CIBIL Credit Report Checklist: The Complete Guide

Lack of updated information, errors in user’s details, mistakes made by lenders, suspicious activity, or identity theft- all can be detected from your CIBIL report. These factors can also become a hindrance when it comes to acquiring a loan or a credit card if you overlook the report in detail.

To avoid any such situation, it is advised that you take a look at your CIBIL report at least twice a year. The habit of checking CIBIL reports timely can prevent you from any shortcomings related to credit score, loan approval process or getting a credit card. 

Even though going through the whole report is necessary, there are 4 major points that you should focus upon. In this blog, we will explain to you those key points you should keep in mind when checking the credit report. 

CIBIL Credit Report Checklist

Credit Report check

Credit reports can be checked twice a year for getting a look into how one is performing. The report is the amalgamation of one’s credit history, past repayment practices, personal/financial information, etc. Hence, when you get your credit report, take a closer look at it and follow this CIBIL Credit report checklist religiously-

  • Read the whole credit report thoroughly
  • Check any outstanding balance left against credit cards or loan EMIs. Sometimes, even after paying the credit amount, there are chances that the bank might have missed sharing the updates with the credit bureau, or the credit information company might have missed or is yet to update your credit report. Thus, it is advised to get the information updated to avoid any negative impact on your credit score
  • Examine the report in detail and in case of finding any error in personal data, address, outstanding balance, and others connect to your creditor first or raise the dispute with the credit bureau to the earliest
READ MORE: Increase your Credit Score- 9 Best Practices to Follow

Identity theft 

The next major point in your CIBIL Credit report checklist is to see if there is any minor or slight change made in your identification details. In case, if you have figured out the change in your identification details, be sure that it is a matter of theft. Take for example- the report states that you have applied for a loan but in reality, you haven’t. This means someone else might have operated your account, used your information, and applied for a loan! 

To know if you are on the right path of detecting the theft or not, keep in mind the below-mentioned points- 

  • Look for inquiries that have/haven’t been initiated by you
  • Any default or late payments you haven’t made
  • Check any loan account which was not opened by you
  • Any change in the identification information like address or personal details
  • New or wrong phone number updated

In case if you have detected any malicious activity or issue in the credit report, you are supposed to report the same to the credit bureau apart from notifying your respective bank.

Verification of Account Information

Even a minor change that you have not initiated when highlighted in the credit report can cause great harm. To avoid falling into a situation where you might unintentionally hurt your credit score and lose the chance of acquiring a new loan or credit card, here are some of the ways to not fall under the trap- 

  • Properly reviewing the account be it the credit card account or loan account
  • Check your payment history, credit limit, current balance and others
  • Make a list of the inactive and closed accounts
  • Track all the late payments and the negative remarks made against them
  • Keep all the paperwork related to your a/c organized and handy
READ MORE: Credit Card Eligibility Conditions

Dispute Resolution 

In case you have detected any error, fault or action that has not been commenced by you after reviewing the credit report properly, it is advised to take action as soon as possible. 

Taking an action against anything suspicious, error or resolving the issue is called CIBIL dispute. Here is how you can raise the dispute resolution- 

  • Login to the CIBIL website
  • Navigate the ‘Credit Reports’ section, find ‘Dispute Center’, and click on the ‘Dispute an Item’ option
  • Select the dispute type
  • Submit the issue in brief

Generally, CIBIL authority takes 30 days to resolve the issue. Make sure you are well-equipped with all the proof before filing the complaint.

FAQs
Is 650 a good credit score?
A credit score closer to 900 is considered the best, however, a score less than 750 and somewhere closer to 650 is considered fair.
What is a CIBIL dispute?
The process of fixing credit report errors is known as the CIBIL dispute.
What are the types of CIBIL reports?
CIBIL report is divided into two parts-
  • Individual Disputes

Issues in an individual’s CIBIL report that are related to his/her personal information, name, DOB, address, PAN, duplication of accounts, amount overdue, and others are called individual disputes.

  • Company Disputes

Any issue highlighted in the Company Credit Report is called a Company dispute. These issues can be identified from incorrect ownership details, account duplication, data inaccuracies, and others.

How long does it take to resolve a CIBIL dispute?
It takes around 30 days to resolve the dispute after submitting the issue in brief.
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