It is undoubtedly a stressful thing to see that your future lies on someone else’s hands. We are talking about your CIBIL Report here. The status of your CIBIL Report is being updated by the bank or the financial institutions. You perform and they make a report of it. It is somewhere good because someone else is making a performance report for you. It will definitely be authentic than if you would make it on your own.

But on the other this can bother you big time. Because you know that someone else is updating your credit report and there can be any mistakes or errors arrived at any time that will directly affect you personally. In case of CIBIL Reports you often encounter tiny issues in the reports that can make a lot difference to your financial decisions. Here are some of the mistakes that may arise on your CIBIL Report.

CIBIL Report Mistakes

Every month your bank updates your CIBIL Report according to your financial performance. It is not an automatic system but banks need to enter the correct data to the system to update the report. Now there can be human errors anytime. We all have right to attempt mistakes after all. But unfortunately you pay for their mistakes.

When it comes to man made errors it can be anything like wrong personal details, wrong account details (especially when it is numbers), wrong amount (if there is a lot of zeros) or above all if two accounts overlay or exchange with each other by mistakes.

CIBIL Report Mistakes

Looking at these mistakes you can categorise these errors in two broad divisions:

  • Mistakes that belong to you

There are some errors or mistakes that actually are associated with you directly. Like mentioned the personal details or the account details can be recorded wrongly. Points that generate the errors:

  1. Personal details (like name, address, contact number, DOB, income tax ID, PIN and sometimes gender and so on)
  2. Account details (like account number, account type, loan type, opening and closing dates, balance, account status, asset classification and such)
  3. Payment details (like the number of zeros can be decreased or increased. Bank can enter 10000 instead of 100000 or vice versa)
  • Mistakes that does not belong to you

Now there are some mistakes that actually don’t belong to you, neither directly or indirectly. Banks have to update many a report in a day. It isn’t an easy task for them so it is common that two accounts can be mixed up. As for example your details or disputes can be added to someone else’s report by mistake just because the names are same or some other details are similar. This kind of disputes can also arrive on your report that you don’t have any idea about.

Accounts that Reflect in Your Credit Report

Steps to Correct the Mistakes

There are minimal steps that you need to follow to correct the mistakes your bank has done.

  • First of all get the CIBIL report (online or from your bank) and point out the things that are incorrect according to you.
  • The second step will be visiting the official CIBIL website to find the online dispute form.
  • Fill up the dispute form accordingly and carefully mention the mistakes / errors you have found in your final Report.
  • Wait for verification. The CIBIL will verify the details of your disputes / errors / mistakes with your bank after you file your case. The banks on the other will present the authentic details to the CIBIL for further investigation.
  • If your disputes come out as true that is the bank has made the real mistakes that affect your score then CIBIL will confirm you through email.
  • After the confirmation CIBIL will order the respective bank to rectify the issues as per the guidelines of CIBIL. You will soon get the error-free CIBIL Report from CIBIL.
  • If by mistake you filed a wrong dispute case that is bank clarifies that the disputes are not correct then CIBIL will let you know about it through email or text messages immediately.

How to Maintain a Good Credit History

Name on Defaulter’s list

This is something to worry about when you see your name is shinning bright somewhere in the defaulters’ list. But there is nothing much to worry as you can easily remove it with the help of CIBIL. This can happen due to three things:

  • Wrong spelling: file a case on CIBIL and it will be sorted by CIBIL itself.
  • Payment dues: you need to ask your bank about the dues clearance to remove your name
  • Unidentified issue: Banks will clarify the details with CIBIL identify the problem. If it does not belong to you your name will be removed.