New Delhi. Credit report is like a person’s financial identity. Banks and other financial institutions see it only when you apply for a loan, credit card or any kind of credit. But if any wrong entry like missed payment, fake loan account or unknown inquiry is recorded in your report, your credit score may fall. This directly impacts your loan approval and interest rates.
step 1
This is the first step in correcting the mistake. Download and check your credit report carefully. In India, 4 major credit bureaus including CIBIL, CRIF High Mark provide free reports once a year. Check every line of the report, personal details, loan account, outstanding amount, status of closed accounts, everything. Wherever you see any problem, mark it.
Step 2
After this, collect proof of the relevant mistake, such as bank statement, loan settlement letter, canceled check or any official document. This strengthens your claim.
Step 3
The third step is to file an online dispute with the credit bureau. Visit the Bureau’s website and fill the form, mark the mistakes and upload your evidence. There is no charge for this.
Step 4
Many times the mistake happens on the part of the bank or the loan giving institution, in such a situation they should also contact them and demand rectification.
Step 5
After the dispute is registered, the Bureau usually completes the investigation within 30 days and receives a reply from the bank. Once the investigation is complete, you are informed of the results. Download the report again later to make sure the improvements have been made.
Step 6
Experts recommend checking your credit report at least once a year. Even a small mistake can cause huge financial loss, so it is important to be cautious and protect your financial reputation.
