Before applying for a new loan or a credit card, experts advise on checking your CIBIL score first. This serves two purposes – you can get an idea about your creditworthiness and you can identify errors or discrepancies in your report, if any. 

A high credit score implies that you are a responsible borrower and improves your chances of getting approval on your loan. Conversely, a poor score implies irresponsible credit behavior and hurts the chances of you getting your loan on favorable terms.

Here is how you can correctly read your credit report:

Your credit report is a detailed summary of your credit history. It includes credit accounts, credit cards and other types of credits availed. Your credit report also comes with your credit limit, payment history, account balance, loan statuses and more. If you have made new credit enquiries, your credit report will also have its detailing. 

What details do your CIBIL reports include?

Details like personal details and account information, public records, and enquiries are included in your CIBIL report. 

What is a CIBIL report mistake?

Sometimes, your credit score may remain lower despite paying your loan and other EMIs on time. What could be the possible reasons? 

It could be because of possible errors on your credit report. It is where it becomes vital to go for the CIBIL report correction. 

It is possible to file a correct request with CIBIL and even check out CIBIL dispute status online. 

How to go for CIBIL report correction easily?

The steps for the credit report correction is easy. Let’s take a quick look at those steps: 

 

  • Retrieve your credit report 

 

The first thing is to download your credit report via downloading your credit report. It is the first step towards clearing your CIBIL problems. 

 

  • Check your credit report to spot the problems

 

To proceed with credit rectification, you need to check out your credit report with utmost care. You can get started by checking the status of your credit accounts. Here, you will see that each account has a tag next to it. If you have settled dues for an account, you will now see a closed tag. On the other hand, your current debts will be marked as open. You should spot any incorrect entries and report them. 

 

  • Report problems to CIBIL 

 

In your quest to go for a CIBIL report correction, you have to initiate the dispute resolution process on the CIBIL website. All that you have to is follow the steps mentioned on the CIBIL page. It will help you dispute your CIBIL. You should complete the resolution form and brief about issues you want CIBIL to verify. You should authenticate your claims after the submission of the vital evidence and submit your form, along with all documents. 

 

  • Wait for the verification 

 

When you report your CIBIL issues, the authority is likely to respond to you within a period of 1 month. The time is taken to investigate your claims. To go ahead and verify your claims, CIBIL may get in touch with your lenders and you. It is for cross verification. Once a thorough verification and assessment are made, CIBIL authorities the vital corrections. In turn, your report, as per the corrected data, will be updated. This way, your CIBIL score will get improved and get faster loan approval at a lower rate. You can also land on the CIBIL site to know about your CIBIL dispute status online. 

You are now aware of the correct CIBIL interpretation and steps to correct mistakes, if any. It is essential to keep your credit score updated and higher to get hassle-free loan approval at a lower rate.