Credit Report

How to Fix an Error in Credit Report

One may know the importance of a good CIBIL Score in one’s life. It is one of the first parameters to judge your ability whether you will be able to pay back your taken loan on time or not. Sometimes it may happen that one may not have a good due to some mistakes committed in the past due to which you are not able to apply for any fresh loan or a credit card. To improve or raise your credit score, it is advisable to check your CIBIL Score on a regular basis to check whether there are any error or signs of fraud. Upon checking, if you discover that your credit score is plunged it is important to double recheck then to find its root cause and  how you will be fixing it and even if your credit score remains consistent and error-free then also one may should review his full credit report once a year and make sure everything looks accurate.

Make sure you double check following things in your Credit Report            

1) Your incorrect personal information including name, address, date of birth, contact number etc.

2) Check if duplicate accounts have been created in your name by the credit bureau.

3) Check for incorrect statements of missed or late payments made by you.

4) Check all the information or accounts pertaining to your ex-spouse

5) Review the list of credit inquiries you have made till the date to find in case your credit report contains an unauthorized inquiry. It is important to find out as it may bring down your credit score.

Credit Report

How to Fix Errors In Your Credit Report?      

Follow these steps to fix errors in your credit report

Step 1: Check Your Credit Report: Firstly, check your complete credit report by requesting a free copy of it from the available credit bureaus available in India. For example CIBIL, Experian, Equifax, and Crisil Limited.

Step 2: Review Errors in Your Credit Report: Carefully review your credit report to find any mistakes or errors and also check whether the information is accurate or not.

Step 3: Document the errors: Always keep the evidences ready to show your lender to prove that your debts are well settled. You must be ready with the facts to present that why you disputed the information and a request to correct the same. However, it is advisable to enclose a copy of your report with the disputed information.

Step 4: Wait for an answer: If you are successful, the credit agency will send you a complete written lettern alongwith a free copy of your report, showing the change as requested by you. If not, wait for 30 to 90 days to investigate the same to resolve your issue. And, in case if still, you are not satisfied with the response you received, you may again file a re-complain after some time.

It is very important to note that checking your credit report regularly is important to fix the errors if it has as not doing this on a regular basis will lower down the credit score that will trouble you when you apply for loans or credit cards. You will notice a significant change in your credit report after removing or rectifying the negative errors in it within the right time.

Related Article: How CIBIL score impacts your home loan?

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