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CIBIL Errors and How To Resolve Them

Due to the development in technology, availing a loan today has become easier and tempting, and if there’s one aspect that you can ensure to improve your loan approval chances, it is your credit score. Your credit score or CIBIL score contains all information regarding your open credit/loan accounts, credit utilization, and repayment history, etc., across different lenders.

TransUnion CIBIL is responsible for generating and updating the details mentioned in the CIBIL report. The report is based on the information provided by banks and financial institutions you have availed a line of credit from. Having a healthy CIBIL report is vital to availing new or additional loan/credit. Hence, it is best to ensure that your CIBIL report is error-free to maintain a healthy credit profile and a good score.

Steps to Resolve CIBIL Report Mistakes?

Step 1: Download your CIBIL Report one more time

In order to correct the mistakes on your CIBIL report, it is important for you to retrieve a copy of the same first. You can either do the same through Finserv MARKETS itself or the official portal of CIBIL.

Step 2: Check the Report Thoroughly to Spot the Problems

Ahead of initiating the CIBIL report rectification process, you must check the downloaded report currently. If the transaction-related details that are printed on the report differ from the ones that you see in your personal records, it is highly suggested that you report the same online.

Step 3: Report Problems to CIBIL

In order to make an attempt at correcting your CIBIL score, you will be required to initiate the dispute resolution process here. All you will have to do is help yourself to the official portal of CIBIL and follow the steps specified by them.

Step 4: Get Yourself Verified

After you report the aforementioned discrepancies to CIBIL, you will have to wait for up to 30 days for the people representing the agency to get in touch with you. CIBIL could very possibly get in touch with you and your lenders shortly after you have completed the verification process in order to verify your claims as well. After concluding a comprehensive process of verification and assessment, CIBIL authorities will then initiate the necessary corrections and rectify your report as per the authentic data.

Benefits of a Good CIBIL Score

When you apply for a credit, the first thing the lender does is check your CIBIL report to evaluate your creditworthiness. If you have a good CIBIL score, you can avail a loan easily at lower interest rates. On the other hand, having a low CIBIL score is likely to lead to rejection. A credit score of 750 or above is excellent and will enable you to avail benefits like:

  • Lower rate of interest
  • Qualify for a higher loan amount
  • Longer loan tenure
  • A quicker loan approval process
  • Higher credit limit on your card

Maintaining a good score and a healthy credit report is crucial to enhance your creditworthiness as a borrower. To improve your CIBIL score, you first need to understand all the information mentioned in your CIBIL Report.

What's In Your Credit Report?

An individual's credit report contains the following information:

● Your Credit Score

A CIBIL score ranges from 300-900 and is based on your repayment history, number of credit accounts, their duration, etc. If you have a high CIBIL score, you have higher chances of getting your loan approved. A CIBIL score of 750 and above is considered as an excellent score to avail a loan at attractive terms.

● Payment History

Your credit report has all the information regarding the payments made toward your loan/credit accounts. Your payment behaviour is noted by the lender and goes on this report. Making timely payments makes lenders feel confident about your creditworthiness and increases your chances of loan approval. On the other hand, an alarming number of missed or delayed payments lower your chances of loan approval.

● Age of the Credit Accounts

Credit accounts held for longer durations provide extensive information to a lender about your repayment pattern. A new account with a short repayment history lacks information on credit repayments, resulting in the lenders being hesitant to grant a loan.

● Number of Credit Accounts and Credit Limit

If your credit report displays too many outstanding loans and credit accounts, the lender might view you as a desperate or credit-hungry borrower. However, keep in mind that having a few credit accounts will give the lenders less information about your repayment behaviour to arrive at a decision. Hence, it is important to have a balance between the number and types of our credit accounts. Additionally, the limit used and available on your credit cards is also visible on your credit report; maxing out the same consequently has a negative influence on your credit score.

● Number of Credit Enquiries

Each time you apply for a credit or loan, the lender conducts a check on your CIBIL score. This is known as a hard inquiry. While a single hard inquiry will not influence your credit score, having too many of these over a short period will imply that you’re credit-hungry, and lower/negate your chances of loan approval. Apart from this, negative account statuses, i.e. credit lines that were written off or settled, etc., are also visible on a credit report.

Reasons for Errors in CIBIL Report

There can be numerous reasons for errors in your CIBIL report. Firstly, it could be a genuine error made by a lender while reporting your score. Another reason for a mistake is when an individual signs up as a guarantor for a loan and the loan applicant fails to make timely payments, it reflects poorly on the guarantor’s CIBIL score.

With the Finserv MARKETS app, you can easily access your loan account online anytime, anywhere. Also, you get access to added services like a free CIBIL score check and Credit Health Report to get a detailed report on your financial standing as well as guidance toward improving the same, if required.

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