customers into responsible and irresponsible borrowers. It contains information regarding repayment history, the number of existing loans, type of loans, duration of loans, number of loans and credit card enquiries etc. It does not contain information about the savings and investments of customers.

If you have honoured your EMI and credit card payment well in time, then you gain a good impression of the financial institutions that will help you get faster credit approvals and better interest rates. On the contrary, if you have defaulted on loan repayments, you will be a risky borrower, and financial institutions will generally not entertain your loan application.

It is essential to do a CIBIL Score Check before you apply for any loan. If your score is 750 and above, you will have met the required CIBIL Score for Home Loan as well as CIBIL Score for Personal loan criterion. 

You can do a CIBIL score check online by PAN card by accessing the official website of CIBIL. Draw a Credit Report, and if the score is below the required level despite making regular repayments, there could be some discrepancies. Locate the discrepancies and get them rectified before applying for a loan.

If you have generated a Credit Report and are not satisfied with the score awarded, you can register a CIBIL Score Grievance online through the various channels available for registering all kinds of CIBIL Grievance.

• Through a letter: You can send a letter to the TransUnion CIBIL registered office at the following address: 
  No 1, India Bulls Centre, Tower 2A, 19th Floor, Senapathi Bapat Marg, Lower Parel, Mumbai 400013 
   
• Call CIBIL Customer Care: You can register the Grievance by calling the Customer Care number 022-61404300 Monday to Friday between 10 a.m. and 6 p.m. 
   
• Online Registration: Online grievance registration can be done by accessing the CIBIL website and filling up a Dispute Registration Form. 
   
• Contact Consumer Services Department: You can visit the TransUnion CIBIL office and contact the competent authority at the Consumer Services Department to register the CIBIL Grievance.

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CIBIL accepts the registration of grievances on a daily basis depending upon the number of applications received by the financial institutions. CIBIL follows a Redressal Process for  CIBIL Customer Grievance. It could be a CIBL Score Grievance or any other form of Grievance; the following Grievance Redressal Guidelines will be followed.

• Any grievance/communication received from the customer will be uploaded on their Customer Relationship Management software.
• Each Grievance/Communication will be given a unique service request, i.e., SR number, after loading in the CRM software.
• An acknowledgement along with the SR number will be sent to the customer’s email ID or through a letter, depending on the mode of receiving the request.
• There is a timeline defined for every level of redressal, and accordingly, the request from the customer will be analysed and action taken.
• If the information is not sufficient to provide a redressal, a CIBIL representative will call the customer for clarification.
• The response on the basis of action taken will be communicated to the customer vide email or a letter.
• In cases where the communication is feedback in respect of services and products provided by CIBIL, a Root Cause Analysis will be done to locate the areas for improvement of services and products.
• Complaints, along with The Root Cause Analysis done, if any, will be recorded under Management Information Service (MIS), and the same will be communicated to the Consumer Protection Committee of CIBIL Board.
• Consumer Services, a dedicated department, will handle all the grievances/escalations.

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