There may be a discrepancy in your credit report as a consequence of an error made by the agency or if you submitted wrong information. A credit report error may have a negative impact on the CIBIL score. Any mistakes in your credit report must be discovered and corrected since they might harm your creditworthiness. If you find an inaccuracy on your credit report, inform your lender and submit a dispute. If you do not notify the credit agency, the inaccuracy will remain on your credit record and have a negative impact. Sometimes an inaccuracy in your credit report occurs without your knowledge, resulting in a poor CIBIL score. As a result, it is prudent to monitor your credit score and report any inconsistencies in your report on a frequent basis.
Types of Errors in CIBIL Report
There can be various forms of errors that can be found in your credit report. These errors can lower your CIBIL score without your knowledge. Therefore, it is important to keep a check on your credit report to avoid such errors. Some of the most common types or errors that can be found in a credit report are as follows:
Incorrect Account Tagged
There can be a scenario where an account that you don’t own might appear on your credit report. This can either be a result of any clerical error or it can be a case of illegal identity usage.
In such an error, wrong information can be displayed on your credit report lowering your CIBIL score. Any typing mistake in your name, date of birth, address are all common errors and can be rectified.
Days Past Due(DPD)
Your payment is past due if DPD displays anything other than ‘000’ or ‘XXX.’ If you paid the payment but DPD still shows an amount greater than ‘000,’ the lender or credit agency made a mistake. To fix any errors, simply fill out an online dispute resolution form. The credit agency will correct the error after verifying it with the original facts. Make sure you provide accurate information when checking your credit score.
Closed Account Error
Even if you have paid off your credit card, this mistake may remain on your credit record. In this instance, the lender is unlikely to notify the CIBIL bureau. To correct this inaccuracy, locate the closed account on your credit report. You can also check with your lender to discover if the account closure was reported to the credit bureau. If the account has not been cancelled, provide the necessary details and receive a No Objection Certificate (NOC). It will be deleted from the report whenever the bureau gets new data.These are some of the common errors that can be present in your credit report and lower your CIBIL score. Therefore, it is important to make a CIBIL score login in order to be able to regularly check your credit report and score. By doing so you can always check your report to make it free from any kind of errors that can have a negative impact on your overall credit score.