How to prevent impact of frauds on your CIBIL score? Here are 5 steps

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fraud alert or credit freeze on your credit report with CIBIL. This makes it quite cumbersome for fraudsters to open a new account in your name. In order to protect your CIBIL score in the event of fraudulent activity, you are advised to take five key steps that are detailed below.

Report the fraudulent activity: It is recommended to reach out to the financial institution associated with the fraudulent charges. You should intimate them of the unauthorised transactions and request that they investigate the matter. Make sure to document all communication with them.

ALSO READ: CBI Vs Banks on fraud: It's not too late to set the record straight File a complaint: In cases of identity theft or significant fraud, it's recommended to file an official complaint with a law enforcement agency. Dispute the charges: You must follow the procedures provided by the financial institution to dispute the fraudulent charges. This may involve filling out a dispute form or providing details of the unauthorised transactions.

You must give any supporting documentation you have, such as receipts or statements. Monitor your credit report: You should regularly check your credit report from CIBIL for any unauthorised accounts or suspicious activity. If you spot any inaccuracy, dispute them with CIBIL and the respective credit institutions.

Regular follow-up: Make sure to stay in contact with the financial institution and CIBIL to track the progress of your dispute. Also, make sure that the fraudulent information is taken off your credit report immediately. By taking above-mentioned steps, you can protect your CIBIL score and keep the impact of fraudulent activity on your credit report minimum.