Mistakes in your credit report? Follow these 6 key steps to get them rectified soon
credit report rectified is important to maintain your financial health. For example, outstanding bill of one credit card may be reflected in your credit report, while the credit card was not issued in your name. So, you must request the correction to be made by submitting the necessary documents.
Getting a mistake rectified entails a number of steps. Get credit report: Borrowers are entitled to one free copy of your credit report from each of the major credit bureaus such as CIBIL every 12 months. You can request these reports online by contacting the credit bureaus directly.
Review the report: It is vital that you carefully examine your credit report from each bureau to identify any errors. Common mistakes include incorrect personal information, accounts that don't belong to you, accounts with inaccurate balances or payment statuses, and fraudulent activity. ALSO READ: A high CIBIL score offers 7 key advantages to borrowers Document errors: It is recommended to make note of any errors you find on your credit report.
Keep copies of documents such as billing statements, correspondence with creditors, and any other evidence that supports your claim that the information on your credit report is incorrect. Dispute errors: If you spot errors on your credit report, you must dispute them with the credit bureaus that provided the report. Each credit bureau has its own process for disputing errors, but generally, you can initiate a dispute online, by mail, or by phone.
When disputing errors, make sure to identify the inaccurate information and provide any supporting documentation. Contact the lender: In some cases, the error on your credit report may be the result of incorrect information provided by a creditor or lender. In such
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