Credit Score: Look out for these 5 common errors in your CIBIL report

livemint.com:

credit reports from time to time, and make sure that there are no mistakes in them. For instance, 31-year-old Ajay Sharma while checking his credit report, discovered that it did not factor in a debt which he had retired last quarter. Subsequently, he wrote to the credit rating agency to request them to correct these mistakes.

It is important for everyone to look for common errors in the credit report: Wrong information: Verify that your personal details such as name, address, date of birth, and identification numbers are accurately reflected. Any errors here could affect your credit profile. One should also check that all their credit accounts are correctly listed, including loans and credit cards.

Payment history: You should also review the payment history of each credit account to ensure that all payments are accurately recorded. Look out for any missed payments or late payments that you believe are incorrect. Duplicate entries: Make sure that each credit account is listed only once.

Duplicate entries for the same account can impact your credit score and overall creditworthiness. ALSO READ: How to calculate income tax benefits on home loan EMIs — explained Incorrect credit inquiries: Verify that all credit inquiries listed on your report are legitimate and made by you or authorised entities. Unauthorised inquiries could indicate fraudulent activity.

Incorrect credit scores: Ensure that the credit score mentioned on your report is accurate and matches your actual creditworthiness. If you find any mistakes on your CIBIL report, you should dispute them with the credit bureau and the respective lenders to have them corrected. Monitoring your credit score regularly helps you stay informed about your financial standing and