How to Correct Error in CIBIL Score  and CIBIL reporting ?

Obtain your credit report and check for errors:

While you might think you have a good credit history, there might be certain reporting errors that are unnecessarily dragging your score down.

One of the My Client Piyank Patel 

 (Virtual Name) has face many problem issue of CIBIL, there are showing many of the loan which are not knowing or not himself someone else loan shown in his credit report , there are almost 50 account are the account not belong to him . However In Experian , Equifax and CRIF Highmark , There are no any kind of inaccuracy shown in Report . Only CIBIL Shows inaccuracy and Bankers are saying that we believe in CIBIL Score  and Reporting .

Client came to my office , firstly I didn’t  believe more this much account can’t be possible by all financial institution and bank gave wrong reporting . But when I approach to purchase detail report and We create one excel sheet for those accounts are not belong to him, We investigated the bank and financial Institution who is the beneficiary owner of the account , we found that many of the account belong to someone else, We approach bank branches to delete the entry from CIBIL . They call approach Head Office or CIBIL Dispute Resolution.

We write dispute with CIBIL , CIBIL see the dispute and processing of verification of the account , right now All Account which is not belong to him already deleted.  Because there is more than 50 accounts there is take 4 month to verify the account.

How Dispute Process By CIBIL Or Credit Bureau Process . Power By Transunion CIBIL LIMITED.

Many time Account has been closed even though CIBIL Shows Active account showing Current Balance , Account Overdue and written off / settled even though account has been closed .

We also filed dispute with CIBIL.

Types of Inaccuracies

Inaccurate Current Balance or Amount Overdue
On purchasing your CIR, you may notice that your ‘Current Balance’ or ‘Amount Overdue’ may not be updated for your most recent payment. This is usually the case if you have purchased your CIR within 45 days of making a payment. Credit institutions generally submit the data concerning last payment of dues/ EMI within 45 days, so the latest payment may not reflect on your CIR until the data is submitted by that lender. However, if the ‘Date Reported’ (the date the data was reported to us) associated with that account was over 2 months ago, you can write to us to update this information.

An inaccurate ‘Current Balance’ (especially on the high side) implies that you have more debt than you do. ‘Amount Overdue’ indicates that you are unable to service your existing loan obligations. Both are viewed negatively by lenders and may affect the chances of your loan approval.

Incorrect Personal Details
Credit information is submitted to us by various Banks and Financial Institutions. Each lender submits your credit account along with your personal information such as name, address, date of birth, PAN, etc. We then use the personal information to collate these details into a single CIR which provides your complete credit profile.

Ensure that you have provided accurate and updated details to your CI at the time of your loan application. In addition, every time your personal details change or are updated you should inform your bank or financial institution so that they are able to make the necessary changes to their database.

Ownership
If any personal details or one or more of the accounts on your CIR do not belong to you, you should initiate the Dispute Resolution Process as detailed below.

Overall, the best solution is to check your Credit Score and CIR before you apply for a loan so that you know your lender is evaluating your loan application based on accurate data. If you notice any inaccuracies in these documents, please follow the simple steps below to initiate and complete the Dispute Resolution Process.

Pankit A Shah

CIBIL IMPROVEMENT PROCESS

Pankit A Shah & Associates

Chartered Accountant

35, 4th Floor Shree Krishna Tower , Near Passport Seva Kendra , Mithakhali Six Road , Navrangpura , Ahmedabad - 380009

http://www.pankitashah.com/

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