How can I get the discrepancy in my Cibil rating rectified?

I just lately discovered my Cibil (Credit Information Bureau-India) rating was a lot decrease than what I anticipated it to be. Could it’s due to an error made by my financial institution in reporting my well timed repayments on my residence mortgage? How can I rectify any discrepancy in my Cibil rating, particularly when the lapse is by the financial institution in reporting of my well timed mortgage repayments?

—Name withheld on request

In the case of a discrepancy or dispute along with your Cibil rating, particularly as a result of lapses made by the financial institution in reporting your well timed mortgage repayments, you’ll be able to take the next steps:

To start with, fill the dispute type. You can do that on-line on the Cibil web site. You want to supply all the required particulars and clearly clarify the discrepancy. You may also connect supporting paperwork if in case you have any. Make positive to make a copy of this dispute type to your personal information, in case you might want to furnish it sooner or later.

After you’ve filed the dispute, Cibil will examine to validate your declare with the involved lender. The lender is given 30 days to reply to your dispute. If the financial institution agrees that there was an error, Cibil will right the error in its personal information.

If the dispute is resolved in your favour, the required adjustments might be made in your credit score report and Cibil will ship you a revised credit score report. If the lender doesn’t agree along with your dispute, the main points in your credit score report and the credit score rating will stay as they’re. In such a case, you may need to get in contact along with your financial institution or lender straight and supply them with proof of your well timed mortgage repayments.

If you aren’t happy with the decision or if you don’t get a response inside 30 days, you’ll be able to follow-up and strategy Cibil once more to escalate the matter.

Remember, your credit score rating is not going to change in a single day. Once the adjustments are made, it could take a while earlier than the improved credit score rating begins to mirror.

Given the significance of credit score rating, it will be important that such discrepancies should not ignored. A poor credit rating could make it troublesome so that you can get loans at beneficial phrases sooner or later. A very good credit score rating reveals the creditworthiness of a person and is a crucial think about figuring out one’s mortgage eligibility.

Raj Khosla is founder and managing director of MyMoneyMantra.com

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Updated: 31 Aug 2023, 12:09 AM IST