CIBIL Dispute : Types, Process to Raise CIBIL Dispute and Its Resolution

November 16, 2022

Sometimes, we fail to make on-time repayments and have bad credit scores because of our poor credit behaviour. But, the possibilities are we end up having a bad CIBIL score because of someone else. Sounds perplexing? Well, yes, this can be a situation too. You signed as a guarantor for your friend, and they defaulted on payments. As a result, you will be passively responsible for their actions, resulting in your CIBIL Score taking a hit.

Facing the consequences of your actions is acceptable, but you shouldn’t bear the same for someone else’s actions. That is where the CIBIL Dispute and the Resolution process come into the picture. Inaccurate information in your CIBIL report can shake up your long-maintained CIBIL Score. Thus, it becomes your utmost priority to eliminate these errors from your report to improve your creditworthiness. You can accomplish the same by raising an issue with the credit agency.

To raise a CIBIL dispute, you must get acquainted with several pointers, such as types of disputes, the online process to raise a CIBIL Dispute, and the resolution process of CIBIL disputes.

What are CIBIL Disputes?

The three-digit code, i.e. credit score is highly significant as it represents your financial stability and creditworthiness to the lender. The credit bureau determines the score per your credit history and past repayments and then further curates the credit report. As the report enlists past mortgages and personal and financial information, any discrepancies can impact your overall credit score.

Suppose you find any disparities or incorrect information on your credit report. In that case, you have the authority to raise an issue with the CIBIL department and rectify it as soon as possible. When you escalate the CIBIL score discrepancies by raising an issue and putting forward CIBIL correction online or offline, it is referred to as CIBIL Dispute.

Now that you know what a CIBIL Dispute is, the next crucial thing you must understand is the types of disputes. Rectifying a dispute becomes hassle free when you know which category it belongs to and how you can resolve it.

Types of CIBIL Disputes

The credit report of an individual and an organisation might have anomalies that need to be resolved to improve the overall score. Managing the types of CIBIL disputes becomes easier when familiar with them. Disputes are broadly classified into two categories, i.e. individual and commercial disputes. Here’s brief information about the dispute categories that can be present on a credit report:

Individual CIBIL Disputes

In general, a CIBIL report enlists various information within the following categories:

  • Credit score
  • Individual’s personal information
  • Contact details  
  • Employment details 
  • Account (Savings/Current) details
  • Inquiry Information

The listed information about the individual is passed to TransUnion CIBIL by member banks, and the possibilities are that the data is not hundred per cent accurate. As a result, there could be discrepancies in the report, such as inaccurate personal details, errors in account details, or accounts of ownership.

However, ownership-associated disputes arise when the Credit Information Report enlists inquiries that do not belong to the said person. Instances of inaccurate personal details on the report include misspelt name, incorrect PAN number, invalid address, and age. If the CIR contains incorrect account details, the key reason is a 30 to 45 days gap in data transmission from bank members to CIBIL.

Such discrepancies will be autocorrected during subsequent updation of the report and fall in the CIBIL dispute resolution category. If you still find these discrepancies after two months of the update, you will have to raise a CIBIL dispute online or offline.

Company CIBIL Disputes

Commercial disputes or Company CIBIL disputes arise when the CIR consists of erroneous information regarding the organisation’s ownership details, data, and redundant entry of accounts. Under commercial CIBIL disputes, the following fields can have disputes:

  • Company name
  • The registered address of the organisation
  • Branch address
  • Company PAN details
  • Asset Classification
  • Bank Remarks
  • Type of Credits

If an account that does not belong to the organisation appears in its Credit Information Report (CIR), it will be eligible for a CIBIL dispute settlement. Similarly, company CIBIL disputes caused by an account being reflected on more than one, i.e. redundant entry, must be rectified.

In these situations, the authorised signatory of the business organisation must commence the dispute resolution procedure by completing the CIBIL dispute form. The authorised individual by the firm must take up the matter and follow it through. You can file an online complaint on the CIBIL website. Resolution of disputes is also available in offline mode.

How Can you Raise a CIBIL Dispute Online and Offline?

CIBIL allows you to raise CIBIL disputes through two methods, i.e. online and offline. When you opt for the online mode, you are supposed to raise a dispute through the myCIBIL official website. In addition, to raise a dispute offline, send your form through a post to the registered address.

Here is how to raise CIBIL disputes through various methods:

Raising Dispute through myCIBIL

You can raise a CIBIL dispute online to correct the inaccuracies in your credit report. It is pertinent to say that you don’t have to pay any fee to rectify inaccuracies. Here is what you have to do to raise a dispute through myCIBIL:

Step1: Go to the official myCIBIL portal and login through the credentials if you have already registered on the portal.

Step 2: Create a member account if you don’t already have one.

Step 3: Navigate the page and click on the “Dispute Centre” tab under the Credit Reports section. 

Step 4: Choose the subsection that you need to change.

Step 5: Complete the CIBIL dispute form’s details asked on the form.

Note: if there is a disagreement about ownership or a duplicate entry, Select “dispute type” and then click on the “submit” button. Enter the “value” for the CIBIL disputed field if you want to dispute a data anomaly.

Step 6: Finally, click on the “Submit” button. 

Based on the type of CIBIL dispute, the authority may review internal records or raise the issue with the relevant financial institution. After careful inspection, CIBIL will decide whether the raised dispute will be approved or denied. Whatever the situation, conflict settlements take 30 days to resolve. The CIBIL dispute online resolution procedure is recommended for quick resolutions.

Raising a CIBIL Dispute Via Online Dispute Resolution Form

An alternate online method to raise a dispute without visiting the myCIBIL portal is by filling out the online dispute resolution form available at CIBIL’s official website. For individual and company disputes, two different types of forms are available. Choose the one that is relevant to your type of dispute. Undoubtedly, the online CIBIL dispute mode is the quickest and least complicated way to settle disputes.

Raising Dispute through Offline Mode

You can also raise a CIBIL dispute through offline mode. It comes with the concerns of individuals who are uneasy using online techniques. An individual just has to send a letter to the registered address of CIBIL, which is located in Mumbai. The person must correctly mention the name, the transaction ID, and the specific problem they are disputing. The individual is supposed to send the same to the given address via post:

TransUnion CIBIL Ltd., One Indiabulls Centre, Tower-2A (19th Floor), Senapati Bapat Marg, 

Opposite Elphinstone Road, Mumbai, Pin Code: 400 013

Process of Resolution of CIBIL Dispute

After receiving the request for CIBIL correction online or offline, the authority follows a predefined procedure to resolve the CIBIL dispute. Additionally, you can check the CIBIL dispute status if you apply for the same through the myCIBIL portal. Here’s the process of CIBIL dispute resolution:

The disputed sections and sub-sections are marked as “Under Dispute.” It is important to highlight that CIBIL does not independently alter or modify the data. It compiles the information that the member institutions transmit.

The lending institution receives the borrower’s CIBIL dispute information for a cross-check and correction. The financial institution is bound to reply to CIBIL with information on whether the dispute was accepted or refused.

If the financial institution rejects the raised dispute, the credit score report remains unaffected, and the CIBIL dispute status is updated as “Closed.” On the other hand, if the financial institution accepts the dispute, the entry in the record is corrected. Next to this, the “Under Dispute” tag is removed from the section.

The CIBIL dispute resolution process is wrapped within the given time frame of 30 days. After resolving the raised CIBIL dispute, the individual is notified about the resolution.

The credit report of any individual or business is essential when determining credibility and loan eligibility to approve and process the credit. However, if there is a discrepancy in your credit report, it might seriously decrease your chances of obtaining credit. To give the best service possible, CIBIL offers a range of options to get in touch with customer care and resolve concerns with your CIBIL report. Additionally, navigating through myCIBIL can help you to raise disputes with utmost ease. You can utilise any of them to fix the problem.

CIBIL Dispute : Frequently Asked Questions (FAQs)

How long does CIBIL take to resolve a dispute?

The CIBIL dispute resolution process is quick and usually takes 30 days at maximum to resolve the raised dispute, regardless of the type.

What to do if you are not satisfied with the CIBIL dispute resolution?

If you are not satisfied with the dispute resolution provided by CIBIL, you have full authority to raise the dispute again. However, you will have to furnish the details of the dispute and the subsequent one.

How to check CIBIL dispute status?

Once you have raised the dispute, you can check the CIBIL dispute status. All you have to do is log in to myCIBIL and keep tracking the Dispute Status tab. However, the authority notifies about the resolution once completed from their end.

Can multiple disputes be raised for the same credit report at a time?

No, only CIBIL dispute raise is permitted towards one credit report. In addition, you can raise a dispute again once the previous one is resolved.

Can I raise a CIBIL dispute offline?

You can raise a CIBIL dispute offline by sending the dispute form via post to the registered address.

Do I have to mention the branch details while raising the dispute?

You should mention the bank branch from which you secured the loan, as it escalates the CIBIL dispute resolution process.

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