How to dispute information on your credit report
It is crucial to immediately rectify errors/outdated entries in your credit report. Any delay only causes the problem to become more complicated and will affect your credit score. Below are some of the errors that might appear in a credit report in India, and suggestions on how they can be resolved.
1. Unknown name/address on report
You will need to inform the credit bureau immediately by formally filing a dispute. An unknown name or address might also be a sign of fraudulent activity. Someone might have opened a loan account using your personal information. Track your report periodically to make sure that the information is corrected.
2. Unknown outstanding loan/ payment
If you have paid your loan off in full but still see it as being current, you need to file a dispute to correct the error. Similarly, immediately inform the bureau if you discover any unknown loans which could be a sign of potential fraud. Credit Mantri can help you with filing a dispute with the concerned bureau and following up on the progress on your behalf until the issue is resolved.
3. Updating address details
You can do this in two ways. One, you can write to one of the 3 credit bureaus that issue a credit report in India - CIBIL™, Equifax, Experian and CRIF High Mark - and inform them of your new address. They will ask you for documents for proof of address.
Alternatively, you can inform all your creditors (banks/ NBFCs that you have borrowed from) and ask them to update the new address information in their records. Your new address details will be included when the lenders send your monthly report to the credit bureau and will be automatically updated.
4. Updating email address/ phone number
In both these cases, it is important to notify your lenders or the credit bureau of the change. Many times, the credit bureaus communicate to you primarily through email or SMS so it is important for them to have your current details. For instance, if they need your authorization to furnish your credit report to an employer or lender, they will contact you through the email address you have supplied. If you have requested a credit report, they will email it to you at the email ID they have in their records.
5. Wrong spelling of name on report
In this case too, you will need to notify the credit bureau and inform them of the correct name with documentary proof.
CreditMantri can help you with filing disputes in case of suspected fraudulent activity or coordinating with the credit bureaus to rectify administrative errors in your report. CreditMantri will file the dispute and track the progress of your complaint until it is resolved.