Your CIBIL Score and Report are important factors in the loan application process. Hence, inaccuracies on your credit report can result in reduced chances of a loan approval. It is very important for every credit-active individual to understand the types of inaccuracies that can occur and what it means for their CIBIL Report. CIBIL cannot alter any credit information in your report unless authorized by the Credit Institution (CI).

Types of Inaccuracies

1. Inaccurate Current Balance or Amount Overdue

   On purchasing your CIBIL Score and Report, 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 CIBIL Score and Report within 30 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 credit report until the data is submitted by that lender. However, if the ‘Date Reported’ (the date the data was reported to CIBIL) 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.

2. 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 CIBIL Report which provides your complete credit profile. Ensure that you have provided accurate and updated details to your lender 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.

3. Ownership

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

   

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