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How to correct errors in your credit report

Last updated on: January 13, 2014 17:55 IST

How to correct errors in your credit report

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In an online chat with Get Ahead readers on January 13 Harshala Chandorkar of CIBIL answered queries on how borrowers can get errors in their credit reports rectified.

Here is the unedited excerpt:

Sumit Mukherjee: CIBIL give wrong loan report for a unknown credit card (SHAHA) with a wrong adress of Mumbai (I am resident of Kolkata). I tried to take up the matter directly with the institution but CIBIL not disclose the institution details. So due to bad credit report i am not getting the renewal of my Cash Credit A/c. What to do advice.. Sumit Mukherjee.

Harshala C: The report that you may be looking at would be a report that is accessed by the bank; where the name of the institution is not disclosed. You can access your own credit report alternatively by raising a dispute online. Please provide your name, address, date of birth, report Control Number (CN) and the nature of the dispute.

Bhavya: I have a low score less than 600, but I am making all EMIs on time and even credit card payments are made on time. So why is my score so low, Is there a help available at CIBIl that can help me understand why my score is low and how can I improve it.

Harshala C: Access your CIBIL TransUnion Score Report regularly, it will help you to keep a track of your credit history. A good credit score and a healthy credit report can be a key to faster and better loan and credit card deals. It was a pleasure to participate in the Rediff Zarabol Chat show to answer all your queries. Have a good day !

PARAG CHOPADE: Dear Ms. Harshala,In one of the explaination you said that confirmationPlease remember that CIBIL can only make changes to your report, once the lending institutions submit the updated/ corrected data.But, who will ensure that the lender will respond the CIBIL back in specific time period?

Harshala C: CIBIL will follow up with the bank to ensure that the consumer dispute is resolved. The consumer can also simultaneously follow up with the bank for a timely response.

Pradosh-Pati: Till how many years CIBIL keeps the defaulter record?

Harshala C: CIBIL collects credit information pertaining to borrowers from banks and credit institutions. It then collates this information into credit reports and provides them to banks to help them evaluate risk while lending to a consumer. This credit information (both positive and negative) is maintained for a minimum period of 7 years.

ravishankar: I got a CIBIL TU score of 775 around 4 months ago with a report that showed one 'written off' and one 'outstanding' wrongly After proving the mistake to CIBIL I got a new report last month with both the amounts showing as paid and zero outstandings or 'written offs'but the TU score had become 705 !!! How come ???Ravishankar

Harshala C: Please share your Service Request number (SR Number) and email ID so that we can find out why has the CIBIL TransUnion Score changed.

Sachin Arora: Please answer my first question and second is someone was telling that we should not check our cibil score regularly , is it true

Harshala C: If you access your own CIBIL Report and Score regularly it will infact help you understand what is conatined in your report and what is your score. It does not have any negative impact on your report or score.

RAVI: Sir i want to know my CIBIL Score...how do i access it online

Harshala C: You can access your CIBIL Report and CIBIL TransUnion Score on CIBIL’s website in 3 easy steps:• Step 1: Fill online form- Visithttp://rediff.ly/1gsxk and duly fill in the online request form • Step 2: Payment – Make payment of Rs. 470 via Net banking / Debit / Credit / Cash Card• Step 3: Authentication – Answer 2 questions based on your credit history

Savvi MS: Sir, My brothers car loan is being reflected in my credit score. EMI is being deducted from my bros account but dont know why this loan is being shown in my cibil account. On inquiring, they say it a joint loan. I haven't even submitted single bank papers for this loan then how it could be a joint loan. Is it a way to rectify it in cibil????

Harshala C: If your brother has taken a loan and you been a co-signatory to this loan the bank will report this loan as a 'joint loan'. This will be reflectedf both in his and your credit report. You can check with your brother whether he had made a joint application for a loan with your name as a co-applicant. If not, then approach the bank.

Sachin Arora: Sir i was having a credit card from hdfc and it was settled but bank has entered this settlelment in my cbil my score is 866 how to improve it

Harshala C: You can improve your credit history and score by ensuring that you make timely payments of all your EMIs and credit card dues. A CIBIL TransUnion of 866 is a very healthy score.

manish mourya: Dear Sir, As I have settled my Cr Card payment of Barclay's long back 2010 as per offer given by them.But still is appearing in my CIBIL report as overdue.Pls suggest.

Harshala C:Please raise a dispute on CIBIL website. • Log in to CIBIL’s Dispute Resolution webpage: http://rediff.ly/22npj• Provide your name, address, date of birth, report Control Number (CN) and the nature of the dispute

• CIBIL’s Dispute Resolution Department will analyze and route the dispute to the lending institutions for confirmationPlease remember that CIBIL can only make changes to your report, once the lending institutions submit the updated/ corrected data.

KURRAM RAMMOHAN: Have settled all my credit cards as per the settlement letter received from bankers have receipts with me last time when checked my CIBIL rating was close to 800 points still am unable to get loans wht is to be done please advise

Harshala C: Your loan may have been rejected because your Credit Report and score could not meet the banks' internal credit policy criteria. Each bank has its own credit policy for approving loans and credit cards.

rajagopalan: how to get a credit report from CIBIL

Harshala C: You can access your CIBIL Report and CIBIL TransUnion report on CIBIL’s website in 3 easy steps:• Step 1: Fill online form- Visithttp://rediff.ly/1gsxk and duly fill in the online request form • Step 2: Payment – Make payment of Rs. 470 via Net banking / Debit / Credit / Cash Card• Step 3: Authentication – Answer 2 questions based on your credit history

If you are successfully authenticated you can download your credit report consisting your credit score and also receive it via e-mail. If you fail the authentication then you can upload scanned copy of your identity proof and address proof on Cybil’s website. The report will then get delivered to you via express delivery

sanjay mattoo: dear Sir, i had availed of a loan from SBI PBB noida, Up in year 2005 and repaid the same and the files have been closed by the bank. i have received my property papers back however the CIBIL report is showing part of the loan as unpaid. how do i get the same corrected? regardssanjay Mattoo 9158004210

Harshala C: You can raise a dispute online on CIBIL website. • Log in to CIBIL’s Dispute Resolution webpage: http://rediff.ly/22npj• Provide your name, address, date of birth, report Control Number (CN) and the nature of the dispute

• CIBIL’s Dispute Resolution Department will analyze and route the dispute to the lending institutions for confirmationPlease remember that CIBIL can only make changes to your report, once the lending institutions submit the updated/ corrected data.

vishal Patil: I have settle a personal loan, and now i want new loan so how should i Improve my Credit Report ?

Harshala C: FIrst and foremost you should access your own credit report from CIBIL to find out what is your CIBIL TransUnion Score. If you have defaulted and then settled the personal loan the defaults will certainly have an impact on your score. You should start building a good credit histort by ensuring that you make timely payments on all your other loans and credit card dues.

Your credit history and score will improve once you start make timely payments. Do access your report again after a few months to see the improvement in your score.

Rakesh Peerannawar: What is CIBIL? They are here only for minting money. If they give you a wrong credit report, and you make them aware they will forward the information to the respective institution. And next time you need to pay again to see if the information is corrected.

Harshala C: If you have a raised a dispute with CIBIL for any discrepancy in your credit report; CIBIL will forward that request to the respective credit institution. Once the credit institution makes changes in the information you will receive a confirmation from CIBIL and also receive the updated and corrected particulars.

Venkatesh: If we ordered ourreports online can we have the option of disputing it online or by mail.

Harshala C: Yes, you can raise a dispute online on CIBIL's website. • If you find discrepancies then log in to CIBIL’s Dispute Resolution webpage:http://rediff.ly/22npj• Provide your name, address, date of birth, report Control Number (CN) and the nature of the dispute

• CIBIL’s Dispute Resolution Department will analyze and route the dispute to the lending institutions for confirmationPlease remember that CIBIL can only make changes to your report, once the lending institutions submit the updated/ corrected data.

sumeet salgaonkar: f we truly feel wronged and the bureaus/agencies won't help us what legal help we shold seek?

Harshala C: • If you find discrepancies in your credit report then log in to CIBIL’s Dispute Resolution webpage: http://rediff.ly/22npj• Provide your name, address, date of birth, report Control Number (CN) and the nature of the dispute

Satish Pulli: If a creditor or other source that gathers this information makes a mistake (typing in an address wrong or Social Security number, for example), that error may wind up on your credit reports.

Harshala C: Yes; if there is a data entry error while storing the information pertaining to the consumer and the same information is submitted to the bureau, your credit report will have that error.

haresh: Who is responsible for correcting inaccurate or incomplete information in your report under the Fair Credit Reporting Act.

Harshala C: Fair Credit Reporting Act is an Act in USA. In India, only banks and credit institutions who submit data to CIBIL can make corections to the information submitted by them

Amol chille: Do we receive a free credit report directly from the credit bureau, once a dispute has been registered, in order to verify the updated information.

Harshala C: You will receive a confirmation that the information is corrected and will also receive the corrected and updated information from CIBIL. Please remember that CIBIL cannot make any changes to the credit information unless the banks confirm the same and authorise CIBIL to make the changes/corrections.

RAVI: i had an SB A/C some 10 yrs back,it was zero bal a/c but without giving me any notice they made it as urban a/c increasing the min bal norm to 10000,i was under impression that its zero bal a/c,to my surprise one fine day they sent a stmt after 5 yrs stating that i owe them huge amountwat do i do now,they have reported to CIBIL

Harshala C: Savings account information is not reported to CIBIL. Information pertaining to loans and credit cards is reported to CIBIL.

If you find any discrepancies in your credit information, you can get it rectified in time before applying for the loan. I will be happy to answer your queries on how to go about correcting errors in your CIBIL report

Chethan J D: Hi,I've some credit cards due pending but minimum always paid upto-dt. But my credit score is 691 what can be done to better this?. I want to clear off my credit card due by taking a loan.

Harshala C: Banks do have offers to convert credit card dues into PLs. The rate of interest on PL will be much lower that the rate of interest on the credit card. Once you opt for the personal loan ensure that you pay the EMIs on time & build a good credit hostory. Your credit history & score will improve gradually. Access your own report to see the improvement after few months.