Mistakes happen. Not only in life, but also when it comes to your credit report. If you are wondering how to fix errors on your credit report, you are not alone! In fact, it is a common issue that many people face. However, since your credit report is a crucial financial document that plays a pivotal role in you being able to access credit, it is essential to ensure that it is accurate at all times. In this article, we will explore how to correct errors on your credit report and shed light on the role Bajaj Finserv Credit Pass can play in dealing with a wrong CIBIL Report.
How to remove a wrong entry in your CIBIL Report
Identifying and rectifying errors on your CIBIL Report is crucial for maintaining a healthy credit score. Here is a step-by-step guide that you can follow to do that:
- Obtain your CIBIL Report: You can easily get a soft copy of your CIBIL Report from the official CIBIL website if you have a subscription plan. That apart, TransUnion CIBIL (like other renowned credit information companies) offers a free credit report once a year.
- Thoroughly review your report: Carefully examine your credit report for any discrepancies. Pay close attention to the status of your credit accounts and personal details. Errors can occur due to various reasons, such as wrong credit report entries or mistakes in personal information.
- Identify incorrect entries: Pinpoint the incorrect entries on your report, if any. These could include incorrect loan balances, missed payments, or accounts that do not belong to you. It is crucial to distinguish between genuine errors and information that is accurate.
- Gather supporting evidence: Collect relevant documents that support your claim to dispute incorrect entries effectively. This might include payment receipts, loan statements, correspondences with your lenders, or any other relevant paperwork that can prove the inaccuracies in your report.
How to raise a dispute with CIBIL for report correction
Once you have located the errors and gathered all the necessary evidence, it is time to raise a dispute with CIBIL for report correction. Here are the steps that you’ll need to take:
- Contact TransUnion CIBIL: Visit the official CIBIL website and locate the online dispute form. Follow the instructions provided when filling in the dispute form. Provide accurate information, including details about the inaccuracies and the supporting documents you have gathered. Once that is done, submit the form along with the supporting documents after ensuring you have been thorough and precise.
- Wait for a response from CIBIL: After submission, CIBIL will investigate your dispute. This may involve contacting your lenders for verification. Once it completes its verification process, CIBIL will proceed to correct your credit report based on the authentic data provided by your lenders, rectifying any inaccuracies or incorrect entries.
- Review the updated report: Make it a point to review the updates on your credit report to ensure that the inaccuracies have been corrected.
Mistakes and discrepancies in your credit report can be damaging to your financial health. It is advisable to regularly review your credit profile, not only to avoid the pitfalls associated with a wrong credit report, but also to build and maintain your creditworthiness. After all, a robust credit score is a deciding factor when it comes to accessing the best financial opportunities on favourable lending terms.
One way to achieve and sustain a healthy credit profile is by using the Bajaj Finserv Credit Pass. After a quick and easy registration process during the limited-time offer period, you get free, unlimited access to real-time insights into your Credit Health Report and monthly CIBIL Score checks, as well as a host of other benefits for a year. Use your personalised Credit Pass dashboard to track your credit factors and keep a close eye on all your credit accounts in one place, so you will always be in the loop to even the smallest changes.
