WISE man Murphy once said, "Anything that can go wrong will go wrong." It applies to your credit report too - lack of updated information, error in personal details and even mixing up of names!
The most common of all these issues: lack of updated information. For instance, you may have had a few pending credit card payments which have been paid up eventually, but the records still shows them as pending!
What do you do?
If your bank communicates that your credit report is the reason for the rejection of a loan, ask to see your report. According to a recent RBI mandate, banks need to comply with an individual's wish to access his or her credit report. So, even if the bank does not disclose the actual reason for a loan rejection, they are still entitled to give you access to your credit report. Once you have it you can check for any inaccuracies in the report. Ensure you have proof before you decide to file a complaint against the bank.
Correcting errors in your report
To seek clarifications in your credit report, here are the steps you should follow:
b. Get in touch with Credit Information Bureau (India) Limited (CIBIL) at email@example.com referring your credit report’s control number. Mention the exact nature of discrepancies in the report.
Help desk numbers at CIBIL:
Also read: Smart tips: Ways to improve your credit score
The control number is a nine digit unique number that helps CIBIL track an individual’s credit report from its database. Banks feed in borrower data and personal information, which the CIBIL systems pool together. The control number is generated when banks pull out your credit report on a requirement basis. You need this number to provide to CIBIL when seeking clarifications.
Dealing with an uncooperative bank
If the bank is uncooperative, post a complaint in the bank’s website. If the bank does not respond within 15 days, you can register a complaint with the banking ombudsman, presenting a copy of the complaint posted on the bank’s website as proof.
Good move by the RBI
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