If you feel that your credit score has been suddenly reduced without any valid reason, banks have recorded wrong information related to a person's loan dues, or your credit report includes a loan that you never took. Do not worry. You can complain about this matter. According to the rules, after the complaint is filed, it is necessary to resolve your problem within 30 days. If this does not happen, the complainant will have to pay a penalty on a daily basis. Know here who issues your Cibil Report and what to do to correct the mistake in it?

First, know who issues the credit report.

Many credit bureaus do the work of issuing your credit report. Among these, credit information companies like TransUnion CIBIL, Equifax, Experian, CRIF, and Highmark are considered to be the main ones. These companies are licensed to collect financial records of people, maintain them, and generate credit reports/credit scores based on this data. These credit bureaus evaluate the customer data deposited with banks and other financial institutions, such as outstanding loan amount, repayment records, application for new loan/credit card, and other credit-related information, and prepare the CIBIL score based on that.

What to do if there is a mistake in the credit report?

If you find any mistake in the credit report, you can complain to the concerned credit bureau to correct it. Apart from this, you can also complain to the lender. This complaint can be lodged online or offline. There is an option to complain on the website of most credit bureaus. But while complaining, you will have to give details of the mistake found in your credit report and upload the necessary documents (eg, bank statements, receipts, etc.) etc. If you are not able to resolve your complaint with the credit bureau or lender, then you can file a complaint with the Banking Ombudsman of RBI. You can register this complaint both online and offline.

In how many days will the problem be resolved?

According to RBI rules, after receiving a complaint of error in the credit report, it is necessary to resolve the problem within 30 days. If the mistake is not corrected within 30 days, then the complainant will be given compensation of Rs 100 per day as per calendar day. This means that the more delayed the settlement, the higher the penalty will be. For this, the loan disbursing institution will get 21 days and the credit bureau will get 9 days. If the bank does not inform the credit bureau within 21 days, then the bank will pay a penalty. On the other hand, if the complaint is not resolved even after 9 days of the bank's information, then the credit bureau will have to pay a penalty.

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