Blunders Of Credit Report Claiming To Dispute
Category: Personal Loan
The business of reporting consumer credit is highly regulated. Your Credit Information Report (CIR) plays a large part in the loan application process. Hence, any discrepancy in your CIR may result in reduced chances of a loan approval. Therefore, it is important that the information on your CIR is accurate and updated. You have the legal right to obtain a free copy of your credit report from any of the major credit bureaus once a year, which is a right you should certainly exercise. If you find information that is incorrect, you need to understand which errors you can dispute, along with how to report them.
Your credit report holds information about which companies have granted you credit, how you have managed your loan obligations and who has performed an inquiry into your profile. The only way to spot incorrect information is to review your credit history yourself.
Errors commonly arise for two reasons:
- Creditor makes a mistake when supplying information to the credit bureaus,
- or the bureaus do not correctly compile your otherwise disbursed information from their databases whenever your credit report is requested.
Commonly, these errors result from mistaken addresses, mistyped social security numbers or confusion between similarly named borrowers or relatives.
Disputed fields in your report
Common areas of dispute include listed debts that are not yours, debts that are yours that are not listed on the credit report, debts that reflect an incorrect or incomplete payment history, debts that should have been removed from the credit report due to age and are still listed on your report, and inquiries from lenders that you did not authorize to pull your report.
Resolving the mistakes
The easiest way to fix a mistake is to approach the original creditor that sent the information to the bureau. The creditor is legally required to transmit a correction when it knows that it has made a reporting error, which can save you some unnecessary paperwork. A dispute request can be raised based on either a CIR purchased by you directly from CIBIL or a CIR accessed by the Credit Institution (CI) with whom you have applied for a loan to maintain your federally protected rights, but this is still a faster solution.
The CIBIL is a wonderful resource if you are considering disputing an item. It can help you figure out which items can be disputed and what kind of documentation or other proof you need, and it can supply advice on how to proceed. The investigation is normally completed within 30 days. It is possible that your dispute may not result in a corrected report right away.