How to Fix an Error on Your Credit Report

Author : Pooja Jain | Published On : 23 Sep 2021

Checking your credit score consistently and exploring your credit report yearly are two significant advances that can assist you with keeping up with or further develop your FICO rating. On the off chance that you notice that your financial assessment has dropped, you must look at your credit report cautiously to figure out what caused the drop. You might find that a delinquent record is hauling you down, that there is a mistake on your report, or that there is fake movement. Regardless of whether your financial assessment stays stable, it is a smart thought to audit your whole credit report once per year to guarantee that all that seems, by all accounts, to be exact.

If you find a misstep or blunder on your credit report, you should act rapidly to address it before anybody utilizes your broken report and score to settle on a choice with regards to you.

Types of errors in your credit report

There are various sorts of credit report errors. However, subsequent are some samples of common errors in your credit report that you simply should remember:

Identity-related blunders:

Errors in identity, like an incorrect name, telephone number, address, or PAN number
Identity information is involved with someone who has an equivalent or an identical name.
Account-related mistakes:

An account that has been closed but remains being reported as open
A new account doesn’t appear in the least.
Accounts that are reported incorrectly as defaulted
Incorrect EMI payment date or incorrect display lately payment
An account that’s listed with multiple creditors.
displaying the very old accounts
Balance-related blunders:

Incorrect account balances
Incorrect credit limits
It is important to notice, however, that any sort of information update will take a minimum of two months. As a result, an account that’s but two months old might not appear in your report. additionally, an account’s balances could also be incorrect because it’s not yet been updated.

How to file a CIBIL dispute request

Customers must complete an online dispute form, which is freely available on the official CIBIL website. For this purpose, customers must have an impact number. Once a CIR is generated, an impact number, a nine-digit number found on the highest right of the credit information report, is generated. it’s important because it allows CIBIL to spot the credit report (about which the customer has filed a dispute) using the control number.

Following the submission of the online dispute form, CIBIL will confirm all details with the relevant banks. Customers will receive an email informing them of the status of their request (dispute). Customers will receive an updated report if the dispute is resolved. Customers may initiate a second dispute request if they’re dissatisfied with the result of the primary. CIBIL will then re-verify the knowledge with the creditor. Customers can also write to Credit Information Bureau (India) Ltd at Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021.

Review your credit report and identify errors

Learn about your credit report. Your credit report is often divided into four categories:

Personal information like your name, current and former addresses, employer, and so on.
Bankruptcies, repossessions, and foreclosures are all public records.
Open and closed credit accounts, also as payment history
Inquiries: Recent credit applications will appear on your report and can remain there for twenty-four months.
Is there anything reported that shouldn’t be? Delinquencies and derogatory marks have a big impact, accounting for 35% of your CIBIL score! Personal information errors usually don’t affect your credit score, but they’ll provide you with a warning of a reporting problem or fraud.

Take Action – File a Dispute

If you discover a mistake in your credit report, you ought to contact the agency from which you obtained it and request a correction. Visit the websites of Transunion, Equifax, and Experian to urge specific instructions and details on the way to file disputes with each bureau online, by phone, or by mail.

Step 1: Inform the credit reporting company of any misinformation. Have the required documents to copy your claim available.

Step 2: Inform the individual, company, or organization that provided inaccurate information about you to a credit reporting company that you simply are disputing an item on your credit report.

Step 3: Check your credit report from the opposite bureaus to ascertain if that they had an equivalent error and file a dispute with them also.

Stay vigilant

Keep an eye fixed on your credit score so you’ll act quickly if you notice a sudden change. Your credit report contains all of your credit histories, and reviewing it annually will assist you to spot any discrepancies which will be lowering your score. you’ll also check in for credit monitoring tools to stay an eye fixed on your credit profile and access your credit score daily.

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