CIBIL Dispute Resolution: Everything You Need to Know

CIBIL score, often referred to as credit score, is one of those factors that give a clear understanding of an individual’s financial condition. This is a numeric representation of one’s creditworthiness and is calculated by taking past credit transactions into consideration. CIBIL score is generated by the Credit Information Bureau (India) Limited, which is among the leading credit bureaus in the country.

Table of Content

• What is a CIBIL Dispute?
• Types of CIBIL Disputes
• Steps for CIBIL Dispute Resolution
• How a CIBIL Dispute Resolution Process Works?

Sometimes, the CIBIL report of an individual may have certain discrepancies, and the reason could be anything such as typographical errors, inaccurate information, or wrong data entries. No matter what the reason is, these errors can have a negative impact on a person’s creditworthiness and lead to some issues in a loan or credit card approval. This is why these errors need to be rectified at the earliest to avoid any further issues.

What is a CIBIL Dispute?

A CIBIL dispute can be defined as a formal complaint filed by an individual to highlight an error(s) in his/her credit report, generated by CIBIL. These errors can be either in personal information (name, address, etc.) or related to financial details like outstanding balances, credit transactions, etc. By raising a dispute, you can prompt CIBIL to investigate and rectify the errors.

Types of CIBIL Disputes

Mainly, there are two different types of CIBIL disputes:

Individual Disputes

When the inaccuracy in the CIBIL report is related to an individual’s personal details such as name, address, contact details, etc., it is called an individual dispute. It can be either a typographical error or happen due to data mismatch. These errors can be rectified by initiating a CIBIL dispute resolution request.

Company/Commercial Disputes

These disputes often arise when there is some discrepancy in the ownership details of the company. It can also happen due to duplicate accounts or inaccurate details. In such cases, the authorised signatory can raise a CIBIL dispute resolution request and get it rectified.

Steps for CIBIL Dispute Resolution

Here’s how to raise a resolution request for a dispute in the CIBIL report:

Online Method

Raising a CIBIL report correction request online is a relatively faster way to address any kind of discrepancies. Here are a few simple steps that an individual needs to follow:

Step 1: Visit the official website of TransUnion CIBIL (https://www.cibil.com/) and log in to your CIBIL member account using your credentials.

Step 2: Once logged in, navigate to the Credit Report’ section, click on Dispute Center’ and then select the Dispute an Item’ option.

Step 3: In the next step, you’ll be redirected to the CIBIL dispute form. Fill up all the required details in the form and select the relevant sections you want to get rectified. While raising a CIBIL dispute online, you can mark multiple errors within a single request.

Offline Method

One can also raise a CIBIL dispute by writing a letter to the registered office of TransUnion CIBIL. In this letter, all the important details, such as the report order number, transaction ID, etc., need to be mentioned.

Here is the address where this letter needs to be sent:

TransUnion CIBIL Limited

One Indiabulls Centre, Tower 2A, 19th Floor,

Senapati Bapat Marg,

Elphinstone Road, Mumbai – 400 013

How a CIBIL Dispute Resolution Process Works?

Once a CIBIL dispute is raised, the relevant section gets labelled as Under Dispute.’ Now a representative of the credit bureau will have a discussion with the lender, and then changes are made accordingly. Once resolved, the Under Dispute’ label is removed from those fields. The average turnaround time of a CIBIL report correction is 30 days, but it can slightly vary sometimes, depending on the type of dispute and several other factors.

Suggested Read: How to Read CIBIL Report - A Step-by-Step Process

Any kind of errors in your CIBIL report can lower your credit score and have a direct impact on your creditworthiness. At Muthoot Finance, we give an option to check CIBIL score online for free. It is also recommended to check the CIBIL report regularly and ensure that all the information mentioned in it is correct. If you notice any errors in your personal details, payment history, or information related to credit transactions, it is important to raise a CIBIL dispute and get them rectified as soon as possible.