You decide to go for a personal loan in an urgent situation and you apply in HDFC for a HDFC personal loan, you gave made all your payments on time in the past and are confident on having a good cibil score but your application gets rejected and you wonder why? Then you are told that your cibil scores are bad.
What do you do? You file a credit dispute on your credit statement and get things right.
In India there are four licensed companies by the Reserve Bank of India which act as credit information bureaus.
Credit Information Bureau (India) Limited (CIBIL)
Established in the year 2001 is the oldest of the credit bureaus and most practiced compared to other companies. Many Indian banks prefer a CIBIL score check over other Bureau companies. They use a three digit numbering system and they range between 300 to 900 and more the score you have more the chances of getting a speedy loan.
Also we have Experian, Equifax and Highmark which were licensed by the Reserve bank of India in 2010.
If you find any inaccurate or any information which is not verified, you can file a dispute and the investigation may take from thirty to forty five working days. It may take long depending on the situations to situations and also the length of the investigation. The investigation might get done but if you find the results not fair and satisfactory you can definitely resubmit your dispute.
Review Your Reports of Credit
The very first thing which you need to do is to note if you have any problems in your credit report. You can opt for a free credit report (By CIBIL) by paying a nominal charge and get the reviews done. You will be to see if any wrong entry is been made and you can rise for a dispute.
Submission of Dispute
Be very specific on the reason of disputing in your report. There can be ample reasons like it won’t be your item in the report, it would falsely report as late, the account balance shall be wrong, the dates shall be wrong and so on. It is always suggested to attach proof for your claim so that you save on time and the process gets over in no time.
Review Your Results
Once you get the results it’s time to analyze the report. There can be two ways if your dispute was successful or it wasn’t. If the dispute is successful you can analyze the new updated score and how it would affect your chances of getting a loan. Though you can opt for a loan with a bad cibil score but the interest would be high as compared to the reputed bank offerings. If the dispute is unsuccessful they will notify you on the same.
Resubmit Your Dispute
If you are not satisfied with your dispute, you can resubmit the dispute and this may take a lot of time and this time you will have to seek professional help in terms of filing a re-dispute. If you are seeking outside help for the same, always vet the companies carefully before shortlisting them. Once you file another dispute, the bureau has 30 days to do an investigation and come up with the information. This time let’s hope we get the information right which we were seeking in the first place.
Always generate your cibil scores frequently and check if anything is wrong on the report and motion the dispute so that in an hour of emergency you do not get stuck in such blunders and have to wait for months for results.
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