Found an Error in Your Credit Report? Here’s What to Do Next

A credit report is not merely a reflection of your past borrowings. Since banks and NBFCs consider your credit history while approving your personal loan, credit card application, or other applications for credit, even an erroneous overdue status, duplicate loan account, strange enquiry or erroneous account status can pose a genuine problem.

The silver lining is that you need not simply suffer with an erroneous credit report. You can seek to get your facts checked and corrected by the concerned party.

What Should You Do About a Credit Report Error?

In case you find an error:

1. 1. Obtain a copy of your latest credit report.

2. 2. Specify the specific account, inquiry, or personal information that is erroneous.

3. 3. Gather the relevant documents like payment slips, cancellation notices, or correspondence from the lender.

4. 4. Dispute the error with the concerned credit agency or the reporting organization.

5. 5. Check the results to see if there has been any correction made to your credit report.

These are the steps you should follow regardless of the credit agency.

What If the Lender Does Not Correct It?

It should be noted that, according to the RBI's consumer guidance, consumers have the right to approach the credit information company or the credit institution like a bank or NBFC regarding any changes in the CIR which contain inaccurate information about the consumer's credit history. In case the issue is not resolved within 30 days or if the consumer does not find the resolution satisfactory, then there is a possibility of approaching the RBI's grievance system based on the situation.

This is why you need to maintain your records.

That is where a proper credit report audit can be helpful. PrimeScore assists customers in reviewing their credit report, identifying disputable information, creating evidence, and disputing the data at various Indian credit bureaus. 

When Professional Credit Report Assistance Can Help

Some errors are straightforward. Others involve multiple accounts, old settlement records, disputed payments, or information reported differently across several bureaus.

Primescore’s process involves the following steps – review of the report, evidence creation, filing of disputes, and monitoring.

The goal should not simply be to chase a higher score. It should be to ensure that your credit profile accurately reflects your actual financial history.

What to Do Next

In case you have found something unusual, please do not ignore it until your next loan or credit card application. Take a look at the entry, get your documents ready, and find out what should be done first.

To contact PrimeScore about the problem with your credit report, you may dial 063776 43115.

Accurate information is the key to a clean credit report, not just a higher credit score.

FAQs

Is it possible to delete an incorrect entry in the credit report?

Yes, if there is any inaccurate or wrong information mentioned, one can file a dispute with the respective credit bureaus and credit agencies providing proof.

Will it damage my credit score if I check my credit report?

Self-review of your credit report is a different case altogether when compared to the lender making a credit enquiry. Checking your credit report is an essential component of your credit evaluation process.

Is it possible for PrimeScore to make changes to my CIBIL score?

No. As mentioned earlier, PrimeScore is a private entity and not a credit bureau. It assists with identifying potential errors and managing the dispute process; corrections are ultimately made by the relevant reporting institution or bureau.