The Credit Information Bureau (India) Limited (“CIBIL”) is India’s first credit information bureau; owned by the State Bank of India, Dun & Bradstreet Information Services, Housing Development Finance Corporation Limited, India Private Limited and Trans Union International Inc. keeps and maintains the credit history of commercial and consumer borrowers. CIBIL provides this information to its member credit lenders in the form of credit information reports. The credit information report (“CIR”) consists of borrower information, such as credit payment history, account information, and inquiries. The purpose of the CIR is to aid credit grantors in making informed lending decisions. Through free market economics, the CIR facilitates a more competitive credit marketplace among lenders, which benefits borrowers with faster, more competitive services and at better terms.
Correcting Inaccurate Information In Your Credit Report
The only basis CIBIL makes changes to your CIR is by account information submitted by credit lenders. CIBIL provides consumers with a process to dispute information on your CIR as inaccurate or in need of update. On its website, CIBIL refers to process to request a dispute as “Dispute Resolution,” and may be initiated on-line (cibil.com) by submitting a duly completed On-Line Dispute Form. A dispute request can be raised based on information contained in either a CIR purchased from CIBIL or a CIR accessed by the credit institution when you applied for a loan.
The following relevant fields on your CIR may be disputed; Account/Loan Type, Account Status, Ownership Type, Date of Last Payment, Date Opened, Date Closed, Sanctioned Amount/High Credit, Current Balance, Amount Overdue, and DPD/Asset Classification. In addition, you may dispute the ownership of an account, meaning that the account does not belong to you. Finally, you may dispute a duplicate account, meaning the same account is reflected more than once in your CIR.
Upon receiving dispute request, CIBIL sends the dispute claim to the appropriate credit institution for confirmation. Under the Credit Information Companies Act, such confirmation is required to make the requested changes. Approximately 30 days after initiating the dispute, CIBIL will notify you with the results and any changes to your CIR.
You may also submit the dispute request in writing and get an acknowledgment with a return receipt for your legal record. Send letters detailing the disputed account information to:
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Hoechst House, 6th Floor, 193 Backbay Reclamation
Nariman Point, Mumbai 400021
Call: +91-2266384600/22817788
fax:+91-22 66384666
email:[email protected]
Reference:
http://www.cibil.com