June 22, 2024
How to Raise a Dispute When you Find Errors in your Credit Report

Did you wanted to apply for a personal loan and found that there are some errors in your Credit report? What will you do then?

If you continue to apply for the personal loan without resolving the errors, your CIBIL Score may stay lower. As a result, you may either not get the loan approval or get it at a higher interest rate.

It is because when you apply for a personal loan, a lender determines your personal loan eligibility while looking at your credit score. Hence, you need to ensure that it contains no errors at all for the loan approval.

Also, the key to getting lower interest rates on personal loan is resolving the Credit report errors. Don’t worry if you don’t know what steps to take as we are here to provide you with the required information. Read on!

Here’s how you can resolve credit report errors

  • Get a copy of your credit report

People finding errors in their Credit report should approach any of the three credit agencies in India. Such agencies are CIBIL, Experian and Equifax and you should ask for a copy of your Credit report. The operation of all these agencies is independent, and Credit report information may differ slightly. Thus, it becomes vital for you to ensure that the entered data and details in it are accurate.

  • Write to credit reporting agencies about the inaccuracy

If you think that there are some errors in your Credit report, you need to bring it to the attention of the credit agency. You can do that by sending a letter and later file an online dispute application as well. You should mention your address in the letter, and each incorrect item should be documented evidence. You should also include a copy of your Credit report and what you want to resolve should also be clear. Finally, you should also formally request the agencies to address the queries.

  • Wait for the responses from the credit agency

You have filled the online dispute application form and also sent the latter with all proofs. The credit agency should respond to it within 45 days. The bureau that will inspect your claim will contact the source and ask them to resolve the mistakes. If they have findings, they will notify about it to the agency. If the information is actually wrong, it will inform all there bureaus to do the correction of the errors. Now, the bureau whom you contacted first will send a response to you. It will send you the corrected version of your Credit report. You can also ask the agency to amend the same to anyone who assessed your Credit report in the last 6 months. Once you have issues resolved, you can enjoy low interest rates personal loan offers easily.

You can always get the Credit report errors corrected with ease when you have some documented proofs while making a claim. You can follow the discussed steps to rectify Credit report errors and then apply for the personal loan.

NBFCs provides pre-approved offers on personal loans, business loans, home loans, loan against property, EMI finance and more.

Such proposals are created to help a borrower go through the entire loan procedures hassle-free and faster.

You can check out your pre-approved loan offers after sharing some basic details such as name and mobile number.

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