Inaccuracies in your CIBIL score or credit report are rare, but they do occur. Over time, your credit score will reflect the trends in your credit history. As with any other document, it is therefore extremely possible to receive an inaccurate CIBIL score.
Suppose you have paid off all of your bills, but when you check cibil score online, you find that your name is included among individuals who have defaulted on loans. If you desire to apply for a second loan, this could be a significant obstacle. Inaccuracies in your CIBIL score and report can be fixed if you know what to look for. Since there are no quick fixes for a poor CIBIL score, check it well before loan or credit payment deadlines. If you question your CIBIL report, the agency will follow its prescribed method, which could take time.
This article will teach you how to find flaws in your CIBIL report. Keep reading to find out more.
The first step is to obtain a copy of one’s credit report by going to the bajaj Finserv website and downloading it. Once you have obtained a copy of your credit report, check it for any of the following mistakes:
Personal details inaccuracies are the most common in CIBIL credit reports. In the CIBIL report form, the applicant must check their name, address, age, date of birth, PAN Card info, etc.
Duplicate applicant accounts are another prevalent issue. The applicant may have many bad credit accounts. This can impact candidates’ CIBIL scores.
Overdue is what you owe your loan or credit card company. Sometimes, loans you didn’t take are listed as overdue. You must examine the report attentively to spot any incorrect overdues, which can hurt your CIBIL score.
Make sure the numbers in the section on outstanding loans or the amount you owe are right. Loans must be accurate. Variations in the amount may lead to loan default.
Existing Balance Is Not Updated
Check if the applicant’s balance is up to date, as that is also an essential detail. This means that the CIBIL report needs to be amended to reflect the repayment of the outstanding balance. In most cases, a delay occurs between when payments are made and when they are reflected in a consumer’s credit report. These kinds of mistakes need to be identified and fixed as soon as possible.
In general, check your CIBIL report for wrong dates, amounts, and parties to confirm its accuracy. If you find any of the above issues, you must solve them immediately.
Additional Read: How Can You Apply For a Loan without Credit Score ?