Can I remove delay payment from CIBIL report?

 

Removing a delayed payment entry from your CIBIL report is not straightforward, especially if the delay is accurate. However, you can take the following steps to address inaccuracies or negotiate corrections:

 

1. Review Your CIBIL Report:

   - Obtain your CIBIL report from the CIBIL website.

   - Carefully check the report for any inaccurate information regarding delayed payments.

 

2. Contact the Lender:

   - Reach out to the lender or financial institution that reported the delayed payment.

   - Request a review of the entry, especially if you believe it is incorrect. They may provide you with a statement or a letter indicating that the delay was either corrected or should not be reported.

3. Raise a Dispute with CIBIL:

   - Log into your CIBIL account on their official website.

   - Navigate to the section where you can raise a dispute.

   - Submit a dispute form detailing the incorrect entry and attach any supporting documents (e.g., communication with the lender, payment receipts).

 

4. Monitor the Dispute Resolution Process:

   - CIBIL will forward your dispute to the lender for verification.

   - The lender will review the dispute and provide CIBIL with their feedback.

   - CIBIL will update your report based on the lender’s response, usually within 30 days.

 

5. Request a Correction from the Lender:

   - If the lender confirms that the delay was reported in error, they can submit a correction request to CIBIL.

   - Follow up with the lender to ensure they have taken the necessary steps to correct the information.

 

6. Seek proper Assistance if Necessary:

   - If you face challenges or the lender does not cooperate, consider consulting with a finance consultant for further assistance.

 

Additional Tips:

- Maintain Good Credit Habits: Regularly monitor your credit report, pay bills on time, and manage your credit responsibly to improve your credit profile over time.

- Keep Records: Maintain accurate records of payments and correspondence with lenders to support any claims or disputes.

 

While you might not be able to completely remove accurate negative entries from your credit report, addressing inaccuracies and improving your credit habits will help enhance your overall credit score in the long term.

How to write a complaint in CIBIL

 

Submitting a complaint is also a procedure of dispute so that you can remove or update inaccurate information mentioned in CIBIL (Credit Information Bureau India Limited), and this procedure has an extra benefit like attachment of supporting documents, elaborate the issue, rather than only raising a dispute to the CIBIL portal conventionally.

The detailed process of writing a complaint to CIBIL is discussed in detail below:

1.      Arrange your CIBIL report: The first step of this procedure is to arrange your latest CIBIL report, by which you can point out the inaccurate information reported in your CIBIL report. To get your latest CIBIL report, you should visit to CIBIL official website and after successfully logging in to the portal you can easily download your CIBIL report.

2.      Point-out inaccuracy: After getting the report, point out the wrong information, that is reported in your credit report.

3.      Arrange supporting details: It is advisable that you Arrange all the supporting documents as a proof against the inaccuracies mentioned in your CIBIL report. These supporting documents might be helpful to sustain as evidence that the information is absolutely wrong. These documents are likely the proof of payment details, bank statements, proof of your identity, or any correspondence with the lender or financial institution

4.      Go to CIBIL Official website: After the arrangement all the required documents, Go to the official website of CIBIL on the Internet.

5.      Go to the Complaint form: In the official website first click on “Support”, then follow this step-by-step procedure by going through “Click here to know your details” > “Click here” > Select “Consumer” / “Commercial” as per your report type > select the section for which you want to submit complain > click “Clicking here” > select “New Application” if you are doing complain for first time.

6.      Fill up complaint form: Now, fill up the complaint form by providing all the required details, and submit your words about the complaint.

7.      Attach documents: After filling up all the information, attach the documents like your KYC details, and supporting documents against the wrong information of your CIBIL report, and don’t forget to attach your latest CIBIL report. You can also attach any other documents if you want to.

8.      Provide your bank details: As per RBI guidelines, nowadays if you are doing any written complaint against CIBIL. Then, must share your bank details as if the lending institute cannot resolve your issue within 30 days, they should provide a compensation fee of Rs. 100/- per day count. So, along with your complaint documents it is necessary to provide your bank details also.

9.      Get the Confirmation: After successfully submitting your complaint, you will be notified by a “Service Request Number” against your complaint in CIBIL, it may also be sent to your registered E-mail Id. Keep it saved for further use purpose.

10.   Follow up the status: Next you should follow the status of your complaint, a regular reply from CIBIL will be sent to you in your registered E-mail.

11.   Review the results: Once CIBIL has completed all the investigation processes regarding the complaint you have submitted, they will remove the inaccurate information by updating it with corrected information or provide you an explanation if not rectified.

How to raise an online dispute in CIBIL?

 

Raising an online dispute to the CIBIL (Credit Information Bureau India Limited) is a process that allows you to correct any inaccuracies or discrepancies, that is reported in your credit report. Here’s a step-by-step guide on how to raise an online dispute with CIBIL very easily:

 

1. Obtain Your Credit Report

Before you want to raise a dispute, you need to have a copy of your latest credit report. You can get a free credit report once a year from CIBIL as free or request one through their website any time after your free report if you pay the subscription fees.

 

2. Identify the Error

Download your CIBIL credit report and carefully review your credit report to identify any inaccuracies or discrepancies. This could include incorrect personal details like incorrect Name, Date of birth, PAN number, Voter Id number, E-mail Id, mobile number etc. or inaccurate account information like any negative status or payment inaccuracies of your loans and credit cards or maybe a loan or credit card that never belonged to you, or missing accounts.

 

3. Gather Supporting Documents

Collect all the supporting documents that can help substantiate your claim against the inaccuracy, such as:

- Proof of payment

- Bank statements

- Account statements

- Any correspondence with the lender or financial institution

 

4. Log in to Your CIBIL Account

After gathering all supporting documents visit official website of CIBIL. Then Log-in to your portal by filling up required details (user-id & password).

 

5. Navigate to the Dispute Section

Once logged in go to the “Credit Report” section. Find and select the option for “Dispute Resolution” or “Raise a Dispute”.

 

6. Select the Issue

Choose the section against which you want to raise a dispute. Then select the type of dispute you want to raise. This might include inaccuracies in personal details, account information, or loan records. Provide details about the specific error or discrepancy (if required).

 

7. Fill in the Dispute Form

Complete the online dispute form by providing detailed information about the issue and your bank details for a compensation fees refund.

 

8. Submit the Dispute

Review the information you’ve entered to ensure that the dispute was raised is true and correct. Then submit the dispute form.

 

9. Receive Confirmation

After submission, you should receive a confirmation in your registered email or notification from CIBIL acknowledging receipt of your dispute details and dispute id. This may include a reference number for tracking the status of your dispute.

 

10. Monitor the Status

You can track the status of your dispute through your CIBIL account anytime by logging in to your CIBIL portal. CIBIL typically takes 30-45 days to resolve disputes, during which they will investigate the issue with the concerned financial institution and try to resolve your issue at the earliest, only after getting confirmation from that financial institution.

 

11. Review the Outcome

Once the investigation is complete, CIBIL will update your credit report with the corrected information or provide an explanation if the dispute was not upheld. Review your updated credit report to ensure the issue has been resolved.

 

12. Follow Up if Needed

If the dispute is not resolved to your satisfaction, you may need to follow up with CIBIL or escalate the issue through their customer service.