How to Check Your CIBIL Score for Free and Resolve Errors in It?

When it comes to loans and getting approved for them, the credit score or the CIBIL score plays an important role. A credit score is a three-digit number between 300 and 900 that indicates a borrower’s financial health and ability to repay a loan on time. The closer a borrower’s CIBIL score is to 900, the better the borrower’s financial standing and chances of getting approved for a loan on favourable terms and conditions. TransUnion CIBIL is a preferred credit information bureau in India and the credit score it assigns borrowers is known as the CIBIL score.  

A borrower’s credit score or CIBIL score is calculated based on their credit report, which shows a borrower’s past repayment behaviour, such as the number of loans they already have, the loans they have paid off, the new credit card applications they have made, the loans they have been approved and rejected for, and the kind of loans they already have.

All lenders check a borrower’s credit report before they take a call on their loan application as well as the loan terms and conditions to be extended to a borrower. Lenders and financial institutions furnish information about borrowers who are repaying their loans to these credit agencies. Sometimes, wrong information may get passed to credit rating agencies and credit information bureaus, resulting in inaccurate CIBIL scores.

Borrowers must, therefore, check their CIBIL report once every few months and make sure that there are no errors in it. Before we discuss the types of CIBIL errors and how to resolve credit report errors, let us look at how to check one’s CIBIL score for free.  

How to Check Your CIBIL Score for Free?

These days, many websites allow borrowers to check their CIBIL score for free. The process is simple, go to the website offering this service for free. You will be required to share a few details about you, such as your name, email address, income, and PAN details, to fetch correct credit score details. Then, you will be shown your CIBIL score instantly. However, if you want access to your CIBIL report, you will have to contact TransUnion CIBIL. In this case, based on the subscription plan you choose and the number of times you wish to get your credit report in a year, you will be required to pay a small fee. 

Also Read: Why is it Important to Check Your Credit Report and How Often? 

Common CIBIL Report Problems and Types of CIBIL Errors

Inaccurate Current Balance

This is the most common CIBIL report error. TransUnion CIBIL produces CIBIL reports every month. However, the borrowers get their CIBIL reports 45 days after requesting them. Thus, sometimes, even when a borrower has cleared all payments before the due date, the last payments made are not reflected in the report. This error will be resolved once TransUnion CIBIL updates your credit report.  

Incorrect Account Details

Due to inaccurate details, your CIBIL report may show details that do not match the details on your PAN Card or other ID proof. Disputing inaccurate details with CIBIL is important as errors can harm your credit score, affecting loan approvals and interest rates. Correcting these errors ensures accurate financial representation, increases future financial opportunities, and provides a fair chance at credit assessment.

Duplicate Accounts 

Sometimes, a borrower’s CIBIL report reflects multiple loan accounts. This can again hamper a borrower’s CIBIL score as well as their ability to avail of a loan. Therefore, a borrower must report this error immediately.  

Ownership Issues

Sometimes, credit reports reflect the wrong balance loan amount. Your credit score may show an amount much higher or lower than you currently owe. If this is the case, report the error to TransUnion CIBIL immediately.  

Also Read: A Helpful Guide to Understanding Your Credit Report 

How to Resolve Credit Score Report Errors?

Resolving credit score report errors is easy. Borrowers can rectify errors by filing an online dispute form on TransUnion CIBIL's website. While filling out this form, the borrower will need to provide their control number, which is a nine-digit number that one can find on their credit information report. Once TransUnion CIBIL receives your online dispute form, they will contact the concerned bank or lender and ask them for clarity on the complaint filed by you. Once CIBIL receives an answer from them, the applicant is notified through an email. If the applicant is satisfied with the answer provided, the query is resolved and the credit report is updated and sent again to the applicant or the borrower. However, if the applicant is not satisfied with the answer, they can initiate another CIBIL dispute request.

Borrowers and credit users should understand that CIBIL cannot make any changes to a credit user’s report without seeking clarity from the concerned bank or lender. Therefore, updating CIBIL report errors takes time. This is one of the reasons why borrowers are asked to check their CIBIL score/report often and report errors as soon as they are detected.  

Please be informed that CIBIL takes approximately 30 days to resolve disputes and it will take another few weeks for the changes made to reflect in your credit report. So, if you are planning to apply for a housing loan soon, check your CIBIL report and make sure your CIBIL score has no errors and is in the good range.