CIBIL records are always updated. But there have been occasions in the past when due to human input errors, or inaccuracies, names of innocent customers have appeared often in the defaulters list.
Information is not always updated – You might have
defaulted on a paltry sum of money, and repaid the sum later. However, you still can’t be sure that this will be reported in CIBIL database. It might still show you a 'defaulter'.
Human Error – Due to human mistakes, erroneous data may be reported in the CIBIL database. For instance, a dues of Rs.1200 may be reported as Rs.12,000 – although one does expect these to be sorted out with modern reconciliation methods.
How to fix errors in CIBIL
Contact the concerned bank that has declined your loan application or rejected your application for a credit card. You should ask them about the poor credit score and demand the Control Number of your credit report, which is a nine digit unique number that helps CIBIL track an individual’s credit report from its database.
Banks generally cooperate, but give them a lead time. One should post a complaint to the bank's website, and if the bank does not revert in 15 days, one can go to the banking ombudsman.
Get in touch with the CIBIL once your status quo with the bank is sorted out.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
Information is not always updated – You might have
defaulted on a paltry sum of money, and repaid the sum later. However, you still can’t be sure that this will be reported in CIBIL database. It might still show you a 'defaulter'.Human Error – Due to human mistakes, erroneous data may be reported in the CIBIL database. For instance, a dues of Rs.1200 may be reported as Rs.12,000 – although one does expect these to be sorted out with modern reconciliation methods.
How to fix errors in CIBIL
Contact the concerned bank that has declined your loan application or rejected your application for a credit card. You should ask them about the poor credit score and demand the Control Number of your credit report, which is a nine digit unique number that helps CIBIL track an individual’s credit report from its database.
Banks generally cooperate, but give them a lead time. One should post a complaint to the bank's website, and if the bank does not revert in 15 days, one can go to the banking ombudsman.
Get in touch with the CIBIL once your status quo with the bank is sorted out.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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