People are more attentive towards building a healthy credit report. Globally, the awareness of cibil reports and how they’re used is very widespread. In India, people are just beginning to understand what kind of value these reports have; there are morebureaus and emphasis that lenders place on such scores. So, what is a credit report all about?
What is a Cibil Report?
A CIBIL report is a credit report that gives lenders an idea about your credit score. It is a document that lists out your repayment track records, the kinds and number of accounts you had in the past, and if you have any fresh or active lines of credit. Such credit reports are developed by credit bureaus and are often referred to as your cibil score. Its main purpose is to serve as a point of reference that a lender relies on before they make decisions regarding loan application approvals and at what terms.
Today, your credit report will constitute the following checkpoints:
- New credit
- Amounts or repayments owed
- Payment history
- Types of open or active credit
- Length of credit history
So, this is why your cibil reports are very critical and why you have to maintain a clean credit record. The CIBIL and other Indian credit bureaus – CRIF High Mark, Equifax, and Experian–don’t monitor or control the data that is used for building the credit reports. These bureaus instead acquire this data when it is released periodically by various lenders. As a result, there could be errors in the information disseminated or wrong cibil information.
Errors in credit reports data
Many people have found errors in their cibil reports. In other instances, they have already perused through their report but were unable to find any mistakes or couldn’t identify which parts of the report were incorrect. Other times, people try to isolate ways to clear themselves of theCIBIL defaulter list. In this section, you will see what kinds of problems, issues could surface in cibil reports.
Mistakes in bank or loan details
Banks normally updated all CIBIL data that they have on their customers every month. When entering vast amounts of credited-related data at a time, it is possible for some errors to appear – either manual or automated. Even if they are mistakes, a lot of problems are created for the banks who have additional calculations to make based on these results. It even affects the people whose names these mistakes are logged against, accidentally labeling them as CIBIL defaulters! Quite often, people file a cibil report correction process when they see errors in the following details:
- Type of loan or account
- Accounts type
- Payment dates
- Ownership types
- Loan/account opening date
- Loan/account closure date
- Amount overdue
- Amounts paid in full
- Credit amounts sanctioned
Mistakes in personal information
People might also file a cibil report correction procedure when they see misprints in their personal information. This information includes your name, age, address, phone number, or date of birth.For example, a misprint in your name could result in unwanted credit fraud, you could end up getting listed down for a loan you didn’t take, and much more. To keep your cibil reports safe and sound, look for issues with these details:
- Address with Pincode
- Passport number
- PAN card number
- Income Tax ID
- Aadhar number
- Voter ID
Incorrect or duplicate entries
Other times, published cibil reports could have entries that aren’t connected to you. It could be a problem with your name, details that you aren’t aware of. This often happens when your documents, details are misused by fraudulent persons. It takes time for bureaus to update all their transaction records, so you may not see recent updates if you have applied for a CIBIL report 45 days after a transaction. Make a serious effort of checking your cibil reports as soon as possible for these details:
- A new loan or bank account opened under your name that you didn’t register for
- Loan accounts that have been noted twice in the calculation resulting in incorrect final values.
- Loans account that you have applied for but are missing from the cibil reports or have been listed incorrectly.
Types of cibil report correction procedures
What do you do with wrong cibil information?
You could acquire assistance or guidance from the bureau to understand how to get wrong cibil information corrected with the consent of the concerned lenders. The CIBIL board has suggested several measures for correcting credit reports with mistakes in them and has even provided a dedicated online redressal system for this.
First, you begin by raising a dispute using the name that is mentioned in your CIBIL user account.You could also compose an email to the customer care service of the bank you are registered with. In this mail, you must explainyour grievance in detail and request the lending bank to give you the documents that they took while processing your application. These documents should also include a xerox copy of your application form that bears your signature. These papers areyour property and can’t be denied to you.
Alternately, you can even approach your bank’s branch office to get your wrong cibil information rectified too. Carry a written complaint with you that you must get acknowledged from the bank manager.
Any wrong cibil information can be addressed by filing a complaint with the RBI Banking Ombudsman as well. This can only be done thirty days after lodging a cibil report correction at your bank. In this correction request, attach the written acknowledgment and provide the details of your bank branch and the branch manager’s name. After this, the ombudsman will ensure going about the resolution of your issues.
You can get help with your CIBIL information or cibil reports from your police as well by lodging an FIR with your local police branch. This solution could be a response in cases ofdocument forgery in the date published or issues with the cibil report correctionprocess.