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Types of Credit Report Errors & How to Fix Them

Reviewing your credit report regularly is an important to efficiently manage your personal finances. You should monitor your credit report periodically to keep yourself updated and check for errors. If you witness any minor or major errors, you need to resolve them at the earliest by raising a CIBIL dispute online at CIBIL’s portal. Any minor error, if not checked and rectified for a long time, can lead to a steep fall in your credit score. It can further negatively impact your creditworthiness and shall become a hindrance in your loan approval or even disqualify you for availing loan or credit card related benefits.

Therefore, to maintain a healthy credit score, you should check your free credit report online and resolve the errors, if any. In this article, we shall discuss various types of credit report errors and measures to resolve them.

Types of Credit Report Errors

Common credit report errors that you need to monitor are as follows:

Personal Information Errors

  • There could be mistakes or mismatched information related to your identity information, such as your full name, address, contact details, etc. (Check for Typo Errors as well)
  • Mixing your account details with another person who has a same name or similar name

Account reporting errors

  • Open accounts reported, as closed or vice versa
  • Incorrect details of date of last payment, account opening or date of first delinquency
  • Incorrect dates of late payments
  • Wrong balance details
  • Seven-year-long-debt or older

Balance Errors

  • Mismatched information related to overdue or paid amount
  • Incorrect credit limit listed with your accounts

Fraudulent/Duplicate accounts or transactions

  • Unknown accounts or transactions in your name
  • Same debt listed multiple times under different names or creditors

What to do if you notice errors in your credit report?

Once you identify an error in your credit report, you should immediately notify your concerned credit bureau via phone, online or by writing.

Follow the below discussed steps to resolve your credit report error.

  • You can directly contact the Credit Information Company (CIC) or write an email
  • In the case of TransUnion CIBIL, you can raise a CIBIL dispute via filling an online dispute resolution form at CIBIL’s portal
  • Explain them the mistake in detail and tell them regarding the error
  • Include your contact information in the communication, if in case they want to connect with you
  • Contact your financial institution or lender regarding the same and provide the correct information for them to provide to the credit bureau
  • After you have raise a dispute with the bureau, the dispute shall be investigated in the defined timeline
  • The credit bureau or the lender may contact you for the verification process
  • After the successful assessment, the bureau will initiate the necessary corrections and will rectify your credit report.

TransUnion CIBIL Customer Care

Toll Free No: (+91) 22-6140-4300

Email Address: info@cibil.com

Contact Address:

TransUnion CIBIL Limited

One World Centre, 19th Floor, Tower 2A,

Senapati Bapat Marg, Elphinstone Road,

Mumbai – 400 013

Conclusion:

Being disciplined with your finances by making timely payments and maintaining your financial health by regularly checking your credit score frequently are the practices that shall definitely help you in availing credit facilities, such as loans or credit cards at lower interest rates and processing fees.

As per the RBI, consumers or applicants are entitled to get one free credit report from each of all the four credit bureaus per year. Therefore, you can check and download your free credit report online from all four credit bureaus, named as TransUnion CIBIL, Equifax, Experian and CRIF High Mark and avail credit benefits.

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