What is Cibil Dispute?

In the world of finance, maintaining a healthy credit score is crucial. A healthy credit score gives you access to favourable interest rates on loans, credit cards, and other financial products. However, what happens when there’s a discrepancy in your credit report? This is where understanding CIBIL disputes becomes crucial. 

In this guide, we will delve into what exactly a CIBIL dispute is, its types, the process of raising one, and how the resolution process works.

What is a CIBIL Dispute?

A CIBIL dispute arises when there is an error or discrepancy in your credit report maintained by TransUnion CIBIL, formerly Credit Information Bureau (India) Limited. This can include inaccuracies in personal information, incorrect account details, or unrecognised transactions. Such discrepancies can adversely affect your credit score, potentially leading to financial repercussions.

Types of CIBIL Disputes

CIBIL disputes can be classified into the following categories:

1. Personal Information Errors: These include mistakes in your name, address, contact details, or identification information.
2. Account-related Discrepancies: This includes inaccuracies in your credit accounts, such as wrong balances, missed payments, or accounts wrongly attributed to you.
3. Fraudulent Activity: Instances where fraudulent transactions or accounts appear on your credit report.
4. Data Inaccuracy: Inaccurate reporting of credit utilisation, loan inquiries, or other financial activities.

Process to Raise a CIBIL Dispute

If you spot any discrepancies in your credit report, it is crucial to address them promptly. Fortunately, raising a CIBIL dispute is a straightforward process. Here’s how:

1. Obtain Your Credit Report: Start by obtaining a copy of your credit report from CIBIL. You can request it online through their official website or via other authorised channels.
2. Identify Discrepancies: Thoroughly review your credit report to identify any errors or inaccuracies. Make note of the specific details that need correction.
3. File a CIBIL Complaint Online: Once you have identified the discrepancies, visit the CIBIL website and navigate to the ‘Dispute Resolution’ section. Here, you can initiate the dispute process by filling out the online dispute form.
4. Provide Supporting Documents: When filing the dispute, make sure to provide any relevant supporting documents that corroborate your claim. This could include bank statements, payment receipts, or identity proof.
5. Track CIBIL Dispute Status: After submitting your dispute, you can track its status online through the CIBIL website. They typically provide updates on the progress of your dispute resolution.

Also Read: Ways to check your credit score online – Detailed guide

CIBIL Dispute Resolution Process

Once you have raised a dispute, CIBIL initiates an investigation into the matter. The turnaround time for the CIBIL dispute resolution process is typically around 30 days.

Here is how the resolution process generally unfolds:

1. Verification of Disputed Information: CIBIL will contact the concerned financial institution to verify the accuracy of the disputed information. 
2. Resolution and Correction: If the disputed information is found to be inaccurate, CIBIL will update your credit report accordingly. This may involve correcting personal information, rectifying account details, or removing erroneous entries.
3. Notification of Resolution: Once the dispute is resolved, CIBIL will notify you of the outcome. You can then access your updated credit report to ensure that the necessary corrections have been made.

In conclusion, understanding CIBIL disputes is essential for maintaining a healthy credit profile. By familiarising yourself with the process of raising a dispute and the subsequent resolution process, you can effectively address any discrepancies in your credit report and safeguard your financial reputation. Remember, staying vigilant and proactive is key to ensuring the accuracy of your credit information.