Incorrect personal data or a duplicate entry in your credit report? Do this before it hurts your future loan prospects
Your credit report plays an important role when you apply for a loan, as banks use it to assess your creditworthiness. There are cases where borrowers notice discrepancies in their credit report, such as duplicate loan accounts, incorrect personal details or wrongly reported repayment information.
These errors can lower your credit score, lead to higher loan interest rates, or even force lenders to reject your credit applications. Hence, it is prudent to immediately raise a complaint or grievance, because delaying it will only make your financial profile less attractive to lenders.
How to raise a complaint
Consumers have two options to raise a dispute over incorrect information in their credit report. They can either submit a complaint to the concerned lender or the credit bureau, where they have to mention details about the issue, as well as provide supporting documents for verification of the request.
Another way is to directly raise a complaint directly through the respective credit bureau’s online portal. For instance, CIBIL offers this service.
You can easily raise a grievance for correcting mistakes in your credit report by emailing the concerned authorities mentioned above. However, if you want to do it through the credit bureau’s website, here is a step-by-step process:
Step 1: Visit the credit bureau’s website and login to your account. Some credit bureaus also provide a direct link for grievance redressal.
Step 2: Mention the errors in the latest credit report and specify the correct value or data that it should be replaced with.
Step 3: Attach supporting documents to substantiate your claim along with the form in the attachment section.
Step 4: Review all details and submit the form
Once you follow these steps, the complaint will be filed and the credit bureau will request a response from the concerned lender. After the lender submits its response, the bureau updates the entries and generates a fresh credit report containing the latest credit score.
You can follow the same process by using your CIBIL account’s online dispute form. A dispute can also be raised by emailing CIBILinfo@transunion.com, calling customer service, or visiting the CIBIL office if you prefer to do it via the offline mode, according to information available on the bureau’s online portal.
Why your credit report is not updated?
There could be two reasons why your credit report has not been updated:
- There is an ongoing dispute on your account
In such cases, the individual can contact their credit institution directly and request them to take appropriate action.
What if you are not satisfied with results of dispute?
If you raised a complaint but your issue wasn’t resolved as per your expectations, then you can choose to contact the concerned credit institution directly.
Alternatively, you can initiate a dispute request again and the credit bureau will re-verify it with the lender. Customers must note that a credit report cannot be revised without the confirmation of the respective credit institution.
