The CIBIL report can be used to check the outdated information, errors in user details, mistakes made by lenders, suspicious activity, or identity theft. If you ignore the report in detail, the aforementioned factors can become a hindrance to acquiring a loan or a credit card.
To avoid such a situation, it is advised to review the CIBIL report at least twice a year. The practice of checking CIBIL reports on a regular basis can help you avoid problems that are related to credit score, loan/credit card approval process.
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 the key points you should keep in mind while reviewing your credit report.
Credit Report Checklist
Credit Report check
Credit reports can be checked twice a year to see how one is performing. The report is a compilation of one’s credit history, previous repayment practices, personal/financial information, and so on. As a result, when you receive a credit report, examine it carefully and follow the guidelines outlined below-
- Read the entire credit report carefully
- 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 thoroughly, and if you find any errors in personal data, address, outstanding balance, or other areas, contact your creditor first or file a dispute with the credit bureau as soon as possible
The next step is to check if there have been any minor changes made to your identification details. If you have discovered a change in your identification details, you can be certain that it is the result of the theft. For example- The report indicates that you have applied for a loan, but you have not. This means that someone else might have accessed your account, used your information and applied for a loan in your name!
Keep the following points in mind to determine whether you are on the right track of detecting theft or not. –
- Look for inquiries that you initiated or did not initiate
- Any default or late payments you haven’t made
- Check any loan account that you have not opened
- Any changes to identification information, such as address or personal information
- Updated phone numbers that are either new or incorrect
If you discover any suspicious activity or issue in your credit report, you must report it to the credit bureau in addition to notifying your bank.
Verification Of Account Information
Even a minor change that you have not initiated when highlighted in the credit report can cause significant damage. To avoid falling into a situation where you may unintentionally harm your credit score and lose the opportunity to obtain a new loan or credit card, consider the following:
- Examining the account thoroughly, whether it is a credit card or a loan account
- Examine your payment history, credit limit, current balance, and other factors
- Make a list of all the accounts that are no longer active or have been closed
- Keep track of all late payments and any negative remarks made about them
- Keep all of your account paperwork organized and accessible
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.
CIBIL dispute refers to taking action against anything suspicious. Here’s how you can get involved in the dispute resolution process:
- Go to the CIBIL website and sign in.
- Navigate to the ‘Credit Reports’ section, then to the ‘Dispute Center,’ and then to the ‘Dispute an Item’ option.
- Choose the type of dispute.
- Submit a brief description of the problem.
In most cases, the CIBIL authority takes 30 days to resolve the issue. Before filing the complaint, make sure you have all of the necessary evidence.
- Individual Disputes- Individual disputes are 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.
- Company Disputes-A Company dispute is an issue that has been highlighted in the Company Credit Report. These problems can be identified by incorrect ownership information, account duplication, data inaccuracies, and other factors.