Credit report correction
A wrong entry on a credit report can cost a family a loan it is entitled to. The rules give the lender 21 days and the bureau 9 more to correct it. After that, the delay is paid for, at ₹100 a day.
to resolve a correction complaint in full
compensation for each day of delay beyond 30 days
to credit the compensation after resolution
full report with score, once a year from each bureau
The four credit bureaus
चार क्रेडिट ब्यूरोCredit information companies licensed by the RBI under the Credit Information Companies (Regulation) Act, 2005.
| Credit information company | What to ask for |
|---|---|
| TransUnion CIBIL | Your free full credit report for the year, and its online dispute form. |
| Experian Credit Information Company of India | Your free full credit report for the year, and its online dispute form. |
| Equifax Credit Information Services | Your free full credit report for the year, and its online dispute form. |
| CRIF High Mark Credit Information Services | Your free full credit report for the year, and its online dispute form. |
Errors that may be corrected
सुधारी जा सकने वाली त्रुटियाँ- A loan or card that was never yoursAn account opened in your name without your knowledge, or one belonging to another person with a similar name.
- Paid dues still shown as unpaidInstalments or a final payment received by the lender but not reflected in the report.
- A closed account shown as openA loan repaid in full, or a card closed on request, still reported as active.
- A wrong status after settlementA settled account shown with dues outstanding, or a fully paid account shown as settled.
- Wrong days past dueDelays reported that did not occur, or for months already regularised.
- Duplicate or wrong personal detailsThe same loan reported twice, or a wrong name, date of birth, PAN or address.
The 30 day timeline
30 दिनों की समय सीमाUnder the RBI's compensation framework, in force since April 2024.3
| Also in your favour | What the rules require |
|---|---|
| Reasons for rejection | A lender that rejects a correction request must tell you why. |
| Alerts on access | Credit bureaus alert you by SMS or email when a lender or other specified user accesses your report. |
| Alerts on default reporting | Lenders alert you by SMS or email when they report a default or days past due on your account. |
| Denial of compensation | If compensation is wrongly denied, the matter may be taken to the RBI Ombudsman. |
What to do
क्या करें- FirstObtain your free reportsDownload the free full report from each of the four bureaus and mark each wrong entry.
- Day 0Raise the disputeFile the bureau's online dispute for each wrong entry, and write to the lender with the letter below. Keep both references.
- Day 30Check the resultIf the entry is not corrected, write to claim the ₹100 a day compensation from the day after the thirtieth.
- On failureEscalateWrite to the lender's Nodal Officer, then file before the RBI Ombudsman, which also hears complaints of wrongful denial of compensation.5
Letter to the lender
ऋणदाता को पत्रComplete the bracketed particulars and enclose the evidence of the correct position.
To, The Nodal Officer, [Name of the bank, NBFC or card issuer] Subject: Correction of credit information, [Loan / Card] Account No. [number] Madam or Sir, 1. My credit information report issued by [name of the credit information company] on [date] shows the following entry furnished by your institution, which is incorrect: Account: [number] Reported as: [what the report shows] Correct position: [what it should show], as evidenced by [document enclosed] 2. I request that you furnish the corrected information to all credit information companies to which you report, and confirm the correction to me in writing. 3. If you reject this request, I request the reasons in writing. 4. I note that, under the framework of the Reserve Bank of India, a complaint not resolved within 30 days entitles the complainant to compensation of Rs. 100 for each day of delay. Enclosures: credit report extract; [payment receipts / closure letter / settlement letter]. [Name] [PAN, last four characters only] [Email address] [Date]
Evidence to keep
रखने योग्य प्रमाण- The credit report showing the wrong entry, with its date
- Payment receipts and bank statements
- The closure, no-dues or settlement letter
- The bureau's dispute reference and dates
- Your letter to the lender and its acknowledgement
- Any SMS alert of reporting or access
Questions
प्रश्नDoes raising a dispute remove the entry at once?
No. The entry is examined by the lender and the bureau within the 30 day period. It is corrected if the lender's records support the correction.
Will checking my own report lower my score?
Obtaining your own report is not an enquiry by a lender for credit. The free annual report is provided for exactly this purpose.
Someone offers to clean my CIBIL for a fee. Is that lawful?
No one can lawfully remove an accurate entry. Wrong entries are corrected free of charge through the bureau and the lender. Do not pay anyone who promises otherwise.
The bank says the delay was the bureau's fault. Who pays?
If the lender did not send the correction within 21 days, the lender pays. If it did, and the bureau did not resolve the complaint within 30 days, the bureau pays.3
Other guides
अन्य मार्गदर्शिकाएँCase Registry
A grievance left unanswered is a grievance not yet registered.