Steps to Correct Your CIBIL Report in Kolkata

With the advent of digital banking and lending in Kolkata, the borrower now depends upon the accuracy of the credit information. An unknown loan, wrong overdue tag or even duplicate account can create trouble at the time of preparing for a mortgage loan, personal loan or credit card.

Before making your next borrowing application, take a few minutes to review your credit information and verify that your financial history is being reported correctly.

Problem Statement: Your Score Is Good - Except That Something Is Off

A borrower will get a good-looking cibil score and think that all is well. However, it's just the tip of the iceberg.

A credit report can contain information on your account level, repayment record, open balance, and inquiries. Sometimes, there might be an error buried within this information, but your score might still appear fine.

It is, thus, important that you should never use your cibil credit score as a total replacement for a complete review of the report.

A credit score check will, therefore, consist of identifying:

1. Unknown accounts

2. Wrong DPD or overdue status

3. Duplicate loan/credit card accounts

4. Wrong open balance

5. Incorrect closed account statuses

6. Unauthorized inquiries

The Second Problem of Kolkata: Digital Loan Frauds

Apart from that, there is another reason for treating an unknown form of credit operation with caution. Fake loan-app scams and identity theft have been listed among new cybercrimes by Kolkata Police. The cyber safety advice of Kolkata Police mentions fake loan/EMI offers that ask for processing fees or personal details. 

This doesn't imply that everything which is not understood is a fraud.

PrimeScore's credit-rectification process can audit credit information, identify potential anomalies, prepare evidence-backed disputes and track the resolution process through the appropriate channels. 

Stop Assuming That CIBIL is the Only Credit Score

One of the most common blunders that people make is to assume that there is only one credit score in India, that is, cibil score is not the only credit score in india

However, the truth is that cibil score is not the only credit score in india. Each of the four major credit information agencies—TransUnion CIBIL, CRIF High Mark, Experian, and Equifax—have their own report and score.

This means that while a cibil score check is a good start, a comparison of the data provided by each credit information agency may yield results which can be checked for any discrepancies.

For instance, your CRIF credit score and experian credit score might not be the same as your CIBIL score. This does not necessarily imply that the other two have made a mistake. What matters more is whether the underlying data is correct.

Avoid Chasing the "Ideal" Number

Individuals always look out for the perfect credit score like there is no other way for getting approved. That’s not the case.

The bank can base its decision on many factors, including your income, existing liabilities, ability to repay, credit history, and policy. Your excellent score does not guarantee loan approval.

For individuals who will be making a big financial decision in Kolkata, the free cibil score check is very helpful; however, the report that comes with the score is equally important.

One can also make use of the cibil free credit score service available officially subject to the current terms and conditions of CIBIL.

Don't wait until a lender says “application rejected” to investigate your credit profile; review your reports periodically and challenge genuine inaccuracies with documentary evidence.

FAQs

1. How frequently should I check my credit report?

This can help in the detection of unfamiliar accounts and inquiries or errors in reporting in good time.

2. Will an error in reporting affect my credit score?

Yes, but this depends on the type of error being made.

3. Is an error indicated by a lower score from one bureau as compared to another?

No. Scores may vary between bureaus and the information reported is what matters in making an assessment.

4. Can a rectification service correct an actual default?

No. This service only seeks to remove any error or mistake in the reporting process.

5. What should I do after identifying an unfamiliar loan account?

Find out who the lender was, collect financial evidence and raise the issue through the correct processes within the respective lender and credit bureaus. If you believe that fraud occurred, notify the authorities accordingly.