Solutions for your CIBIL Credit Report Problems
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CIBIL or Credit Information Bureau Limited is a credit information company in India. A CIBIL Credit Report is a record of your credit history and is formed after collecting the records of an individual's payments pertaining to loans and credit cards.
Once the CIBIL score is calculated, it is sent to banks and financial institutions for evaluation. Each bank or credit institution has its own benchmark that constitutes as a good score. It differs across banks.
The credit scores and CIBIL credit report help the banks and credit institutions in determining if the individual is eligible to avail credit.
Where will the CIBIL Credit Report be used
Your CIBIL Credit report or score plays a pivotal role in your financial journey. Your CIBIL score/ credit report acts as the first impression for the lender, the higher the score, the better chances of the loan/credit card being approved. Listed below are some of the ways a good CIBIL score/ credit report can help you.
- Quicker and hassle free approval for loans and credit cards.
- Lower interest rates.
- Easy approval for rented/leased houses and apartments.
- More negotiating power.
- Get approved for higher limits.
CIBIL Credit Score Problems and its Solutions
- Error in your CIBIL Credit Report- Errors in CIBIL report can be something as minor as a spelling error in your name or address. Though this might seem like a minor error, it can cause damage. The other sort of damage you might incur is from a mistaken identity where you might find someone else's loan details in your report or an overdue amount on a loan that you haven't taken. These minor errors will bring down your CIBIL score drastically and might even lead to rejection of your application.
- Kind of errors that might occur in the CIBIL report Solution: The first step of the solution is to obtain a copy of your CIBIL credit report from CIBIL. Once you get access to the reports, analyse the errors and initiate a dispute by filing a dispute resolution form that is available on the CIBIL website. One has to provide their name,address, date of birth, a control number when they file a dispute resolution.
- Inaccurate current balance
- Inaccurate amount overdue
- Incorrect personal details
- Days Past Due (DPD)- Days Past Due indicates the number of days a payment on that account is late that month. Anything other than '000' is considered negative by the lender. If your DPD indicates anything other than '000' it will mean that you haven't met your financial obligations and this might create a negative impression on your financial record.Solution: The best way to avoid unfavourable DPD is to pay your bills on time and avoid taking excessive, unnecessary debt so that you can honor your financial obligations without any hassles.
- Bad credit history- A poor credit score or credit report will sabotage your chances of availing a loan, credit card or any other kind of credit.Solution: Listed below are the steps to follow to avoid or repair bad credit.
- Pay your bills on time- Never delay your payments.
- Avoid making minimum payments- Making minimum payments will land you in trouble in the longer run.
- Avoid excessive debt- Moderation is the key. Take what you need.
- Converse- If you are unable to make payments on time make sure to contact your bank or financial institution about a credit plan.
One can avoid CIBIL credit score by being responsible and taking necessary measures. It is easy to repair your credit score problems but it's better to avoid it.
Read More on CIBIL
- Tread with caution before co-signing a home loan
- CIBIL TransUnion Score 2.0
- What is Considered as a Bad Credit Score
- Good Mix of Credit Can Boost Your CIBIL Score
- Having a high CIBIL score can get you a lower rate of interest
- Ways to rebuild your CIBIL Score after bankruptcy
- How Credit Information is important
- CIBIL Score Report
- Hidden facts about CIBIL Score
- CIBIL
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FAQs on Solutions for your CIBIL Credit Report Problems
- How can I get my overdue cleared in the CIBIL report?
A minimum due amount that was billed in the previous loan statement and has not been paid in full or in part is considered overdue. Overdue balances must be settled right away by making all past-due credit card and loan EMI payments on time or in advance of the due date.
- How is a CIBIL error reported?
In order to file a complaint about CIBIL errors, you must use the Consumer Dispute Resolution programme. To do this, visit CIBIL's official website and fill out the online dispute resolution form. You do not have to pay any fee to avail this service.
- How can a closed account be deleted from my CIBIL?
After you pay off your debt in full and receive approval from your lenders, you can have a closed or settled account removed from CIBIL.
- How much time does CIBIL take to settle a dispute?
After the date of the dispute submission at CIBIL, the resolution process takes about 30 days.
- How soon after the dispute resolution does CIBIL provide my updated CIBIL report?
Including changes in your CIBIL Report typically takes up to seven business days.
- Can I raise my credit score through a CIBIL score repair agency?
Yes, you can raise your credit score by taking help of a CIBIL score repair agency.
- Can I file a dispute offline?
Yes, you can submit your dispute resolution form to file a dispute offline.
CIBIL Score Requirements for Loans
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Credit Score:
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