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Cibil data not updated? Your recourse

Wednesday, November 20, 2013 by Rajiv Raj

cr117n17When a popular public sector bank started the teaser rate for car loans, InderSakpal, a Mumbai-based banker was among the early birds to apply for a loan. He was in for a rude shock when his loan was rejected for overdue of two loans, which he had closed about a couple of years ago.

"By god's grace I had kept the copy of no-due certificate safe. I scanned it and wrote to Cibil and also got in touch with the bank, which had given me a loan. I had to really follow up with Cibil and the bank to update the loan closure details," said Sakpal.

Cibil, India's leading credit information bureau collects data from banks across country. So the basic source of information is banks. Many a times there is a time lag when it comes to banks updating information of its customers. So here are the following common problems people faced while pulling out their credit report:

  • Problem: Spelling mistakes in name, age, date of birth, address, telephone number and mobile numbers
    • Recourse: Write to Cibil. You could attach a scanned copy of your id or address proof if need be. In most cases Cibil will get back to saying which particular bank has given information to you, you will have to get in touch with that bank to update the Cibil records.
  • Problem: Loan or credit card, which you do not hold.
    • Recourse: Raise a dispute on Cibil. Typically Cibil will take 4-5 weeks to find a solution.
  • Problem: Report claims that your loan or credit card account is overdue.
    • Recourse: Write to Cibil and attach a scanned copy of the no-due certificate. Make sure you get in touch with the bank to close the account and ensure that the bank updates your record with Cibil.
  • Problem: Neither bank nor Cibil responds to your queries.
    • Recourse: Write to Reserve Bank of India banking ombudsman. Attach the copies of your correspondence with Cibil and your bank.

Where there is data, they are prone to errors. So having something wrong in your credit score is no big deal. Do not fret if you spot a mistake in your Cibil score. Creditvidya.com has always advised its customers to regularly check their credit score to ensure it is error free and so that they do not lose out on precious time while applying for a loan.

Curious about your credit score. Do a free quick check in 3 easy steps with our Score Planner

MadanRajiv Raj

Rajiv is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India’s first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.

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