Incorrect Credit Card Default in Ahmedabad: How to Fix It

Credit card scams that recently occurred in Ahmedabad have brought to light the need for individuals to periodically review both their transactions and the data included in their credit reports. In one such incident, it is believed that 15 credit cards have been acquired and used by means of false identity documents.

When one is facing an incorrect credit-card default in Ahmedabad, then the course of action to be taken is a straightforward one.

Before applying for another loan or credit card, check the report and confirm that every account and payment entry belongs to the borrower.

What is a credit score?

The question that people normally ask to start off with is what is credit score? Credit score is basically the numerical form of information available in the credit history of an individual.

One of the credit bureaus of India is CIBIL, and cibil credit score is the result of the information reported to the credit bureaus. The cibil score of a borrower may be influenced by repayment history and other credit history information.

However, cibil score is not the only credit score in India. Information about credit can be reported to bureaus like CRIF and Experian, and hence an experian credit score can be formed.

In case a borrower from Ahmedabad finds out an unknown credit card account and default, then a free cibil score check is one of the ways to go.

Checking on Incorrect Default Status

Borrowers may go online to conduct a credit score check online and check cibil score through approved websites. It is essential to look into the account details instead of focusing solely on the numbers.

Here are some of the things the borrowers need to consider:

1. A newly opened account

2. An inaccurate overdue/default status

3. An incorrect outstanding balance

4. Unfamiliar credit inquiries

5. Repetitive credit card accounts

6. Inaccurate personal details

Our team at PrimeScore suggests that if any information is indeed false, bank statements, receipts, and correspondence can be used as evidence.

If the error is confirmed, raise the dispute with the relevant lender and credit bureau instead of trying to fix the score through another loan.

Credit Score Correction?

One who seeks information on how to increase credit score could come across offers for obtaining a quick best credit score. But one must remain wary since real adverse information cannot just disappear because it determines lending eligibility.

A similarly misleading low credit score loan app would claim to provide help when banks or other traditional lenders reject loan applications. But more borrowing will not fix an error in default.

Paisa bazar offers consumers access to finance related products and information but the underlying issue of correcting the credit report still needs to be fixed with the respective bank or bureau.

Ahmedabad's PrimeScore services will audit reports from all four agencies i.e. CIBIL, Experian, Equifax and CRIF.

If an incorrect default is affecting an Ahmedabad borrower's credit profile, correcting the underlying reporting error should come before searching for another loan.

FAQs

1. Can an incorrect credit-card default be removed?

In case of inaccuracy, the consumer can dispute with the respective lender and credit bureau backed by proof.

2. Is CIBIL the only credit bureau in India?

No. CIBIL is one of the leading credit bureaus of India. CRIF, Experian and Equifax are other credit bureaus that keep track of credit information.

3. Does checking CIBIL score influence credit score?

Checking one’s credit information is quite different from hard pull or enquiry from the lender to check your creditworthiness.

4. What proof is useful in disputing an incorrect default?

Proof in the form of bank statements, card statements, payment proof, closure proof, communication with the lender will be useful.

5. Can a low credit score loan app resolve an incorrect default?

No. A loan app can’t help in resolving an incorrect default. The dispute needs to be resolved by the respective agency.