Description

The credit report is the summary of your credit history and is formed by the Credit Information Bureau of India Private Limited (CIBIL) by compiling your personal and credit-related information received from various lenders. A lender always check your credit report before processing your loan application. If there is an error in the report, your application will not be processed further till it is resolved.

Before we explain to you how you can get your credit report corrected, you first need to understand the possible errors that can occur in your credit card report.

Errors that Can Happen in Your Credit Report

Inaccurate Personal Details

1. There is a possibility that there are identity errors in your report i.e.
   • Incorrect name
   • Wrong spelling of your name
   • Incorrect contact i.e. phone number and address
2.  The PAN number mentioned is not yours, or any other personal or employment or account-related information is incorrect

Wrong Account Details

1. Sometimes an open account in your credit report is reported as closed and vice versa
2. Incorrect balance and incorrect credit limit
3. Incorrect dates of opening and closing of accounts
4. Timely made payments are reported as late or not done
5. There is a loan under your name that you never availed

Incorrect Loan Balance

1. Your credit report might show a faulty outstanding balance
2. As the credit bureau collates the information provided to it by the lenders, there is a possibility that your lender has not informed the credit bureau about the repayment that you have made, therefore it is showing incorrect information