Yes, errors in credit report can lead to a bad credit score be it CIBIL, Equifax or Experian. This is why you are advised to check your credit report every half yearly or quarterly to avoid confusion and to improve and maintain a good CIBIL score. When a CIBIL report contains errors it is mostly because of the Credit report being incomplete or information not being updated properly or contains information about someone else.
An error is an information on your report which should not be there. This could happen because the information is not yours or incorrectly reported in your report. A few errors can be:
If your credit report has missing information, that doesn’t necessarily mean there is an error because all your information doesn’t necessarily have to be listed in your credit report.
What effect can errors have?
By having errors in your credit report, this could affect whether you will qualify for a product or not (credit card or a loan). But personal information errors don’t typically effect affect your credit score. But they could alert you to reporting an issue or even a fraud.
What should I do next when I find there is a fault in my credit report?
If you have found an error in your credit report, what to do next depends on what type of error it is. You can either talk to the bank which provided you a credit card / loan or take it up with the bureau. Alternatively, you can approach any credit management companies who help to resolve your issues by filling a dispute with the Credit Bureau which helps to speed up the process.
When will my dispute be resolved?
Once you have filled the dispute with the credit bureau and the banks, they need to follow up and investigate your dispute within 30-45 days on receiving the notification of the dispute. The credit bureaus have solved 70% of the disputes within 15-20 days.
Therefore it is important to dispute incorrect information on your credit report, because it will have a significant impact on your credit health and your financial future. In a few cases, this is one of the easiest way to make an impact on your credit score
A CIBIL score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A CIBIL Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL score or credit report for free.
It is important to know that there is no such thing as a CIBIL defaulter list. There used to be a defaulter list earlier,
To check your credit history, you should obtain a copy of your Credit Report. For this, you need apply to one of the three
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
It is possible to improve your credit rating or credit rating within a few months, depending on the state of your credit
A more relevant question is, “Is it advisable to get a loan with bad credit?” There is a chance you can get a loan if
It is important to remember that there is no instant quick-fix for increasing your credit score overnight or in a couple
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,