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HOW TO RECTIFY MISTAKES IN YOUR CREDIT REPORT?


Every lender and credit card provider reports your repayment details to the CIBIL. Basically, they update your credit profile on monthly basis or every three months in a year. The bureau tabulates this information in your credit report and formulates a credit score after every three months. The scoring process is totally transparent and in many cases your credit report may have some errors which may result in low credit score and impact your chances of borrowing.

These mistakes may occur in your credit profile due to many reasons such as misprint, incorrect information provided by the lender to credit bureau, fake entries or errors pertaining to your KYC details. Before you "Apply For Loan" it is good to rectify those mistakes so it is necessary to know the whole process behind a credit report correction. To do so, let’s have a look on these steps:

  • Retrieve the credit report: Prior to rectify your mistakes in CIBIL report, you have to check the real issue at its root. Start by downloading your current credit report or get it from the lender. One can also buy their CIBIL report from the bureau via a subscription plan or even there are some online platforms that provide you a credit score for free.
  • Go through the report and spot the errors: To proceed with CIBIL correction, you will have to go through your report carefully. Start with checking the status of your credit card accounts where each account will have a tag next to it and if you have settled your dues, you will spot a closed or settled tag. On contrary, your existing debts will be marked as open. Therefore, check for the incorrect entries to report them.
  • Report problems to the credit bureau: To ask a credit report rectification, one will have to initiate the dispute resolution process. All you have to do is to follow the instructions given on the page to report your issue with CIBIL. Fill out the resolution form and mention the incorrections that you want to get verified by CIBIL. Validate the problems by submitting the required evidences and then submit your form with all the asked documents.
  • Wait for verification: After reporting your credit issues, the bureau is likely to respond you within a month after investigating your claims. In order to verify the errors, CIBIL may contact your lender and you to proceed with verification then they will initiate the required corrections and will rectify your credit report as per provided data.

Hence, in this way your credit report is generated once more and you score may get improved. When you have a score above 750 and more, you can "Apply For Loan Online" or offline to fund your needs. Moreover, with high credit score, one can access the loan amount at competitive interest rates to reduce the borrowing cost.

Apart from this, you can enjoy the instant approval and faster disbursal with good CIBIL score. Get started now and meet your financial goals with ease and convenience with loans from ShubhBank.


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