Dispute a Credit Report Error for Beginners | Simple Guide

Discovering an unknown loan, wrong overdue balance or old account on your credit report may be scary, especially since you might not know what to do about it. However, there is no need to feel like you cannot change anything about this report, since you can learn how to dispute the mistakes in it.

Get a Credit Report First

In order to dispute any errors on the credit report, first you must get your free credit report and review the information therein. In case you do not know how to check credit report, just review your personal data, accounts opened, repayment history, balances, and inquiries.

CIBIL credit report, Experian credit report, Equifax report, or a Paisabazaar credit report may have data submitted by the lending institutions. The key point is to detect the particular information that is wrong.

Compare the information in the report to the records of your loan accounts.

Dispute What You Really Disagree With

The first misconception about disputing credit scores that many newcomers hold is that one can dispute a poor score as such. This is not the case.

Asking yourself “what is credit score?” one should know that the score itself is merely a numerical summary of some of the elements of your credit history. The credit score meaning will become more obvious if you study what lies behind it.

One may have enough reason to dispute such items of credit report as an unauthorized account, an inaccurate balance due amount, a closed but listed as open account or some new inquiry. According to CIBIL, the agency cannot change the information reported by lenders without their verification.

What If It’s a Loan for a Poor Credit Score?

The loan for low credit score application shouldn’t make you neglect an incorrect credit report. Applying for the loan repeatedly without identifying the actual cause can worsen your situation.

First, verify if the information that you see on your report is real. If it isn’t accurate, then use the official process of filing disputes with the necessary documents in hand.

PrimeScore provides a systematic approach to report auditing, identification of errors, gathering of evidence, and dispute tracking.

If the mistake is complex and related to more than one account, you can choose to have your report reviewed before filing any disputes.

No Automatic Credit Score Increase

A dispute that goes well doesn’t necessarily imply an automatic increase in credit scores overnight. As per CIBIL, disputes can take about 30 days, depending on the credit organization’s response to the issue raised.

The idea is much more straightforward – to ensure that your credit history is accurate.

With PrimeScore, if you have discovered any error in the reporting, we can help you identify the difference and get prepared for the rectification process.

FAQs

1. Can I dispute an error on my credit report?
   Yes. Genuine inaccuracies can be disputed through the relevant bureau process.

2. What errors can be disputed?
   Incorrect accounts, overdue amounts, personal details and enquiries may be disputable.

3. Can a credit bureau delete an entry directly?
   Generally, the relevant credit institution must authorise the correction.

4. How long can a credit dispute take?
   CIBIL states that resolution may take approximately 30 days, depending on lender response.

5. Can PrimeScore help with credit-report errors?
   Yes. PrimeScore helps with report audits, error identification and dispute documentation.