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CIBIL correction
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CIBIL correction
The process to rectify the errors on the CIBIL™ report starts by spotting an error and filing a dispute for the same with the credit rating agency. The steps for rectifying any errors on the CIBIL™ report are mentioned below.
- The first step is to log in to the website of CIBIL™ to fill an official online dispute form.
- The applicant will have to provide all the relevant details like details of the error or fraudulent entry in the CIBIL™ report as well as personal details while filing such an online form. The applicants have to ensure that all such details are true and correct.
- The applicant will also have to provide the 9-digit control number that can be used to identify the report having the disputed matter.
- After successfully filing the dispute application or request, it will be forwarded to the concerned lender or bank for verification of the applicant’s claim.
- The lender will then verify the applicant’s claim at their end and if the claim of the errors is confirmed, the same will be notified to CIBIL™.
- CIBIL™ will then incorporate such changes in the credit report and issue such a revised version to the applicant.
- The applicant will be notified of the changes or rectification in the credit report through email.
The entire process of filing disputes and rectifying them is a lengthy process with a minimum duration of 30 days.
Credit scores are an important starting point for the issue of any type of loan or credit card. It is a measure of the creditworthiness of a person and it is therefore essential for any person to maintain their credit score. It will assure them immediate and timely financial assistance for any purpose. Such financial assistance can be obtained without any hassles and delays as well as without any cuts in the credit required.
There are four credit rating agencies in India that provide such credit score. These agencies are CIBIL™, Equifax, Experian and CRIF High Mark. Among these agencies, CIBIL™ is one of the most favoured credit rating agencies in India.
CIBIL™ issues a credit report at regular intervals for the applicants. However, these reports may have some errors or fraudulent entries. These entries have to be corrected or rectified to ensure that the credit score of the person is not affected adversely.
What are the possible errors in a CIBIL™ report?
When you subscribe for a credit report with the credit scores you get a complete list of all credit-related transactions for the period. The credit report can be prone to any errors or fraudulent entries that may affect the credit score of the person. These credit reports have to be therefore reviewed carefully in order to ensure that the credit score of the person is not damaged.
Given below are the possible errors that can be part of any credit report.
Incorrect personal details
The most common errors in any CIBIL™ credit report are the error in the personal details of the applicant. The applicant has to check their personal details like name, address, age, date of birth, PAN Card details, etc. in the CIBIL™ report for
Duplication of the account
Another common error is having a duplicate account in the name of the applicant. There could be multiple accounts in the applicant’s name which may not have a favourable credit history. Such accounts can affect the CIBIL™ score of the applicants.
Incorrect overdue amount
The overdue amount is the amount that is outstanding and has to be repaid by the applicant. This amount is reported by the lenders or the banks to CIBIL™ based on which the credit report is issued. There may be a case when such amount is misreported and such amount is carried forward to the CIBIL™ report. In such cases, the CIBIL™ report of the applicant will show an incorrect credit score and will be erroneous. The applicant will have to rectify this error to get the true credit score.
Incorrect balance
The current outstanding balance of the applicant and the actual amount due has to match to reflect the true credit position of the applicant. This is another area where there may be an error that has to be duly spotted and rectified.
Outstanding loans
Outstanding loans of an applicant are crucial for calculating the current credit score. If there is an error in reporting the outstanding amount of the applicant or the terms of the loan, such errors have to be reported immediately for the resolution to avoid any negative impact on the credit scores.
Non-updating of the current balance
Another important point to assure is that the current balance of the applicant is correctly updated. This means if the outstanding amount has been repaid, such information has to be updated in the CIBIL™ report. There is usually a gap between the payment of the dues and the reflection of such payment in the credit report. Such errors also have to be spotted and duly rectified.
How Mergers Are Structured?
Mergers may also be distinguished by following two financing methods, each with its own ramifications for investors.
Purchase mergers
As the name suggests, this kind of merger occurs when one company purchases another company. The purchase is made with cash or through the issue of some kind of debt instrument. The sale is taxable, which attracts the acquiring companies, who enjoy the tax benefits. Acquired assets can be written up to the actual purchase price, and the difference between the book value and the purchase price of the assets can depreciate annually, reducing taxes payable by the acquiring company.
Consolidation mergers
With this merger, a brand new company is formed, and both companies are bought and combined under the new entity. The tax terms are the same as those of a purchase merger.
