- How can I resolve my credit score related disputes at various bureaus?
- Know the process of all of them and steps that you need to follow
When we talk about the financial journey of any individual, the three-digit number i.e. the Credit Score holds a special place in an individual’s financial life. Whether you want to opt for a loan or want to have a credit card in your pocket, you will need a Credit Score. Consider your credit score as the first impression you will make on any lender as this is the first thing that they will check before giving you any kind of credit. So, your chances of getting a loan or a credit card become automatically higher if your credit score is high. But where does credit score come from? Well, your credit score comes from the Credit Report which consists of all your financial transactions, EMI payments, bill payments, etc.
There are mainly four credit bureaus that provide credit reports to consumers. These are CIBIL, Experian, Equifax, and CRIF Highmark. Suppose you get your credit report and you find some errors in it due to which your credit score has been affected negatively. What will you do in such a situation? The errors can be incorrect personal details, incorrect current loan amount, showing fully paid off loan as currently running loan, etc. All these errors in your credit report can unnecessarily affect your credit score.
In this article, we will be telling you about how you can resolve credit score related disputes at various credit bureaus by following a few simple steps. As we told there are mainly four leading credit bureaus in India, we will be telling the process of each of them one after another. First, we would like to talk about the Credit Score Dispute Resolution process at CIBIL, which is the leading credit bureau of India.
Table of Contents
Credit Information Bureau of India Limited (CIBIL) is India’s leading and most popular credit information rating agency. You can gauge the popularity of CIBIL by the fact that a lot of individuals know the credit score as the CIBIL Score. If you are unsatisfied with your CIBIL report and want to correct information on your report, you can now initiate a dispute from your home. You just need an internet connection, a laptop or mobile.
To resolve any dispute related to your CIBIL report, there are a few simple steps that you need to follow. You also need to keep this thing in mind that by initiating a single dispute, you can correct multiple sections of your Credit Report such as Personal, Employment, Account Details, Enquiry, etc. All the steps are mentioned below. Please have a look!
- The first thing that you will need to do is to log in to myCIBIL by feeding your Consumer ID and Password.
- After this, go to the ‘Credit Reports’ section. On reaching there, you will see ‘Dispute Center’ where you will need to click on ‘Dispute an Item’.
- You will need to fill the Online Dispute Form and select the Relevant Section in which you want to resolve your dispute. Like, if you want to correct your name on the CIBIL report, choose the ‘Personal Details’ section.
- After completing the above steps, you will need to choose whether your dispute is related to Ownership/ Duplicate or it is related to some Data Inaccuracies.
- If it is related to Ownership/ Duplicate, select the dispute type and submit the form.
- If your credit score dispute is related to Data Inaccuracies, you will need to enter a value for the disputed field and submit the form.
CIBIL Report Dispute Resolution Process
Now you know the process of submitting the dispute resolution Form, you must be thinking about how you will get your credit report corrected? Well, you can look at the steps involved in the process below.
- You will submit the Dispute Resolution Form.
- The Disputed field under the relevant section or sections will be marked “Under Dispute” in your CIBIL report.
- Depending on your type of dispute, your dispute will be taken to the concerned lender.
- After this, the lender will either accept or reject the dispute in your CIBIL report.
- If the lender has accepted the dispute in your report, due corrections will be made in your report.
- Now, all the sections marked as “Under Dispute” will be removed as the corrections are made and the updated CIBIL report will be sent to the consumer. If there will be any changes in the Credit Score after the dispute resolution, the score will also be updated.
Other than the online process, you can also resolve your dispute by writing to the CIBIL at the following address.
TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013.
But CIBIL encourages to raise the dispute request online as it takes less time in resolution. Usually, the turnaround time is said to be 30 days which also depends on the lender where your dispute will be going for the due corrections.
Experian is also one of the top four credit rating bureaus of India. If you want to correct any information on your Experian Credit report so that you can get the credit score updated, you will need to follow a few simple steps. But before knowing the steps, you need to know two important things. These are Experian Report Number (ERN) and Unique Transaction ID (UTI). Both UTI and ERN are unique numbers on the top-right hand corner on your Experian Report and help in validating your information. The only difference is ERN is generally a 15-digit number.
Now, let’s look at the steps you will need to take to resolve the Credit score related dispute at Experian as mentioned below.
- First, Login into your account by feeding your username and password.
- Go to the ‘Dispute’ section and click on “Raise a Dispute”.
- Here, you will need to choose which kind of dispute you want to raise. There are various disputes such as Dispute Related to the Credit Account, Dispute Related to Enquiry, Dispute Related to Credit Score, etc.
- After choosing the type of your dispute, you will need to fill in a few details such as Credit Report Details (ERN, UTI) and Dispute details (Credit / Personal details to be corrected).
- After filling the details, click on the submit button.
If you want to track your application and check the status of your dispute, you can go to the “Track Dispute” option in your profile.
Similar to CIBIL and Experian, if you want to resolve any kind of credit score related disputes at Equifax, you will need to do a few basic steps. To know more about them, have a look at below.
- First, you will need to go to the official website of the Equifax. On reaching there, you will see the “Forms” section at the top.
- On clicking it, you will see two form options. First will be ‘Credit Report Request Form’ and the other will be ‘Dispute Resolution Form’ on which you will need to click.
- On reaching there, you will see the option of downloading this Form.
- Fill the Dispute Resolution Form with the required details and attach a self-attested copy of Identity Proof and Address Proof.
- After this, send all the documents along with the form via Courier or Regular Post or Speed Post to Equifax.
Documents you will need for Identity and Address Proof
- Identity Proof – Voter ID Card/ PAN Card/ Driving Licence/ Passport
- Address Proof – Electricity Bill/ Telephone Bill/ Ration Card/ Gas Utility Bill
CRIF Highmark is also one of the leading credit rating bureaus of India. If you have any complaint related to your CRIF Highmark Credit Information Report and want to get your credit score updated, you can do the following steps.
- Your Credit Report will have the CRIF Highmark Reference Number on the top right corner.
- Put this reference number as the Subject Line on your email that you will need to send to email@example.com. You need to also mention your Report ID. In the complaint mail, mention all the details such as your name, contact number, Serial number of Account in the Report, account information being complained, etc.
- In reply to your mail, you will get a Ticket Number that will help you in future discussions with CRIF.
- Within 30 days of the receipt of your complaint, CRIF Highmark will investigate your complaint and send you the updated report if there is anything to be corrected.
- After completing the process, CRIF Highmark will close the Ticket Number related to your complaint.
If you are not satisfied with the email, you can also get in touch with CRIF representatives by calling +91-020-6715-7790.