Inaccuracies that can occur on a CIR/CIBIL Report…

Inaccuracies that can occur on a CIR/CIBIL Report…

It is important for individuals to understand the various types of mistakes that can occur on a CIR because unnoticed inaccuracies can often result in reduced chances of a loan approval. Some of these are:

• Inaccurate current balance or amount overdue Credit Institutions generally submit data to CIBIL within a span of 30-45 days and if you happen to purchase your CIR within 45 days of your last payment of dues, it may not be updated. This leads to reflection of inaccurate current balance or amount overdue in your CIR. However, if the ‘Date Reported’ (date on which data is submitted by that lender) associated with that account is older than 2 months, and the payment made is still not reflecting then you can raise a dispute by clicking here.
• Incorrect personal details Credit Institutions submit details of your credit account along with your personal information such as name, address, date of birth, PAN etc. CIBIL then creates your complete credit profile on the basis of these details. Hence it is important to update your Credit Institution everytime there is a change in your personal information as incorrect personal details may lead to a wrong CIR being generated.
• Ownership If either some of the personal details or one or more accounts / inquiries on your CIR does not belong to you.

Click here to initiate the dispute resolution process