What is CIBIL Dispute & Steps to Raise CIBIL Complaint Online in 2024

Mistakes like typos, mismatches or incorrect details can pop up in your credit report, which can harm your chances of getting loans or credit cards approved. If you spot any such errors, no matter whether it is big or small, it is crucial to act fast and raise a CIBIL dispute. 

In this blog, we will walk you through a comprehensive guide on how to raise a dispute in CIBIL and other associated details that you need to know. 

What Is a CIBIL Dispute?

TransUnion CIBIL provides you with a CIBIL score based on your credit history, how well you have paid off debts, how often you apply for loans and other factors. It shows how trustworthy you are with credit and your overall financial health. Lenders use your CIBIL score to assess if you are likely to repay borrowed money on time.

In some cases, financial institutions make mistakes by sending the wrong information, leading to mistakes in your credit report. Additionally, the credit bureaus mistakenly update the wrong data, causing errors in your report. These inaccuracies can affect your creditworthiness.

When you spot such incorrect information in your CIBIL report, you can take steps to rectify it. These errors can range from mistakes in bank-related details to inaccuracies in loan repayment status or incorrect PAN card information. The process of identifying and correcting such errors in your CIBIL report is known as a CIBIL dispute.

Types of CIBIL Dispute

There are 2 categories of CIBIL score disputes that occur in India. Lenders provide distinct parameters for individuals and companies.

1. Individual Disputes

In this section, errors concerning an individual’s CIBIL disputes are addressed. It covers the following issues:

• Duplicate Accounts– Sometimes, the same loan account may be reported multiple times, significantly impacting your credit score.
• Personal Details – Issues like misspelt names or incorrect contact details can affect your credit report. For instance, if your name is misspelt, it requires correction.

2. Company Disputes

In this section, you resolve discrepancies in your company credit report. It involves addressing the following issues:

• Account or Company Details – Discrepancies in company-related information such as name, address, contact details, and directors’ information can occur.
• Incorrect Information Fields – Mandatory fields in a company credit report, like company name, address, structure, directors’ or proprietor’s names, and contact numbers, can have inaccuracies that need resolution.
• Duplicate Accounts – Reporting the same loan account multiple times is a common issue.
• Ownership – Disputes may arise when unrelated owners are mentioned in a company’s credit report.

Steps to Raise the CIBIL Complaint Online & Offline

You can raise CIBIL disputes through both online and offline modes:

1. Online

Follow the steps mentioned below to raise a CIBIL complaint online:

• Step 1: Visit the official website of CIBIL and complete the registration.
• Step 2: Log in to your account using your credentials and access your credit report.
• Step 3: Go to the ‘Dispute Centre’ under the ‘Credit Reports’ section and select ‘Dispute an Item’.
• Step 4: Fill out the details in the ‘Online Dispute Form’ correctly that is displayed on the screen.
• Step 5: Choose the identification document that needs correction under ‘Identification #’, and update the corresponding number at the bottom of the form.
• Step 6: If there are errors related to multiple documents, click on the ‘+’ symbol to correct them.
• Step 7: Once you have disputed all the mistakes, click on the ‘Submit’ button.

2. Offline

Follow the steps mentioned below to raise a CIBIL complaint offline:

• Step 1: Write a letter addressed to TransUnion CIBIL at their authorised address:
  • TransUnion CIBIL Ltd.,
  • One World Centre, Tower 2A,
  • 19th Floor, Senapati Bapat Marg,
  • Lower Parel, Mumbai – 400013
• Step 2: In your letter, include important details such as your transaction ID, report order number, and a clear description of the errors or discrepancies you want to dispute.
• Step 3: CIBIL verifies the issue upon receiving your dispute form.
• Step 4: After verification of the issue (if any), they contact the lender and make the necessary changes.
  • The changes made after resolving the dispute will be reflected in your subsequent credit report.

How to Check the Status of the Complaint?

You can see your CIBIL dispute status online by logging into your CIBIL account through your credentials and visiting the ‘Dispute Status’ section. However, if you do not have access to the CIBIL website, CIBIL will send you email updates about your dispute status. 

When you initiate a Company Dispute, you will receive a unique ID for tracking the status. Additionally, you can also call the CIBIL helpline number to inquire about the status of your dispute.

What Is CIBIL Dispute Resolution? 

When you raise a CIBIL dispute, any errors or discrepancies found in your credit report are marked as ‘Under Dispute’. CIBIL then contacts the relevant lender to correct these mistakes. Throughout this process, you will receive the dispute’s updates on your registered email ID every 7 days. Once your report is fixed, you will get an SMS notification.

Furthermore, remember this whole process might take around 30 days. CIBIL does not change your report until they have spoken to the lender. Only after getting approval from them, CIBIL make any necessary corrections.

Objectives of CIBIL Dispute

Here is a list of common objectives of the CIBIL dispute:

• Correcting Errors in Personal Information – It ensures that personal details like your name, address, and date of birth are accurately reflected on your credit report, thereby correcting the CIBIL report.
• Updating Closed Accounts – Ensuring that accounts that have been paid off or closed are accurately reflected as closed on your credit report, preventing any negative impact on your creditworthiness.
• Addresses Unauthorised Accounts – Identifying and disputing accounts that you did not open, could indicate potential identity theft or reporting errors by lenders.
• Ensuring Accuracy in Payment History – It rectifies any mistakes in your payment history, such as incorrect records of late payments or missed payments, that were made on time.
• Rectifying Inaccurate Account Information – Correcting any discrepancies regarding loan or credit card accounts, such as incorrect balances or statuses.

Advantages of CIBIL Dispute

Here is a list of benefits you can enjoy through a CIBIL dispute:

1. Ensures an Accurate Credit Report

By filing a CIBIL complaint, you can fix any errors or discrepancies in your credit report, such as incorrect personal details or banking information. Spotting and correcting these mistakes promptly ensures that your credit report reflects your true financial history and helps you build a solid credit score.

2. Enhances Credit Approval Odds

Correcting errors in your credit report improves your CIBIL score, making you a more trustworthy borrower in the eyes of lenders. When your credit score is higher, your chances of getting approved for credit increase. Lenders see you as reliable and responsible, increasing your likelihood of credit approval.

3. Protects Against Fraudulent Activity

Filing a CIBIL dispute helps detect any fraudulent activity on your credit profile, such as identity theft or unauthorised transactions. Regularly monitoring your credit report allows you to identify suspicious transactions and take immediate action to prevent future problems, safeguarding your financial well-being.

4. Boosts Your Credit Score

Rectifying errors in your credit report, like payment discrepancies or missing transactions, can positively impact your credit score. Timely repayments and accurate reporting of your financial activities contribute to a higher CIBIL score, making you more attractive to lenders.

Final Word 

Raising a CIBIL dispute can be crucial for ensuring the accuracy of your credit report and protecting your financial health. By correcting errors and discrepancies promptly, you can enhance your creditworthiness and increase your chances of getting approved for loans and credit cards. Moreover, regularly monitoring your credit report and taking action against fraudulent activity also helps safeguard your financial well-being.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.