Loan Rejections & Disputes Can CIBIL make correction to the data or update/delete any information in the Credit Report? How much time does it take to resolve a dispute? dispute resolution takes approximately 30 days to resolve, subject to the time taken by the Credit Institution to respond. Share this The bank has rejected my loan application basis my CIBIL Credit Report. What do I do now? Your loan could have been rejected because your CIBIL TransUnion Score and CIR does not meet the lenders internal credit policy criteria. You can purchase your Credit Score and CIR to understand your credit history in detail. The credit report will indicate the areas that are adversely affecting your credit score (for you to improve on) and help you identify any possible discrepancies/errors that might be reflecting against your name. Click here to Purchase your CIBIL Report. Share this How do I raise a dispute? You can raise a dispute by submitting an online Dispute Resolution form. Share this What kind of errors can occur on a CIR? It is important for individuals to understand the various types of mistakes that can occur on a CIR because unnoticed inaccuracies can often result in reduced chances of a loan approval. Some of these are: 1.Inaccurate Current Balance or Amount Overdue If you purchased your CIR within 45 days of making the last payment of your dues or EMI, it may not be updated yet. This is because Credit Institutions generally submit this data to CIBIL in 30-45 days. However, if the ‘Date Reported’ (date on which data is submitted by that lender) associated with that account is older than 2 months, and the payment made is still not reflecting then initiate the dispute resolution process. 2.Incorrect Personal Details Credit information is submitted to CIBIL by various loan providers. Each loan provider submits your credit account along with your personal information such as name, address, date of birth, PAN etc. CIBIL then uses the personal information to collate these details into a single credit report which provides your complete credit profile. Ensure you have submitted accurate and updated details to the lender at the time of your application. Every time your personal details change, update them and inform your lender so it is able to make necessary changes to its database. 3.Ownership If either some of the personal details or one or more accounts on your CIR do not belong to you. Click here to initiate the dispute resolution process Share this What do I do once I spot a mistake on my Credit Information Report? Follow the process below: • Identify the erroneous information • Provide your name, address, date of birth, control number (CN) and highlight the nature of the error(s) on the ‘Dispute Request’ form. The Control Number is a unique 9-digit number found on the top right hand side of your CIBIL Credit Information Report and is created every time a credit report is generated. It is very important to provide this number to the bureau, as it helps identify the CIBIL credit report on which you would like to ‘dispute’ information. Click here for Dispute Resolution Process. Share this What does CIBIL do once I raise a ‘Dispute Request’? Once a request has been registered, CIBIL checks whether all the requisite details have been provided. CIBIL routes the dispute to the concerned credit institution. Once the lender confirms the error and provides the correct data, CIBIL then updates the report and informs you accordingly. To understand the Dispute resolution process in detail, click here. Share this Why doesn’t CIBIL verify information with consumer before updating the report? The information available on your CIR is as reported to CIBIL by Banks and Financial institutions. The onus lies with the Credit Institutions (CI) to report the facts accurately to CIBIL. CIBIL’s responsibility lies in accurately updating and accumulating this information across CI’s. To help consumers, we have the “Dispute Resolution process”. If there is any discrepancy in your report, you can notify us and we will notify the concerned CI. But any change has to be authorised by the respective CI for it to reflect in your CIR. Share this How do I get the results of my dispute request? You will get an email notification from us informing you of the status of the dispute request. Share this What if I’m not satisfied with the results of my dispute request? You can initiate a dispute request again and we will re-verify it with the relevant loan providers. Please note, we cannot make any changes to your CIR without the confirmation of the respective loan provider. Alternatively, you can contact the loan provider directly. Share this For how long will the details of the account reflect in my credit report? As per the Credit Information Companies (Regulation) Act, 2005 governing Credit Information Companies, all accounts irrespective of their status (both Good Standing and Delinquent accounts) have to be maintained for a minimum period of 7 years from the date the account was last reported. Share this What should I do when I see ‘Enquiries’ I haven’t made? Enquiries are usually made on your Credit Information Report (CIR) when you apply to a lender for a loan. The lender accesses your Credit report to assess your repayment capability. If you notice an enquiry that was not initiated by you, you can raise a Dispute Request. If you are informed by CIBIL that the respective Credit Institution (CI) has rejected your Dispute Request you should report the erroneous account to the relevant CI immediately as this could be a case of identity theft. This will prevent the situation from recurring. Share this I have an add-on credit card. Why are the details reflecting on my account when I am not liable to pay? CIBIL will continue to report all information as submitted by the Credit Institution even for an authorized user (i.e., an add-on cardholder). It is important to note that the primary card holder is responsible for payments on charges incurred on both the primary and add-on credit cards issued. If the primary card holder defaults on any payments, this will be reflected as a default on the Credit Information Reports of both the primary and add-on cardholders. Share this What is identity theft? Identity theft occurs when someone uses your personal information to apply for a loan or credit card. If this application is successful the individual has access to finance that you are liable for. The individual who has stolen your identity will probably not pay back the misappropriated funds. Hence, the lender will update your Credit Information Report (CIR) to say that you have defaulted on a loan. Unfortunately, in the event that your identity is stolen, you will be unaware that this has occurred. You will most likely only discover this when you apply for a loan and your loan application is rejected. Share this How can I protect myself from identity theft? The easiest way to prevent Identity theft is to regularly monitor your credit history. Purchase your CIR 3-4 times a year and ensure that your credit history accurately reflects your credit usage and activity. If you see Enquiries (loan applications) that you have not made raise a dispute immediately.
Posted on: Thu, 26 Sep 2013 19:10:46 +0000
Trending Topics
Recently Viewed Topics
© 2015