Cibil Dispute

The CIBIL report determines an individual’s ability to avail future loans. However, there may be instances where you are not satisfied with your CIBIL score. Therefore, any discrepancy must be disputed and resolved in the best interest of the borrower and the lender. Here’s how to raise a CIBIL dispute and all about CIBIL dispute resolution.

What is CIBIL Dispute?

TransUnion CIBIL, one of the four RBI authorized credit monitoring bureaus, assigns a numeric number to the borrower, termed the CIBIL score. This value indicates the borrower’s financial health and creditworthiness. This quantitative number is derived, considering the overall credit behaviour of the individual. 

Numerous aspects such as previous loans and their timely repayment, the current level of debt, credit mix, and frequency of loans availed by the individual determine the CIBIL score. In the ultimate analysis, the CIBIL score determines the probability of an existing or prospective lender getting back the money and the individual’s likelihood of getting a loan sanctioned in the future. 

Any anomaly in the CIBIL score can thus lead to a negative outcome for either the parties; the lender or the borrower. It, therefore, transpires that any CIBIL score dispute must be resolved as an accurate CIBIL score bodes well for a robust financial system. 

In actual practice, there is a possibility that the information passed on by member banks to the credit bureaus for compiling the credit report may not be completely accurate. Thus, Equifax credit report, CRIF credit report, CIBIL credit report, or the Experian credit score check may not be the same as you expected. The faulty information may thus lead to an inappropriate score being generated and thereby harm your prospects of obtaining a loan. 

Such anomaly needs to be highlighted to CIBIL for further corrective action. When an individual escalates discrepancies in the CIBIL score by filing a resolution request form, it is thus referred to as a CIBIL dispute. 

Types of Disputes

CIBIL disputes are classified into two broad categories; individual dispute and commercial CIBIL dispute. The two are briefly explained as follows:

Individual disputes – A CIBIL report shows information under the following heads:

  • CIBIL Score
  • Personal Information
  • Contact Information
  • Employment Information
  • Account Information
  • Inquiry Information

Any discrepancy may arise on account of ownership, inaccurate personal details, or erroneous account details. However, ownership disputes arise when details or inquiries that do not belong to the individual in question are mentioned in the Credit Information Report (CIR).  

Incorrect name, wrong PAN number, address, age, and address are instances of inaccurate personal details. Finally, erroneous account details may arise due to the time period (30-45 days) in which the lending institutions forward data to CIBIL. A lag may arise between the payment date and the date on which such information is reported to CIBIL. Needless to say, this would be autocorrected in the subsequent updating and would result in CIBIL dispute resolution. However, if such details do not feature in the credit report even after a two-month period, the individual has to raise a CIBIL dispute.

Company disputes – Also known as commercial CIBIL disputes are reported when incorrect company ownership details, wrong data, and entry of duplicate accounts happen. Thus, under commercial CIBIL disputes, the fields that can be disputed include company name, registered address and branch address, company PAN, credit type, asset classification, current balance, and bank remarks.

If an account that does not belong to the company but features in its Credit Information Report, this qualifies for a CIBIL dispute resolution. Likewise, a reflection of an account more than once is a commercial CIBIL dispute that requires correction. In such cases, the person authorized by the company has to take up the matter and follow the dispute resolution process that has to be initiated by the authorized signatory of the concerned company by submitting the CIBIL dispute form. The CIBIL website provides the option to raise an online dispute. Dispute resolution is also possible through offline mode. 

Additional Reading: Cibil score check free online by pan number

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How to raise a CIBIL Dispute Online?

An online dispute can be raised for the correction of inaccuracies, information related to ownership, and duplicate information in the individual’s CIBIL report. Multiple fields in the CIBIL report can be disputed in a single dispute form. It is pertinent to mention that CIBIL does not charge any fee for such rectifications. The incorrectness in the credit score report may have come to light when the individual checked the CIBIL report online on myCIBIL. Alternatively, the individual may have received the incorrect CIBIL report from the lender. In either case, the rectification is possible online by following these steps.

Step 1: Login into the myCIBIL website.

Step 2: If you do not have a member account, create one. On the other hand, if you have an account on myCIBIL, use your account login details and password to open it.

Step 3: Go to the Credit Reports section, navigate to the Dispute Center, and then specifically to the subsection which needs to be corrected.

Step 4: Fill in the details in the CIBIL dispute form. In case of a dispute of ownership or duplicate entry, select ‘dispute type’ and submit. In case of a dispute of data anomaly, enter the ‘value’ for the disputed field and submit. 

Depending on the type of dispute, CIBIL may check internal records or take up the matter with the concerned financial institution. The dispute may be accepted or rejected after thorough verification. Whatever be the case, the total turnaround time for dispute resolutions is 30 days. 

The online CIBIL dispute resolution process is recommended for speedy resolutions and thus the perfect answer to the question how to improve CIBIL score immediately?'

Additional Reading: How to get loan for low cibil score?

How to Raise a CIBIL Dispute Offline?

In order to address the concerns of individuals who are not comfortable with online modes, CIBIL dispute raise is possible through the offline mode. Disputes surfacing in the CIBIL score check can be raised simply by writing a letter and posting it to the CIBIL’S registered office in Mumbai. The individual has to correctly mention personal details, transaction ID and explicitly state the issue that is being disputed. The dispute request has to be sent to the under mentioned address:

TransUnion CIBIL Limited, 

One Indiabulls Centre, 

Tower 2A, 19th Floor, 

Senapati Bapat Marg, 

Elphinstone Road, 

Mumbai – 400 013

Additional Reading: What is minimum cibil score?

How to Resolve CIBIL Disputes?

At every stage of life, one needs funds to fulfil certain obligations. Irrespective of financial health, borrowings come in handy. To avail of such benefits, one needs a clean CIBIL report. The onus, therefore, lies on the individual to resolve the CIBIL dispute, if any, and increase their chances of getting financial aid at favourable terms. CIBIL disputes raised, and subsequent CIBIL dispute resolution is available through online and offline channels, as explained above.

Also Check - Cibil score for home loan

Process of Resolution of CIBIL Dispute

After the individual has raised a dispute after their CIBIL score check, CIBIL follows the under mentioned process for its resolution:

Step 1: The sections that have been disputed are marked as ‘Under Dispute’.

Step 2: It is noteworthy that CIBIL, on its own, does not alter or modify the data. It relies on the information it receives from member institutions and collates it. The CIBIL dispute information furnished by the borrower is passed onto the concerned financial institution for a cross-check and rectification. The concerned financial institution reverts back to CIBIL, mentioning whether the dispute has been accepted or rejected. 

Step 3: In case the financial institution rejects the dispute, the CIBIL dispute status is changed to ‘Closed’ without any alterations in the credit score report. 

Step 4: On the other hand, if the financial institution accepts the dispute, rectification is made in the credit score report. The ‘Under Dispute’ tag is removed.

The entire CIBIL dispute resolution process is completed within the stipulated time of 30 days, and the individual is apprised of the resolution thereafter.

Also Check - Cibil score for personal loan

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FAQs

✅How long does it take for CIBIL to resolve a dispute?

The CIBIL dispute resolution process is fast. The turnaround time for CIBIL dispute resolutions is 30 days. 

✅What to do if I am not satisfied with the resolution of my dispute?

The borrower has the right to raise the dispute again if they are not satisfied with the initial CIBIL dispute resolution. However, the information about the first dispute has to be furnished along with the subsequent CIBIL dispute request. 

✅How to check CIBIL dispute status?

The individual can login into myCIBIL and keep a regular check on the CIBIL dispute status by navigating to the ‘Dispute Status’ tab. Additionally, CIBIL also notifies the CIBIL dispute status regularly through emails.

In case of a commercial CIBIL dispute, CIBIL generates a unique ID that helps to track the CIBIL dispute status. 

Borrowers can call the CIBIL score customer care number helpline at +91-22-6638-4600 and seek an update on their CIBIL dispute status.

✅Can I raise several disputes for the same report at a time?

Only one CIBIL dispute raise can be done for one CIBIL score check, which means the borrower cannot raise several disputes for the same credit report. However, the dispute can be raised again post the initial CIBIL dispute resolution. 

✅Can I raise an ownership and inquiry dispute simultaneously?

Raising an ownership and inquiry dispute simultaneously does not serve any purpose. If the individual has disputed the ownership and the CIBIL dispute resolution is in their favour, the inquiry dispute gets resolved automatically. 

✅Can I raise a CIBIL dispute offline?

The dispute can be raised online as well as offline. In case of an offline mode, the applicant has to send the CIBIL dispute resolution form mentioning all important details to the CIBIL’S registered office in Mumbai. The address is: 

TransUnion CIBIL Limited, 

One Indiabulls Centre, 

Tower 2A, 19th Floor, 

Senapati Bapat Marg, 

Elphinstone Road, 

Mumbai – 400 013

✅How can I clear my CIBIL dispute?

One can clear the CIBIL dispute through online and offline channels. In case the individual intends to raise the dispute online, they have to login into myCIBIL and fill the dispute resolution form. In the case of offline mode, the individual has to send the details of the dispute through a post at CIBIL’s registered office in Mumbai. 

✅How do I contact CIBIL for a dispute?

You may contact CIBIL for a dispute online by visiting the official website and raising the dispute through myCIBIL. Alternatively, you may reach the CIBIL office in Mumbai through the post. One may also call the CIBIL score customer care number at +91-22-6638-4600 for further assistance. 

✅What is ownership in CIBIL dispute form?

In case the personal details are incorrect or account/inquiries in the credit information report do not pertain to the individual, it is a case of ownership dispute in the CIBIL dispute form. 

✅How can I remove my name from the CIBIL settlement?

CIBIL does not maintain a defaulters list. Rather it maintains a record of the credit behaviour of individuals. In case the individual settles any loan with a Member Credit Institution, it is reported to CIBIL. So, in order to have the name removed from the CIBIL settlement, the individual has to approach the lender and resolve the issue. Once done, the information will be passed on to CIBIL as per standard protocol.  

✅Does CIBIL verify the information with the consumer before updating the report?

No, CIBIL does not verify the information before updating the CIBIL credit report. Information passed onto CIBIL by the credit institutions is deemed to be correct and is incorporated on an as-is basis. In case of any discrepancy, the consumer has to opt for a CIBIL dispute raise.

✅Do I have to mention the branch details while raising the dispute?

It is advisable to mention the branch from where you have taken the loan as it expedites the CIBIL dispute resolution process.