CIBIL Dispute Resolution

The CIBIL credit score is generated using the CIBIL Report (CIR) information. A credit history report (CSR) outlines an individual's credit payment history across all loan categories and credit institutions over time. A CIR excludes information about your fixed deposits, investments, and savings.  The three-digit CIBIL credit score is quite useful as it shows your financial creditworthiness and ability to receive credit from a range of lenders.

In a nutshell, the score provides a picture of your financial health and responsibility and is widely employed by individuals and organisations alike) when requesting loans. The CIBIL dispute method is intended to fix inaccuracies in your credit report. This article will discuss the potential approaches for settling CIBIL disputes.

Did you know?

Allahabad Bank, founded in 1865, entered into its 150th year of establishment on 24th Apr 2014. It's the oldest joint stock bank in India.

Types Of Cibil Dispute

1. Company Disputes

The CIBIL Company Credit Information Report (CCR) contains information on the company, such as its address, contact information, financial position, and account information and inquiries. If any information on your CCR is incorrect or requires updating, CIBIL will gladly assist you in rectifying or updating your report.

Disputes may be initiated based on the Company Credit Information Report (CCR) acquired by business organisations from CIBIL or the Credit Institution's CCR. Please review the categories of disputes described below to understand better the numerous types of errors that you may remedy. It involves the following kind of disputes with regards to a company.

• Account Duplicacy: If the same account appears on your credit report repeatedly, you may dispute it and get it corrected.  
• Details Regarding the Business or Account: Numerous aspects of a business, such as its name and location, might be contested. Account data include the company's PAN and account information such as credit type and sanction amount.
• Ownership: Additionally, you may file a dispute in case of a problem with the Ownership of an Account. The phrase "Ownership of an Account" suggests that you do not own a specific account in your company's CCR or that the whole report is false. If the firm account indicated is not genuinely in your name, ownership conflicts may emerge.

• Potentially Incorrect Fields: The following information about the firm is subject to dispute: 
  • The Registered Address of the Business 
  • Name of Proprietor/Director/Promoter/Partner 
  • Address of the Firm's Branch 
  • City 
  • State 
  • Code PIN
  • Name of the Business 
  • Legal Constitution 
  • Telephone Number(s)
  • PAN - (Company) 

Also read: All you need to know about Firm vs. company vs.partnership vs. LLP

2. Individual Disputes

It involves the following kind of disputes in the case of an individual.

• Duplicate Account: Your account may be listed twice, resulting in a duplicate dispute that you may rectify by sending a dispute request to CIBIL. 
• Personal Details: It provides the customer's name and addresses information. For instance, Mohit Kapoor may be misspelt as Mohit Kapur and consequently require correction. 

How to raise a dispute in CIBIL online?

1. Go to www.cibil.com & click on the 'myCIBIL' option and log in.
2. Click on "Credit Reports" and then "Dispute Center" when you log in. Select 'Dispute an Item' further.
3. Click on "Submit" once you've filled out the dispute form and provided your contact information.
4. Choose the portion of your CIBIL Report you wish to raise a dispute.

If the disagreement is regarding a mistake in ownership details or duplication of information, you may choose the kind from the menu. 

Entering information in a box and clicking 'Submit' will allow you to submit a claim about data discrepancies.

Procedure for Commercial CIBIL Dispute

1. Select "Raise an Online Dispute" from the list of options under "Company Dispute Resolution Portal" on the CIBIL website. Or you can go to https://www.cibil.com/online/file-company-dispute.do.
2. Include all relevant information, including the specifics of the grievance. 

3. Submit your request by inputting the captcha code.

If you wish to raise a CIBIL complaint offline, you may always write to TransUnion CIBIL at the following address: 

TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013 

CIBIL Rectification Procedure

• To begin the dispute resolution procedure for a CIBIL score change, you must first start the dispute resolution procedure on CIBIL's page and follow the instructions on the page to alert CIBIL of your dissatisfaction with their decision. Fill out the resolution form and make a note of the concerns you'd want CIBIL to look into further. Check the validity of your claims by providing all necessary proof, and then submit your completed form together with any necessary papers. CIBIL score update time is long, so don't expect anything soon.
• Companies and individuals who want to amend their CIBIL records must fill out a specific online dispute form. You must take this first step to address your dispute with CIBIL. 
• One item you must mention on the CIBIL online dispute resolution form is the control number that appears on your credit report. This control number is a 9-digit number reissued each time your CIBIL report is generated.
• You will be given a CIBIL dispute ID after you have completed the dispute form completely. This ID may be used to monitor your dispute request and to communicate with you about it in the future. 
• If CIBIL can resolve the problem, the changes are simple. If CIBIL does not have enough evidence to modify your credit report, it will contact your credit provider and request a dispute resolution. As soon as the loan source verifies that the report includes a mistake, CIBIL will update your information in its records and your CIBIL report. 

Also read: Foolproof ways to register your company | MyStore

• It might take up to a month for CIBIL to respond to a complaint. As soon as the mistake in your report has been remedied, you will get an SMS notification. To confirm the change, you'll need to request your CIBIL report again to verify whether it's been changed. 
• The most important point to emphasise is that CIBIL is not a body that edits or manipulates your data. On behalf of the many organisations (credit Institutions) it represents, it collects and verifies data from various lending institutions and credit unions.
• The agency will respond to you within 30 days of receiving your CIBIL concerns and after completing an inquiry into your concerns. To verify your claims, CIBIL may call your lenders as well as you personally. According to the results of a thorough examination and review, CIBIL experts will make any necessary revisions and update your report with accurate information. Your CIBIL complaint online will go away once the issue is resolved.
• It results in creating a new credit report in case of the CIBIL Score Dispute, which may result in an improvement in your credit score.

Making Amends and CIBIL Dispute Status

1. According to CIBIL, no record of defaulters is maintained. The credit policy of the Credit Institution is the only factor in determining whether or not to grant a loan. Purchasing your CIBIL Score and Report allows you to examine your credit history in more depth, as well as identify any possible discrepancies or errors against your name. Technically, CIBIL Report correction is not in CIBIL's hands. Although, they keep you up to date with CIBIL dispute status by notifying you every seven days.
2. It is prohibited for CIBIL to make any changes to data in the database without first getting approval from the proper credit institution, according to the Credit Information Companies (Regulation) Act of 2005. Every 30-45 days, credit institutions transfer data to CIBIL. If you get your CIBIL Score and Report within 45 days after shutting/paying off your accounts, your CIBIL records may not have been updated.

Also read: What are Sundry Creditors: Meaning & Examples

Conclusion

Even in a company's case, the Company Credit Information Report (CCR) is of utmost value. A CIBIL Complaint Online is the only way to correct it and it should be filed as soon as possible. The critical aspect to remember here is that CIBIL is not a body that modifies or manipulates your data. It is simply an institution tasked with collecting and validating data obtained from different credit organisations and lending businesses. A commercial CIBIL dispute is different from an Individual's and requires more details to be fed. We sincerely hope that the given information helps you resolve your dispute as soon as possible.

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