CIBIL score is a three digit score which determines a borrower’s creditworthiness based on their past credit history and behaviour. However, there might be discrepancies in this score and the consumer CIBIL report in various areas such as the name, address, outstanding balance, dates, loans, etc. In such circumstances, a CIBIL dispute can be raised to rectify those discrepancies.
Any dispute in the CIBIL Report or Company Credit Report can be notified by raising a CIBIL dispute resolution request. Those who have registered on CIBIL can directly raise a dispute by logging into their CIBIL member account.
Types of CIBIL Disputes
The following are the types of CIBIL disputes:
1. Individual Disputes
Inaccuracies in your CIBIL Report can be related to your personal details and issues related to duplicate accounts. Personal details include incorrect filing of name or address. For example, Sanjay Mishra could be misspelt as Sujay Mishra or a single loan account may be reflected in your CIBIL Report twice, thus reducing your overall score
2. Company/Commercial Disputes
Company disputes may arise in the form of incorrect ownership details, the existence of duplicate accounts, data inaccuracies, etc. The authorized signatory of the company can initiate dispute resolution by filling the CIBIL dispute form.
However, information that cannot be rectified through the dispute resolution mechanism includes account number, member name, enquiry date, and control number.
Raising a Dispute Online
You can navigate to various sections of the report and mark errors in multiple fields within a single dispute. The online process is recommended for those who are seeking a quicker resolution. Follow the procedure given below to raise a dispute online:
Step 1: Log in to my CIBIL with your credentials. If you have accessed the report via a vendor, you must register yourself with CIBIL and log in to your account.
Step 2: Under ‘Credit Reports’ section, navigate to ‘Dispute Center’ and click on the ‘Dispute an Item’ option.
Step 3: You will be redirected to the ‘Online Dispute Form’. Fill up the details in the form.
Step 4: Under ‘Identification #’, select the identification document that needs to be corrected and correct the corresponding number at the bottom of the form.
Step 5: Click on the ‘+’ symbol to correct information related to multiple documents.
Step 6: After disputing all the mistakes, you can click on ‘Submit’.
Raising a Dispute Offline
You can write about your dispute and send it to the address: TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013
How to check CIBIL dispute status?
If you already have access to myCIBIL, you can check the status by logging into it and going to the ‘Dispute Status’ section. However, if you do not have the access to myCIBIL, CIBIL sends you email notifications regarding the status of your dispute.
When you successfully raise a Company Dispute, a unique ID for the dispute will be generated which can be used to track CIBIL dispute status. You can also call the CIBIL helpline for the same.
How to get the credit information report?
CIBIL Report can be downloaded using the following steps:
- Visit the official CIBIL website – https://www.CIBIL.com/freeCIBILscore
- Click on the ‘Get Yours Now’ tab.
- You will be directed to enter details such as name, date of birth, contact number, ID number, etc. Proceed to create a ‘Username’ and ‘Password’.
- An OTP will be sent to your contact number to verify all the details and confirm your identity.
- After the verification process is complete, one can view their CIBIL Score and download their Consumer CIBIL report.
Dispute Resolution Process
Step 1: Once you submit the Online Dispute Form, the fields disputed will be labelled ‘Under Dispute’.
Step 2: CIBIL will take this up for discussion with lenders based on the type of dispute. Step 3: The lender may or may not accept the dispute.
Step 4: If the lender accepts the dispute, changes are made accordingly.
Step 5: The label ‘Under Dispute’ will be removed from the disputed fields.
Step 6: The total turnaround time of the process must be within 30 days.
What are the different components of a CIBIL Report?
A CIBIL Report or Credit Information Report (CIR) has the following key components:
CIBIL Score
The CIBIL score is a three digit score ranging from 300-900, with the higher end of the spectrum reflecting higher creditworthiness or repayment capability of the individual or company and the lower end reflecting lower creditworthiness. The information given in the credit report is used to calculate the credit score.
Personal Information
The CIBIL report contains basic personal information such as name, date of birth, gender, PAN card number, Voter ID, etc.
Contact Information
This section of the CIBIL report contains information such as telephone numbers and addresses. A maximum of four addresses can be mentioned.
Account Information
The account section contains information regarding the credit facilities such as name of lenders, loan account, account numbers, month on month payment history, type of credit, etc.
Enquiry Information
When you apply for a credit card, the respective financial institution accesses your credit report. These enquiries are listed on the credit report including details such as the vendor’s name, amount of credit applied, type of credit applied, date of application of credit, etc.
How can I download the Commercial CIBIL Report?
To download a Commercial CIBIL Report, the following steps can be followed:
- Visit the official CIBIL website – www.cibil.com
- Choose the option which says ‘Check/download CCR (Company Credit Report).
- It will direct you to a page with 3 payment plans, one with 4 reports, one with two reports and the other with a single report. These are the premium, standard and basic plans respectively. You can choose whichever plan fits you the best.
- For your first step, you have to enter details such as company’s details, address and contact information.
- After this, you will have to make the payment for your selected CCR plan.
- Lastly, you will have to upload the required KYC documents to verify all your information and identity of the company or commercial business.
- Thereafter, you will be able to view your CCR and download it according to your selected plan.