How to Identify CIBIL Report Errors and Make Corrections?

A CIBIL report plays a big role in your loan application process. While a good score can make loan approval faster and easier, a below-average score can make the same quite difficult or near-impossible.

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Sometimes, even if you have a good credit history you are provided with a poor CIBIL score. This is usually because of errors or discrepancies in the CIBIL report. However, you can identify these errors and get them corrected easily.

Common CIBIL Report Errors

The following are the two major things that you should check in your CIBIL report:

1. Account Status

   Check the “Account Information” section. There can be two kinds of problems here:

   • An account has been reported “closed” by a bank or NBFC.
   • An unknown account is mentioned.

   A lender may also wrongly tag an account which can hurt your CIBIL score. For instance, if your account is tagged “settled” or “written off”, then this can affect your score negatively. This is because these tags are given to the loan defaulters and are an instant red-flag raiser.

2. Repayment History

   Apart from the account details, the repayment history also plays an important role in your CIBIL score calculation. So, it’s important that you check the payment history of every account in your report for wrong mentions of late payments. To be more precise, you should ensure that the DPD (Days Past Due) section mentions “000” which is the number of “days past due” date of a payment.

Taking Action

If you have identified an error or mistake in your CIBIL report then you can have it corrected with the dispute resolution process offered on the agency’s website.

Usually, it takes about a month before CIBIL responds to a raised dispute. However, if the mistake is verified by the lender then your report will be surely updated.