Is your CIBIL score lower than expected? Here is the solution to get the CIBIL score rectified.
Many times it happens that we have not made any default in repayment of loan, but then when we check our CIBIL score, it is lower than expected.
What is the major reason for that?
One of the major reasons is your bank/lender has not filed a repayment report on time or they have wrongly filed the report.
What is the solution:-
- You need to visit the CIBIL website.
- Fill out the dispute form.
- Fill out the necessary details and in very specific words mention your discrepancy.
- In case if you have any supporting documents, upload them too.
- Keep a record of this dispute form with you, in case of any further communication.
The next step from the CIBIL side:-
Once your dispute has been filed, concerned people from the CIBIL will look into the matter and ask for clearance from the lender side. Usually, a time period of 30 days is given to the lender, and after a response from the lender, if it is found that an error has been made from the lender’s side, CIBIL will take necessary steps to correct data in their record and will update your CIBIL score.
In case the decision does not go in your favor, your CIBIL score will remain unchanged.
What if I am not satisfied with the decision?
- You can contact your bank with the necessary proof and ask them to forward the correct report.
- Directly get in touch with CIBIL for clarification on this matter.
How much time will it take for correction?
Once the decision has come in your favor, it will take some time to correct the data on the portal, so don’t panic and contact them again after 7-8 days.