CIBIL Report Errors and How to Resolve Them

c) Check for Days Past Due (DPD) 

DPD or Days Past Due means the number of days by which the due payment on an account has been delayed in a given month. In case your DPD indicates anything other than ‘000’ or ‘XXX’, it means you have delayed your payment (s) and is interpreted negatively by lenders.

In case you have made payments on time and find errors in your DPD, you should get it corrected at the earliest, else it can lead to a fall in your credit score and even loan or credit card application rejection.

Solution:

Timely payment of dues is the best possible way to avoid the DPD marked other than 000 or XXX. While a single late payment will have a minimal or low impact on your CIBIL score, multiple late payments will adversely affect your score.

d) Errors in Credit Accounts (Existing or Closed)

There may be loan/credit card accounts that have been closed (i.e. paid off in full) already but have not been reported to CIBIL by the lending institution. There could be errors in account ownership, whereby some open accounts are mentioned in your CIBIL report that are not yours.

These could either be the result of administrative errors or could indicate a fraudulent activity. An account can also be incorrectly tagged as ‘written off’ or ‘settled’ which may adversely impact your score and be viewed negatively by the lenders.

Solutions:

• In case a closed account is still shown as open, you must contact the lending institution and verify it. In case they have not yet closed your loan file, you must immediately provide them with all the necessary details so that you can obtain an NOC (No Objection Certificate)
  
• In case there is an incorrect mention of open accounts that are not yours or an incorrectly tagged account, you can raise a dispute with CIBIL by filling CIBIL dispute resolution form.

e) CIBIL Report Shows Overdue Even for Paid-Off Accounts

Your CIBIL report may show an overdue amount that has already been cleared or show defaults in payment history even when you have been regular with all your past repayments.

Solutions:

• Lenders submit data to CIBIL every 15 – 30 days and in case you happen to avail your CIBIL report within this period or closure of your accounts, it may not be updated in CIBIL records
• In case it has been more than 2 months since the lender has submitted the data associated with that account, you can contact the credit institution and ask them to rectify the data in their records and also request them to submit the correct data to CIBIL so that it can be updated on the report
• CIBIL bears no responsibility when it comes to verifying the credit data reported by lenders. In case of errors or inconsistencies, you can raise a dispute using CIBIL’s Dispute Resolution mechanism and then your claim will be verified and if applicable, updated on the report.

Note: In case you raise a dispute with CIBIL, it may take up to 30 days to resolve a dispute, depending upon the time taken by the lender to respond.

FAQs on CIBIL Report Errors

Q. What is the CIBIL dispute resolution portal where I can resolve my credit report errors?

Ans. You can raise your dispute with CIBIL by visiting its official website or by clicking here and logging in with your username and password.

Get your latest CIBIL report and fill in the online dispute resolution form. You can raise multiple dispute requests in a single form and further wait for at least 30 days for the lender’s response.

Q. Does CIBIL charge some fees for its dispute resolution process from its consumers?

Ans. No, CIBIL does not charge any amount for resolving any type or any number of disputes. This service is free of cost for all of its customers.

Q. I have closed my loans but they are not updating in my CIBIL report. How can I update the CIBIL report?

Ans. Your lending bank or NBFC takes 15-30 days to submit your credit information to the CIBIL. However, if you happen to download your CIBIL report within 30 days of closing/paying off your accounts, it may not have been updated in your CIBIL records. Therefore, you need to wait for at least 30 days before you recheck your account status at CIBIL.

Q. How do I correct inaccuracy or faulty information and resolve a negative or duplicate account in my CIBIL report?

Ans. You need to thoroughly check your CIBIL report regularly for errors and report them at the earliest by raising a dispute with CIBIL by filling out an online dispute resolution form at CIBIL’s official website.

You are allowed to dispute multiple fields on your report in a single form. You can also raise the dispute request by writing to CIBIL at the following address:

TransUnion CIBIL: One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013.

Q. Does CIBIL have the authority to change or edit the received consumer information from lending banks and NBFCs?

Ans. No, as per the Credit Information Companies (Regulation) Act of 2005, CIBIL is not allowed to delete, edit, or modify any consumer information without confirmation from the respective lending institution.

Q. How will I get to know the status of my dispute request with CIBIL?

Ans. After the online form submission of the dispute request, you shall receive an automated email notification regarding the status every 7 days.

Q. How to clear your overdue amount mentioned in your CIBIL report?

Ans. Overdue is a minimum due amount that is billed in the previous loan statement and has remained unpaid, wholly or partially. Overdue is to be settled immediately by paying all the unpaid loan EMIs and credit card dues in time or before the due date.

Q. How to remove a closed account from your CIBIL report?

Ans. A closed account may get dropped from your credit report after 3 to 7 years of closing it. It is worth mentioning that a closed account has a positive or no negative impact on your score whereas a settled account would impact your credit score negatively.

Q. How to report CIBIL errors in your credit report?

Ans. To report CIBIL errors you need to raise a dispute with CIBIL via the Consumer Dispute Resolution program by filling out an online dispute resolution form online at CIBIL’s official website. CIBIL does not charge any fee from its customers for this service.

Suggested Reads:

Check your CIBIL Score by using the PAN Card	CIBIL Score For SBI Loans
How to Raise a Dispute with CIBIL	How can I Remove my Name from the CIBIL Settlement
How to Repair Faulty Credit Report	10 Ways to Improve Your CIBIL Score Quickly