Four credit information bureaus operate in India and of these, TransUnion CIBIL is the most popular. The credit score assigned to borrowers by TransUnion CIBIL is known as the CIBIL score. In India, the words credit score and CIBIL scores are therefore used interchangeably. The higher one’s credit score or the closer it is to 900, the better their chances of getting approved for a loan or a credit card.
Sometimes, by mistake, banks and NBFCs pass on the wrong information to credit information bureaus or credit rating agencies. This misinformation could be related to a borrower’s identity or repayment history. Errors in CIBIL reports can make it difficult for lenders to identify borrowers. Similarly, they can also negatively impact a borrower’s CIBIL score or CIBIL rating. Credit users must, therefore, check their CIBIL report from time to time for errors and do everything to make sure they have a good CIBIL score.
Also Read: Easy Ways to Maintain a Good Business Credit Score
Before we get to what borrowers can do to get mistakes eliminated from their CIBIL report, let us understand the different types of errors one can find in their CIBIL report.
Common CIBIL Report Errors – 6 Ways in Which Your Report May go Wrong
1.Errors Related to One’s Personal Details or Identity
The information about you on your CIBIL report helps borrowers identify you. Errors related to name, date of birth or email ID can make it difficult for lenders to access your report. In this case, a lender will receive a loan application from you and enquire about you. Unfortunately, due to the error in your report, they will be unable to get access to your CIBIL report and CIBIL score which will lead to them rejecting your loan application.
Identity-related issues can be major ones too. Several people around the world share the same name and this, sometimes, leads to confusion. At times, borrowers find loans under their name that they had never taken. Such misinformation can affect one’s credit rating very badly. In conclusion, borrowers must check their CIBIL report at least once every year, especially if they are planning to apply for a Home Loan or a loan of any kind.
2.You Have Been Tagged to the Wrong Account
Yet again, since so many people across the world have the same names, sometimes it so happens that borrowers see an account under their name that does not belong to them, and they are not operating. Now, such an error can happen due to misinformation or could also be indicative of fraudulent usage of identity. In either case, you must have your credit information agency act. If the account under your name shows ‘settled’ or ‘written off’, it could be especially bad for your credit score, as these words indicate loan default in the past.
Also Read: How to Change the Written-Off Status in CIBIL?
3.Errors Related to Days Past Due
Days Past Due is a term that is used to denote the number of days that have passed since you missed your EMI payment. For lenders, a clean repayment history is very important. Too many late payments and missed EMIs make lenders dubious about a borrower’s repayment capacity. Borrowers who have an XXX or 000 under their name in their credit report are people who have missed EMI payments in the past. However, sometimes, borrowers find a numerical value other than XXX or 000 under their name even when they have paid all their dues on time. Such a mistake can have terrible consequences for a borrower’s credit score and must be reported immediately.
4.Errors Related to Balance Amount
Many times, the errors in a CIBIL report are related to the balance amount. Some borrowers find that their account has been listed down with the wrong balance or wrong credit limit. It is also not uncommon for borrowers to find the same debt listed more than once on their credit report. All such errors damage a borrower’s CIBIL score and CIBIL report.
5.Errors Related to Closed Accounts
Once you have repaid a loan completely, the account is considered closed. Sometimes, borrowers see closed accounts as open in their CIBIL report. Similarly, sometimes, errors under this category are related to the day on which the account was opened, the day on which the last payment was made, the date of the first delinquency, etc. Such errors have a direct negative impact on a borrower’s CIBIL report, CIBIL score and home loan applications. Therefore, these errors must also be reported and fixed immediately.
6.Errors Related to Overdue Amount
If under one of your loan accounts, you see an overdue amount even when you have honoured your repayment obligation, you must report it to the credit rating agency. Such errors bring down one’s CIBIL score and must be corrected before they do too much damage.
Also Read: Tips to Help You Improve Your CIBIL Score
What to do if You See an Error in Your Credit Report?
Errors creep into CIBIL reports. Banks and NBFCs try hard but it is difficult to keep track of millions of credit users. The onus lies on borrowers to make sure their CIBIL report is clean and devoid of any errors.
If you see any errors in your CIBIL report, inform the credit agency immediately. You can report the mistake on phone, by filling out an application or by simply writing an email to them. You must also reach out to your lender and request that they pass the correct information to the credit rating agency. If you see something that indicates fraudulent identity, immediately inform your lender so that you do not get into trouble.
Upon receiving an email from you, the agency will look into the mistake. It will take a few days for them to act on the complaint made by you and rectify the error in your CIBIL report and a few more days for these changes to reflect in your CIBIL report. So, be patient.
Final Words
If you are planning to apply for a Housing Loan, check your CIBIL score online at least six months in advance. This will help you take corrective measures in time so that your CIBIL score is above 750 by the time you begin your loan application.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Trending Articles
loan+against+property Loan Against Property
[N][T][T][N][T]
A Guide to Loan Against Property for Doctors2022-06-27 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Loan Against Property for Doctors: Interest Rates and Charges2023-11-24 | 6 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Why Loan Against Property Can be a Good Credit Option for a Startup Business?2023-12-22 | 5 Min
[N][T][T][N][T]
A Complete Guide to Check Credit Score Easily for Free2024-05-02 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Difference Between Home Loan and Personal Loan: Which is better?2024-03-04 | 4 min
[N][T][T][N][T]
6 Smart Tips to Increase Your Home Loan Eligibility2024-06-27 | 4 min
[N][T][T][N][T]
5 Essential Things You Need for a Home Loan Approval2024-05-08 | 3 min
[N][T][T][N][T]
7 Benefits of Taking a Home Loan in India2024-06-19 | 3 min
cibil Cibil
[N][T][T][N][T]
What's Considered a Healthy Credit Mix?2024-06-11 | 3 min
home+loan Home Loan
[N][T][T][N][T]
All About Home Loan Balance Transfers2024-06-04 | 4 mins
cibil Cibil
[N][T][T][N][T]
What Distinguishes CIBIL Score from CIBIL Report?2024-04-11 | 3 min
home+loan Home Loan
[N][T][T][N][T]
What Is Home Loan Eligibility and How Is It Calculated2024-07-11 | 6 min
cibil Cibil
[N][T][T][N][T]
How Does Being A Loan Guarantor Affect Your Credit Score?2023-03-23 | 4 min
cibil Cibil
[N][T][T][N][T]
What is Credit Mix and How to Boost Your Credit Score?2023-03-27 | 7 min
cibil Cibil
[N][T][T][N][T]
Will a Loan Settlement Ruin My CIBIL Score?2023-03-21 | 4 min
cibil Cibil
[N][T][T][N][T]
How can I Remove Loan Inquiry from CIBIL Credit Report2024-01-22 | 5 min
cibil Cibil
[N][T][T][N][T]
Does CIBIL Score Affect Loan Against Property Eligibility?2023-02-15 | 7 min
cibil Cibil
[N][T][T][N][T]
How To Improve CIBIL Score After A Payment Default?2023-03-29 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Everything You Need to Know About Top-up Loans on a Home Loan2024-04-09 | 6 min
cibil Cibil
[N][T][T][N][T]
What Is a Good Credit Score for a Home Loan?2022-12-28 | 5 min
cibil Cibil
[N][T][T][N][T]
Things That Can Go Wrong with Your CIBIL Report2023-03-15 | 5 min
cibil Cibil
[N][T][T][N][T]
How a Good CIBIL Score Can Help You Celebrate the Festive Season Better2024-03-19 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How to Get a Better Interest Rate on Your Home Loan2024-01-04 | 5 min
cibil Cibil
[N][T][T][N][T]
How Can Your CIBIL Score Help in Negotiating Better Home Loan Deals2023-05-18 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Get a Home Loan Without Visiting Branch: A Step-by-Step Guide2024-03-20 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Complete Guide to Securing a Attractive Interest on Home Loans2024-01-23 | 3 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding the Fees and Charges on Your Loan Against Property2024-02-16 | 8 min
cibil Cibil
[N][T][T][N][T]
Here’s What You Can Do to Improve Your CIBIL Score2023-03-16 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Refinancing: What, Why, and Things to Remember2024-06-17 | 5 Min
tax Tax
[N][T][T][N][T]
How to Avail of Tax Benefits on a Loan Against Property2024-06-13 | 5 Min
cibil Cibil
[N][T][T][N][T]
Top 10 Reasons For Low CIBIL Score & How To Improve It2024-03-01 | 5 min
home+loan Home Loan
[N][T][T][N][T]
5 Great Ways Women Can Benefit from Taking a Housing Loan2024-01-16 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Top Benefits of a Loan Against Property Over Collateral-Free Loans2024-01-09 | 4 min
cibil Cibil
[N][T][T][N][T]
Five Reasons Why a Bad Credit Score Could Lead to Loan Rejection2024-01-22 | 5 min
cibil Cibil
[N][T][T][N][T]
How Does Your Digital Footprint Affect Your CIBIL Score?2024-03-20 | 5 min
cibil Cibil
[N][T][T][N][T]
How Can I Get My ECN Number in CIBIL?2024-01-09 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Types of Home Loan Charges2024-01-22 | 3 Min
home+loan Home Loan
[N][T][T][N][T]
What is Foreclosing a Home Loan? These are Some of the Do’s and Don’ts2023-12-20 | 6 min
tax Tax
[N][T][T][N][T]
10 Useful Income Tax Deductions for FY 2022-232024-02-21 | 6 min
home+loan Home Loan
[N][T][T][N][T]
All You Need to Know About Home Loans2023-01-19 | 5 min
cibil Cibil
[N][T][T][N][T]
Ways You Can Improve your Credit Score for a Small Business2023-03-01 | 5 min
tax Tax
[N][T][T][N][T]
5 Tax Savings and Other Advantages You Can Get When You Apply for Home Loans2024-02-14 | 6 min
cibil Cibil
[N][T][T][N][T]
Reasons Why Your CIBIL Score Is Going Down2024-04-10 | 4 min
[N][T][T][N][T]
Checklist of Documents Required for Home Loan2024-02-07 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How to Get a Housing Loan Approved Instantly?2024-04-10 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Is a Pre-Approved Home Loan and How Should You Get It Done?2024-03-12 | 5 min
tax Tax
[N][T][T][N][T]
Should You Get a Home Loan to Save Your Taxes?2024-02-01 | 3 min
home+loan Home Loan
[N][T][T][N][T]
How to Pay Off Your Home Loan Quicker2024-03-11 | 4 Min
cibil Cibil
[N][T][T][N][T]
How Business Loans Affect Your CIBIL Score & How to Improve the Same2024-03-13 | 6 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Short vs. Long Loan Against Property Tenor - Which Is Better?2024-05-07 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Consider These Factors Before Foreclosing Your Home Loan2024-04-16 | 3 min
tax Tax
[N][T][T][N][T]
What is a Property Tax in India and How is It Calculated?2024-03-13 | 4 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding the Fees and Charges on Your Loan Against Property2024-04-10 | 6 min
cibil Cibil
[N][T][T][N][T]
How Does Missing One Payment Affect Your CIBIL Score?2024-05-15 | 4 min
home+loan Home Loan
[N][T][T][N][T]
6 Ways to Reduce Your Home Loan Interest2024-03-20 | 4 min
cibil Cibil
[N][T][T][N][T]
Ways to Improve Your Credit Score with a Credit Card2024-02-02 | 4 min
cibil Cibil
[N][T][T][N][T]
What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
cibil Cibil
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
home+loan Home Loan
[N][T][T][N][T]
What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
tax Tax
[N][T][T][N][T]
How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
home+loan Home Loan
[N][T][T][N][T]
10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Advantages for First-Time Home Buyers2023-07-14 | 4 min
home+loan Home Loan
[N][T][T][N][T]
How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
cibil Cibil
[N][T][T][N][T]
Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
cibil Cibil
[N][T][T][N][T]
Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
[N][T][T][N][T]
5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
cibil Cibil
[N][T][T][N][T]
Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
cibil Cibil
[N][T][T][N][T]
Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
cibil Cibil
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
tax Tax
[N][T][T][N][T]
Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
tax Tax
[N][T][T][N][T]
Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
home+loan Home Loan
[N][T][T][N][T]
5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
[N][T][T][N][T]
Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
cibil Cibil
[N][T][T][N][T]
Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
home+loan Home Loan
[N][T][T][N][T]
Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
home+loan Home Loan
[N][T][T][N][T]
Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
cibil Cibil
[N][T][T][N][T]
Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
tax Tax
[N][T][T][N][T]
Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
cibil Cibil
[N][T][T][N][T]
What is Credit Score and Its Impact on Loan Availability2023-03-27 |
cibil Cibil
[N][T][T][N][T]
What Does Your Credit Score Tell About You?2024-06-11 | 5 min
cibil Cibil
[N][T][T][N][T]
Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
cibil Cibil
[N][T][T][N][T]
Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
cibil Cibil
[N][T][T][N][T]
What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
cibil Cibil
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
tax Tax
[N][T][T][N][T]
What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Terminologies2024-06-01 | 3 min
cibil Cibil
[N][T][T][N][T]
What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
home+loan Home Loan
[N][T][T][N][T]
What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
cibil Cibil
[N][T][T][N][T]
Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
home+loan Home Loan
[N][T][T][N][T]
What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
home+loan Home Loan
[N][T][T][N][T]
What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
cibil Cibil
[N][T][T][N][T]
What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
cibil Cibil
[N][T][T][N][T]
How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
cibil Cibil
[N][T][T][N][T]
How to Check CIBIL Score Online?2023-03-14 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
home+loan Home Loan
[N][T][T][N][T]
How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
home+loan Home Loan
[N][T][T][N][T]
What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
tax Tax
[N][T][T][N][T]
Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
cibil Cibil
[N][T][T][N][T]
10 Common Myths About CIBIL Score2024-03-27 | 4 min
cibil Cibil
[N][T][T][N][T]
Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
home+loan Home Loan
[N][T][T][N][T]
What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Should You Take a Home Loan Even If You Have Enough Money to Buy a House?