It is often emphasised that credit card users should check their credit report at least once in a year. This not only helps them stay updated of their creditworthiness, but also flags any error which may have cropped up for no fault of theirs.
What does one do in case there is an error in the credit report? The logical thing to do is to reach out to the credit bureau and request it to carry out the correction.
It is worth remembering that rectifying an error in your credit report entails a few key steps.
These steps include the following:
I. Obtain your credit report: Get a copy of your credit report from major credit bureaus. These include CRIF High Mark, CIBIL, Experian and Equifax. Typically, you are entitled to receive one free credit report per year from each bureau.
II. Identify the errors: The common errors include incorrect personal details (such as name, address and PAN), wrong account information (wherein credit card does not belong to you), incorrect payment history (missed payments wrongly reported), duplicate accounts and incorrect loan/credit card closure status.
III. Raise a dispute with the credit bureau: Visit the credit bureau’s website and submit a dispute request via email. One can provide supporting documents (such as bank statements, loan closure letters to proof). It is vital to note that each bureau has a dispute resolution mechanism given on their website. One can, for instance, find a link to dispute error on CRIF High Mark here: crifhighmark.com/raise-a-dispute.
IV. Contact the bank: In case the error stemmed from a bank or financial institution, it is vital to inform the bank in writing and request correction. Following this, they will verify and update the credit bureau.
V. Follow up and get confirmation: The credit bureau could take as long as 30 to 45 days to process disputes. It is incumbent upon you to check your updated credit report after the correction is incorporated.
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