What you should know about raising a CIBIL dispute

Whenever you seek a loan or apply for a credit card, one of the eligibility parameters set by the lender includes your CIBIL score, a three-digit number that measures your creditworthiness, and based on it, the loan or credit gets issued.

CIBIL, which stands for Credit Information Bureau (India) Limited – now renamed TransUnion CIBIL – is India's leading credit information company, and calculates the credit scores of individuals.

We have already discussed what a CIBIL score is and how to do a CIBIL score check. Today, we'll go over the ways in which you can resolve a CIBIL dispute.

Despite the best measures taken by TransUnion CIBIL as well as the lenders to maintain a high level of data accuracy, sometimes, errors still find their way into the system. Should your credit report be affected by incorrect information as a result of such errors, your credit score stands to be jeopardized.

1. Individual Dispute

Errors or inaccuracies in the CIBIL report of an individual can be down to incorrect personal details. An example of this would be the misspelling of a person's name, such as Rahul Mehta written as Rahul Mehra. It could also be down to the incorrect entry of details such as an address, company name or PAN number, or even an errant payment status.

It could even be a case of duplicate accounts, resulting in a single loan reflecting twice on the individual's CIBIL report and subsequently, the lowering of their score overall. To resolve such disputes, the individual has to file a CIBIL dispute form.

2. Company Dispute

Company Disputes come about when there are discrepancies in a company's credit report. Just as with individual disputes, company disputes could also be down to the existence of a duplicate account or data discrepancies.

A company dispute can be filed via a CIBIL dispute form submitted by the company's authorized signatory. However, keep in mind that company disputes can't resolve issues pertaining to account number, member name, enquiry date and control number.

You can raise a CIBIL Dispute resolution request to resolve any issues that you have with the CIBIL report or the company's credit report. If you've already registered on CIBIL, you can raise a dispute simply by logging into your member account and following the steps listed below:

• Log in to ‘myCIBIL'
• Click on the ‘Raise a Dispute' tab
• Select the section that you want to dispute
• Select your account
• In the case of a dispute over duplicate information or ownership, choose that option under ‘Dispute Type' and enter the particulars of the dispute.
• In the case of a dispute arising due to inaccurate data, specify the correct value for the respective field and click ‘Submit'.

Should you not have an account, you'll have to fill out the CIBIL online dispute resolution form at the following URL:

• Link to online dispute form (For individual disputes)
• Link to commercial dispute resolution form (For company disputes)
• Alternative Support Link

While online dispute resolutions are your quickest bets to resolve any CIBIL report discrepancies, you also have the option to write and mail in a letter to their Mumbai office at the following address:

• TransUnion CIBIL Limited
• One World Center, 19th Floor, Tower 2A and 2B,
• 841, Jupiter Textile Mill Compound, Senapati Bapat Marg,
• Lower Parel, Mumbai – 400013

Once a CIBIL dispute is raised, discrepancies and errors found the following scrutiny are labeled ‘under dispute', following which CIBIL approaches the lender in question and corrects the mistakes. Meanwhile, you will be updated on the status of your CIBIL dispute by email every seven days, and once your report is corrected, you will be notified by SMS.

• Raising a dispute is 100% free.
• The 30-Day Resolution: Under current RBI guidelines, CIBIL and the lender must resolve the dispute within 30 days (21 days for the lender to respond and 9 days for CIBIL to close).
• The 60-Day Rule: Remind users that they can only raise a dispute if their CIBIL report is not older than 60 days.

Keep in mind that this process could take around 30 days. This is because CIBIL doesn't make changes to your report before approaching the financial entity in question. Only following the necessary authorization from them does CIBIL go ahead with any amendments.
 

Raising a CIBIL dispute is an important step toward protecting your credit health and improving your future borrowing opportunities. By checking your credit report regularly and resolving errors quickly, you can build a stronger financial profile over time.

With responsible borrowing and timely repayments on loans from mPokket, whether it’s an education loan, a service loan, or a salary advance, you can steadily improve your CIBIL score and become eligible for larger loans in the future. 

Simply download the app, register with a few basic documents, and after approval, get instant personal loans of up to ₹2,00,000 credited directly to your bank account.