Want To Raise A Credit Score Dispute: Types, Status & Process Of Dispute Resolution

The credit score is one of the primary aspects that directly influence your financial well being. With a good CBIL score, you can easily take loans from premium financial institutions. While with a low credit score, getting loans even when you face a dire demand for emergency funds, becomes challenging. At the end of the day, it is your credit score that establishes your credibility on firm grounds before the loan giver. 

Hence, any bank or financial institution, offering loan services, checks the CIBIL score of the loan applicant to be sure of the repayment part of the lent amount. If you have a low CIBIL score, you can always consider consulting the best CIBIL score improvement agency near you. The experts always offer appropriate solutions to boost your CIBIL score within a short time. 

Here is a brief account of what varieties of CIBIL score dispute your financial profile might come across. Also, know about how to deal with these to improve your CIBIL score to lend your profile credibility. 

Types Of Credit Score Disputes

Credit score disputes can arise out of several discrepancies. Here are some of the most common types of disputes your account might face. No matter what your problem is, you can always discuss the same with the professional CIBIL score repair agencies to mend the damage. 

1. Consumer Dispute

One of the primary varieties of credit score disputes is consumer dispute. An array of discrepancies regarding the individual’s Credit Information Report generally results in this problem. Here are some of the primary components of it. 

  • Ownership Dispute: If some of the accounts mentioned in your credit information report do not belong to you, you might face this hazard. 
  • Incorrect Details: Your address, name, PAN, date of birth are some of the vital information you need to provide in your Credit Information Report. If any of these turns out to be wrong, your CIBIL report dispute status will suffer. 
  • Incorrect Account Details: Your account status is another factor that must remain clearly stated in your CIR. If your lender misses out on it, you might face difficulties reading your credit score. 

2. Company Dispute

Barring these common varieties of individual CIR disputes, here are some of the company account disputes that can influence your credit score as well. The company credit information report or the CCR is also significant for maintaining the credit score health of your company’s financial credibility. Inaccuracy in the CCR can be a source of credit score rampage. Here are some of the company’s CIBIL scoring factors. You can also consult the CA services of professional agencies to settle the disputes. 

  • Incorrect Company Details: If the name, address, current account balance, telephone number, etc. of the company are correct on the CCR, the credit score discrepancy will arise for sure. 
  • Duplicate Account: If the CCR reflects the same account of the company multiple times, it can result in credit score deterioration.
  • Incorrect Company Account Details: If the CCR reflects one or more company accounts not registered under the mentioned entity, the credit score is undoubtedly going to suffer a great deal.  

No matter if you run a business or wish to maintain your individual credit score properly, the company CIBIL score free checks can offer you a thorough idea. Regardless of the variety of CIBIL score disputes, plenty of solutions are also available to deal with these issues. Here are some of the best ways to deal with your CIR or CCR disputes professionally. 

The first step to deal with these issues remains to raise the dispute by the consumer. Once you know that your CIR or CCR has errors, you need to raise the dispute before you resolve those. Here is a brief idea about how to raise the dispute and how to get it fixed. 

Raising Disputes

  • Once you have checked the CIBIL score updates and traced out some errors in your credit reports, log in to the myCIBIL account to raise the same. 
  • You now have to press the “raise a dispute tab” and select the relevant category of dispute for your problem
  • Select your account to proceed. If you have ownership disputes, click on “Dispute Type” and submit the dispute detail in brief
  • If the dispute is regarding data, enter the right data and submit

If you need professional help, you can always reach out to the CIBIL score improvement agencies. Once you have raised the dispute online, you can proceed towards the resolution part of it. Raising the dispute through online submissions is the fastest way to resolve the issue. However, you can also raise the dispute by sending a letter to the relevant authorities if you prefer offline means. 

Resolution Of the Dispute

The dispute is now ready to be resolved. Here are the steps through which the discrepancies get rectified, leaving your credit score boosted. You can also take the help of the professional CIBIL score repair agencies for the same. 

  • After submission, the dispute field gets tagged as “Under Dispute.” 
  • Based on the variety of discrepancy, the relevant institution receives the disputes for correction
  • Now if the lender refuses to change the disputed fields, the request stands cancelled, and the CCR or CIR remains unchanged. On the flip side, if the lender accepts the changes, the CCR or CIR assumes a revised form. 

Your CIBIL score status is important for your financial profile in the market if you have any variety of disputes in your Credit Information Report, you should always address the same and get it rectified. Here are some of the reasons why you need to keep your credit score under check all the time.

Low Rate Of Interest on Loans:

All the loans come with an interest component. If your credit score remains impressive, the lenders generally charge a lower rate of interest on the loans. With a bad credit score, you will end up paying more money as an interest payment. 

Easy Loan Approvals:

The moment you apply for a loan, the lenders don’t readily sanction the same. They generally take time to go through all your records and credentials before the approval. Hence, a good credit score can help you get the loan easily, establishing your credibility on firm grounds. 

Better Bargaining Power:

With a good credit score, you can always negotiate better with your loan provider. No matter if you are settling the rate of interest on your credit cards or a fresh loan, your credit score can be critical in lending you the bargaining power.

Get Higher Limit Approvals: With a good credit score, the lender remains assured of the repayment of the lent sum. Hence, you might get approved for a higher sum when applying for a loan. On the contrary, with a poor credit score, you might struggle to get the minimum amount sanctioned by the lenders. 

Easy House Rental: Most of the landlords are checking the credit scores of the tenants these days. A good score always represents your transparent transactions, while a poor one makes your profile vulnerable. With a good credit score, you can easily pass the screening test of the landlord while searching for reasonable accommodation on rent. 

Better Car Insurance Rates: 

The insurance companies rely on the credit reports of the individuals to deduce the insurance risk score of a person. Hence, your credit score can be your reason for getting or not getting the insurance at any time. A good credit score can even reduce your premium payments substantially.  

No Security Deposits On Utility:

You never know when you might have to relocate. Emergencies arrive unannounced. Hence, a good credit score is a must if you wish to skip the security deposit payments during any utility service shifting or establishment. 

Countless benefits remain associated with a good credit score. No matter if you run a small business or a big one, a good CIBIL score can always help you in many ways. It is also a standard yardstick for gauging one’s authenticity and transactional transparencies. 

Hence, a poor score can be detrimental to your business performance as well. Clients and dealers might lose faith in you if they get to know about your low credit scores. Hence, to keep your image clear and financial status healthy, make sure to keep the credit score good.  

Especially in times of emergencies, you cannot expect the financial institutions to approve loans if you do not take care of your credit scores today. Keep checking the credit score updates and status and make sure to pay the current EMIs and interest payments on time to skip any discrepancies. 

Delayed payments and unpaid loans can deteriorate your credit scores beyond repair. Consider taking the advice of the experts to manage your credit score. The professionals know the best ways to mend the credit reports to make the circumstances propitious.