How to Rectify Cibil Error?

Improving your CIBIL score (or rectifying errors) involves two key steps: disputing inaccuracies in your CIBIL report and taking steps to improve your credit score. Here's a step-by-step guide:

Step 1: Rectify Errors in Your CIBIL Report

If you find incorrect details in your CIBIL report (e.g., wrong personal information, loan/credit details, or payment history):

1. Get Your CIBIL Report:

• Visit the CIBIL website.

• Log in or create an account.

• Download your credit report.

2. Identify Errors:

• Check for inaccuracies in your name, address, account balances, payment history, or open/closed accounts.

3. Raise a Dispute:

• Log in to the CIBIL website.

• Go to the Credit Report Dispute Resolution section.

• Fill out the dispute form by providing the details of the error.

• Submit proof if needed (e.g., loan closure letters or bank statements).

4. Wait for Resolution:

• The dispute will be resolved within 30 days.

• CIBIL will work with the relevant financial institution to verify and update the records.

Step 2: Improve Your CIBIL Score

A good CIBIL score is generally above 750. To boost your score:

1. Pay EMIs and Credit Card Bills on Time:

• Consistently pay bills and EMIs by their due dates to build a positive repayment history.

2. Reduce Credit Utilization:

• Keep your credit card utilization below 30% of your total credit limit.

3. Avoid Frequent Loan Applications:

• Multiple loan or credit card applications in a short time can lower your score.

4. Clear Outstanding Dues:

• Pay off any overdue accounts or outstanding amounts immediately.

5. Avoid Closing Old Credit Cards:

• Older credit accounts contribute to a longer credit history, which is beneficial.

6. Maintain a Healthy Credit Mix:

• Use a mix of secured loans (e.g., home or car loans) and unsecured loans (e.g., credit cards) to show creditworthiness.

7. Monitor Your Report Regularly:

• Check your CIBIL report periodically to ensure there are no errors or fraudulent activities.

How Long Does It Take?

• Rectifying errors: Up to 30 days after raising the dispute.

• Improving your score: Consistent efforts over 6-12 months can significantly boost your score.