Correcting Errors in Your Credit Report: Why It Matters

Kokila Chokkanathan
Your credit report reflects your financial behavior, including loans, credit cards, and repayment history. Errors in it—like incorrect balances, duplicate accounts, or wrong personal details—can lower your credit score, making it harder to get loans or credit cards at favorable rates.

The good news: You can dispute mistakes and have them corrected, often within 30 days.

Step 1: Obtain Your Credit Report

· In India, you can get your credit report from major credit bureaus like CIBIL, Experian, Equifax, and CRIF High Mark.

· You are entitled to one free report per year from each bureau.

· Check for:

o Personal information errors (name, date of birth, PAN)

o Account errors (wrong balances, missing accounts, incorrect overdue amounts)

o Fraudulent activity

Step 2: Identify the Errors Clearly

· Highlight specific discrepancies. Examples:

o Loan marked as overdue but paid on time

o Credit card limit incorrectly reported

o Duplicate entries for the same loan

· Take screenshots or note references for all discrepancies for your records.

Step 3: Raise a Dispute with the Credit Bureau

· Go to the credit bureau’s official website.

· Locate the “Dispute Resolution” section.

· Submit a dispute form including:

o Your personal details (name, date of birth, PAN, contact)

o Details of the account/report with error

o Explanation of the error

o Supporting documents (payment receipts, bank statements, letters from lender)

Step 4: Contact the Lender/Bank (if necessary)

· Sometimes, the credit bureau may refer the dispute to the lender.

· Send a formal written request to the lender for correction.

· Include copies of proof documents supporting your claim.

· Keep acknowledgement receipts for all communications.

Step 5: Monitor Progress

· Most credit bureaus resolve disputes within 30 days.

· You will get a notification once the correction is made.

· Check your updated credit report to confirm corrections.

Step 6: Follow-Up if Needed

· If the issue isn’t resolved within the stipulated time:

o Contact the credit bureau’s grievance cell

o Escalate to the Ombudsman or RBI if necessary

Tips to Prevent Future Errors

1. Regularly check your credit report at least once every 6 months.

2. Keep proof of loan payments, EMIs, and card settlements.

3. Ensure your personal details are accurate with banks and lenders.

Correcting credit report errors promptly ensures you maintain a healthy credit score, giving you access to better financial opportunities.

 

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.

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