Did you know that people facing credit report issues can now approach the Reserve Bank of India (RBI) ombudsman and get a final resolution? A credit report is a breakdown of your credit history, and if you find something wrong with it, you can approach the credit bureau or RBI to have it rectified.
What is a Credit Report?
A credit report is a detailed breakdown of credit history, prepared by the credit bureau. The credit bureau gathers financial information about a person and compiles reports based on that information. Lenders use the reports in addition to other data to determine a person’s creditworthiness. Employers, insurance companies, and landlords check credit reports.
What Are Credit Report Issues?
Credit report issues are common. These range from incorrect personal details to wrong credit accounts. The errors can affect the credit score thereby hindering the chances of obtaining credit card or loan approval. Therefore, it is important to understand how to rectify errors in a credit report.
How to Contact RBI to Resolve Credit Report Issues?
You might encounter situations where your credit score has suddenly dropped, and the credit bureau hasn’t informed you of the reason. It may also happen that a loan you haven’t taken has suddenly appeared on the credit report and the credit bureau has advised you to approach a financial institution for resolution. In such situations, the Reserve Bank of India can be approached, and you can file a complaint against the credit bureaus if they fail to resolve your issues in a timely manner.
Customers can file online complaints:
- Via email at [email protected]
- Through post to the ‘centralised receipt and processing centre’ in Chandigarh
- By phone on the toll-free number 14448.
How to Raise Credit Report Issue with CIBIL?
- Login to CIBIL dashboard
- Refresh your CIBIL score & report
- To raise a dispute, you will need your bank account details. Multiple disputes can be raised simultaneously.
- Wait for NBFC/bank response
What Information is Contained in a Credit Report?
| Elements | Information |
|---|---|
| Personal information |
|
| Credit accounts |
|
| Credit inquiries |
|
| Public records |
|
Types of Errors in Credit Reports
| Category | Common Errors |
|---|---|
| Identity-Related |
|
| Balance-Related |
|
| Account-Related |
|
Please note that information updates can take about two months to process. Consequently, recently opened accounts (within two months) are likely to appear on the report. Additionally, accounts may show incorrect balances if they haven’t been updated yet.
Disclaimer: Nothing on this blog constitutes investment advice, performance data or any recommendation that any security, portfolio of securities, investment product, transaction or investment strategy is suitable for any specific person. You should not use this blog to make financial decisions. We highly recommended you seek professional advice from someone who is authorised to provide investment advice.
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