Cibil Grievance

If you have a CIBIL grievance, you are entitled to raise a dispute and bring the reasons for dissatisfaction to the CIBIL Customer Grievance Cell. You will be able to escalate the CIBIL Score Grievance at various levels. Read on to understand how the grievances redressal process works and how you can make use of it. 

CIBIL Customer Grievance

It is not necessary that the customers have to accept the score awarded by CIBIL is the ultimate assessment for the financial status or creditworthiness. On scrutiny of the Credit Report, you may have some CIBIL Score Grievance like incorrect ownership, duplication of accounts, discrepancy regarding account details, etc. You have a CIBIL Customer Grievance cell to whom you can report the CIBIL Score Grievance.

There are different levels for escalation of CIBIL Grievance, and the time frame for resolving the issue at different levels will be different.

What is CIBIL Grievance?

When an individual or a company is not satisfied with the services of CIBIL, it gives rise to CIBIL Grievance. The discrepancies in the CIBIL Report will result in depletion of the CIBIL Score, which is not appreciated either by an individual or a Company. Resolution of these discrepancies can be one of the solutions to your concern ‘how to increase CIBIL Score.’

The various kinds of CIBIL Grievance that arise are as mentioned below:

  • Incorrect Information: Dispute may arise in respect of incorrect personal details like the name of an individual or Company, PAN number, etc. should be rectified to maintain a good credit score range.
     
  • Duplication of account details: The same account may be repeated several times, which also will have a negative impact on the credit score.

Incorrect account information: Regularization of overdue accounts and closure of loan accounts may not be updated, which results in non-updating of CIBIL Score. If this happens beyond 45 days of your last payment, it can be considered a dispute. The reason being financial details are updated by the banks to CIBIL only once in 30 to 45. CIBIL does not update any record before getting confirmation from the financial institutions.

Additional Reading: What is minimum cibil score?

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CIBIL Grievance and Redressal Process

It is necessary to draw a Credit Report and scrutinize for the correctness of the CIBIL score awarded. There are times when you will be deprived of a credit facility owing to a wrong score. For instance, the minimum CIBIL Score for Personal Loan will be 750 and owing to some discrepancy in the report; your score has come down to 600. You will naturally be dissatisfied with the services of CIBIL.

CIBIL Grievance is when a consumer is not satisfied with the services rendered by CIBIL. The communication from the consumer is broadly classified as

Query: When a consumer seeks certain information, then the Grievance is classified as Query.

Request: When the dispute involves rectification of any discrepancies, it is classified as a request.

Complaint: When the consumer is not satisfied with the grievance redressal, the concern can be escalated to CIBIL, and it will be classified as a Complaint.

Feedback: Suggestions by consumers with regard to improvisation of services and products of CIBIL will be termed feedback

Redressal Process: You will have to initiate a CIBIL Grievance by filling up a Dispute Registration Form available on the official website of CIBIL. If you receive a resolution and you are not satisfied with the redressal, you can escalate the Grievance to the Senior Management. The Redressal Registration Process to be followed is given below.

Level 1 Escalation: The Grievance can be submitted online with your personal details as well as escalation details. You should mention a valid Service Request number that is provided when you initiate a dispute. The Manager Consumer Services will now deal with the Grievance and will ideally respond within 10 working days of submission of the CIBIL Grievance.

Level 2 Escalation: If you are not satisfied with the response from Level 1 Escalation, you can further escalate the issue to Asst. Vice President, Consumer Services by filling up the Escalate to Level 2 Form available on the CIBIL website. Do not forget to mention the Service Request Number and the Online Grievance ID Level 1 that is generated on successful submission of the Escalate to Level 1 Form. The response will be communicated within ten working days from the date of submission of the form.

Level 3 Escalation: If the Level 2 Escalation response is not satisfactory, you can further escalate the issue to the Vice President of Consumer Services. Fill up an online Escalate to Level 3 form mentioning the Service Request Number and Online Grievance ID Level 2. The escalation to Level 3 has to be only on getting a response from CIBIL with regard to Level 2 escalation.

In case the response received says that the bank has confirmed that the details in the report are correct, then you will have to contact the bank directly for verification.

Additional Reading: What is CRIF credit score?

Credit Information Report

CIBIL is one of India’s first Credit Information Companies. The services and products of CIBIL have brought about a significant change in the credit processing procedure of banks while enabling the safety of credit provided. It has also helped the customers in getting faster credit at better interest rates and other terms.

Financial Institutions across the country will provide information about the loans and credit cards of individuals and Companies, and CIBIL maintains collated information about every individual and Company in the form of a Credit Information Report. CIBIL then, with a mathematical algorithm, provides CIBIL scores ranging from 300 to 900 based on the information available in the CIR.

Financial Institutions rely on the good Credit Score range for evaluating loan applications. A glance at the Credit Information Report will give an insight into the credit profile of the customer along with the repayment track and financial status. 

Credit Information Report enables financial institutions to categorise customers into responsible and irresponsible borrowers. It contains information regarding repayment history, the number of existing loans, type of loans, duration of loans, number of loans and credit card enquiries etc. It does not contain information about the savings and investments of customers.

If you have honoured your EMI and credit card payment well in time, then you gain a good impression of the financial institutions that will help you get faster credit approvals and better interest rates. On the contrary, if you have defaulted on loan repayments, you will be a risky borrower, and financial institutions will generally not entertain your loan application.

It is essential to do a CIBIL Score Check before you apply for any loan. If your score is 750 and above, you will have met the required CIBIL Score for Home Loan as well as CIBIL Score for Personal loan criterion. 

You can do a CIBIL score check online by PAN card by accessing the official website of CIBIL. Draw a Credit Report, and if the score is below the required level despite making regular repayments, there could be some discrepancies. Locate the discrepancies and get them rectified before applying for a loan.

Channels Available for Registering Grievances

If you have generated a Credit Report and are not satisfied with the score awarded, you can register a CIBIL Score Grievance online through the various channels available for registering all kinds of CIBIL Grievance.

  • Through a letter: You can send a letter to the TransUnion CIBIL registered office at the following address:
    No 1, India Bulls Centre, Tower 2A, 19th Floor, Senapathi Bapat Marg, Lower Parel, Mumbai 400013
     
  • Call CIBIL Customer Care: You can register the Grievance by calling the Customer Care number 022-61404300 Monday to Friday between 10 a.m. and 6 p.m.
     
  • Online Registration: Online grievance registration can be done by accessing the CIBIL website and filling up a Dispute Registration Form.
     
  • Contact Consumer Services Department: You can visit the TransUnion CIBIL office and contact the competent authority at the Consumer Services Department to register the CIBIL Grievance.

Additional Reading: What is Experian Credit score?

Grievance Redressal Guidelines

CIBIL accepts the registration of grievances on a daily basis depending upon the number of applications received by the financial institutions. CIBIL follows a Redressal Process for  CIBIL Customer Grievance. It could be a CIBL Score Grievance or any other form of Grievance; the following Grievance Redressal Guidelines will be followed.

  • Any grievance/communication received from the customer will be uploaded on their Customer Relationship Management software.
  • Each Grievance/Communication will be given a unique service request, i.e., SR number, after loading in the CRM software.
  • An acknowledgement along with the SR number will be sent to the customer’s email ID or through a letter, depending on the mode of receiving the request.
  • There is a timeline defined for every level of redressal, and accordingly, the request from the customer will be analysed and action taken.
  • If the information is not sufficient to provide a redressal, a CIBIL representative will call the customer for clarification.
  • The response on the basis of action taken will be communicated to the customer vide email or a letter.
  • In cases where the communication is feedback in respect of services and products provided by CIBIL, a Root Cause Analysis will be done to locate the areas for improvement of services and products.
  • Complaints, along with The Root Cause Analysis done, if any, will be recorded under Management Information Service (MIS), and the same will be communicated to the Consumer Protection Committee of CIBIL Board.
  • Consumer Services, a dedicated department, will handle all the grievances/escalations.

Additional Reading: What is Equifax Credit score?

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FAQs

✅How can I solve my CIBIL problem?

To identify the CIBIL problem, the first step is to generate the CIBIL Report. After noting the area of a discrepancy, you can initiate a dispute online by filling up a Dispute Resolution Form that is available online on the CIBIL website.

Give complete details of the issue and validate the issue and submit the form along with relevant documents. CIBIL will take a minimum of 30 days to respond. CIBIL will contact the respective financial institution to verify your claim and, on obtaining the confirmation, will initiate the correction and the CIBIL Score and CIBIL Report will be modified as per data that is authentic.

✅How can I raise my complaint in the CIBIL report?

You can raise your complaint regarding the CIBIL report by filling an online Dispute Resolution Form provided on the website of CIBIL. You will have to give your personal details along with the details of the dispute. You will need to validate your claim with proof and upload the documents evidencing the claim while submitting the form.

✅How can I remove the wrong loan from CIBIL?

If you identify a loan that does not pertain to you due to which you do not have the required CIBIL Score for Personal Loan or any other loan, you can raise a complaint through an online Dispute Resolution Form by accessing the CIBIL website. You will have to provide the complete details of your claim along with your personal details.

CIBIL, after thorough verification and assessment by contacting the financial institution, will initiate corrective measures if the financial institution gives confirmation about the discrepancy. The Credit Score will be updated as per the corrected information.

✅How do you write a dispute letter?

ou can report discrepancies to CIBIL vide an online Dispute Resolution Form write your own dispute letter. The dispute letter should contain the complete details of your dispute along with the following information.

  • Full name
  • Current Contact Address and contact addresses of places you have lived in for the past two years.
  • PAN 
  • A copy of PAN, Driving Licence or Aadhar Card
  • A copy of the bank account statement.

You can dispatch the letter to the following address

  • No 1, India Bulls Centre, Tower 2A, 19th Floor, Senapathi Bapat Marg, Lower Parel, Mumbai 400013.

✅How do I remove disputes from my credit report?

You can do a free CIBIL Score check online and if you have any doubts about the score, check the Credit Report, and if there are any inaccuracies, you can bring it to the notice of CIBIL through an online Dispute Resolution Form. CIBIL, on getting confirmation from the respective financial institution about the correctness of the claim, will initiate correction wherein the inaccuracies will be set right, and a revised Credit Score is given.

✅How can I get my CIBIL control number?

CIBIL Control Number or ECN is given every time a CIBIL Report is generated. ECN will help the lenders to access the credit records of the borrower. It is a nine-digit number that will be mentioned in the top-right corner of the CIBIL Report. Every time a CIBIL Report is generated, a new ECN number will be generated. To know the exact credit details the lender viewed when the CIBIL report was generated, CIBIL will require the ECN number. 

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

A loan account gets a ‘settled’ flag when the lender pays an amount arrived at as a result of the One Time Settlement option for the outstanding dues. If the settled flag has to be removed from the CIBIL report, the borrower has to contact the bank and make payment of the entire dues in the loan without seeking any sort of concession. Then the bank will convey the account closed status to CIBIL, and the ‘settled’ flag will be removed.