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Loan Rejections and Disputes

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If your loan has been rejected due to defaults reported in your CIBIL records, you might be concerned about how to address these issues. CIBIL does not maintain a defaulters list but rather keeps a record of individuals' credit histories as reported by Member Credit Institutions. The decision to grant a loan is based on the credit policy of the lending institution. To review your credit history and identify any possible discrepancies or errors, you can purchase your CIBIL Score and Report.

Inaccuracies that may reflect on your CIBIL report include:

Ownership

  • If some personal details or accounts/enquiries on your Credit Information Report (CIR) do not belong to you.

Incorrect Personal Details

  • Credit Institutions submit details of your credit account along with personal/contact/employment information such as name, address, date of birth, PAN, telephone number, income, etc. CIBIL creates your complete credit profile based on these details. It is important to update your Credit Institution whenever there is a change in this information, as incorrect details may lead to a wrong CIR.

Inaccurate Account Details

  • Credit Institutions generally submit data to CIBIL within 30-45 days. If you purchase your CIBIL Report within 45 days of your last payment of dues, it may not be updated, leading to inaccurate current balance or amount overdue in your report. If the ‘Date Reported’ associated with an account is older than 2 months and the payment made is still not reflecting, you can raise a dispute.

What is the process to raise a dispute?

A dispute can be raised for inaccuracies identified in your CIBIL report.

  • This data may have been incorrectly reported or not updated regularly by your banks/financial institutions.
  • You may identify and raise sdfsdfa dispute for your report through the online dispute form.
  • CIBIL will assist you in reaching out to the lenders to seek resolution of the disputed data.asdfsdf

Step 1: If you have an account with CIBIL, login to your CIBIL Dashboard. Or, if you have received a copy of your CIBIL Report from one of our partners or any other bank/financial institutions, you can signup for a Free Annual Credit Report here 

Step 2:  Before initiating a dispute, login to refresh your CIBIL Score & Report. This ensures you are referring to your latest updated report to reduce incorrect disputes.

Step 3: Complete the dispute request form. You can raise multiple dispute requests at a time. Bank account information will be required for dispute to be raised

Step 4: Await the banks/financial institutions response. Rest assured we diligently follow up with the reporting lenders, however typical processing time may take upto 30 days.