How to Fix Errors on Your Credit Report

There is a possibility that your credit report has some error! Though uncommon, sometimes wrong information is updated on it. But the good news is that, you can correct a wrong entry on the report.

The credit bureaus in India record the credit history of the borrowers. It includes personal details, loan repayment, credit card repayment, number of credit inquiries, account numbers, account types, outstanding balances, etc. The lenders like banks, financial institutions, credit card companies, etc., report these details to the bureau. The credit bureaus calculate the borrowers’ credit scores based on these details.

There are chances that the lenders send incorrect information to the bureau. This can impact your credit score tremendously. What would you do then? How to fix errors on your credit report?

Fix Errors on the Credit Report: The Step-By-Step Guide

Having a low credit score and facing difficulties like loan approval, high interest rates, etc., can be stressful. It is important to dispute the incorrect information to eliminate the disastrous implications of a credit report anomaly.

Here is the step-by-step guide on how to fix credit report errors and relieve your financial stress.

1. Review your Credit Report

Before you begin removing a wrong entry from your report, it is important to study the report and look for all the errors properly. Get your free credit report from Ava Finance and review it for errors. Look for common errors like:

Incorrect personal information, including your name, date of birth, PAN details, Aadhar details, phone number, etc.

Wrong credit/loan details like incorrect due amount, account status, repayment pattern, etc.

Incorrect credit limit

2. Fill out the Dispute Form

Now that you have identified the error, removing a wrong entry in your credit report is time. To do so, you need to file an online dispute form. The form is available on the credit bureau website. Go to the dispute page of the website and fill out the form correctly. Ensure to double-check the details, to prevent the form rejection.

3. Attach Documents

One of the most important answers to how to fix credit report errors is to provide evidence to support your claim. You will have to provide relevant documents that establish the authenticity of the error. Ensure to correctly upload the same so the bureau can investigate and validate the matter.

4. Form Processing and Verification

After you submit the dispute form, you must wait, as the credit bureau will take time to verify the error, the credit bureau will ask your lender to provide fresh details. The credit bureau does not make any changes in the report without verifying the same with the lender.

The credit bureau does not take action if the disputes are frivolous. The bureau will update you whether the dispute holds.

5. The Resolution

It may take around 30 days to correct your credit report. The lenders or banks are expected to come up with a resolution for the dispute within 45 days. Once your issue has been resolved, you will be communicated about it. Again, if you are unsatisfied with the solution, you can raise a new dispute and provide supporting details.

6. Re-Check Your Credit Report

Check whether your credit report is now updated. If you cannot see the update after 45 days, contact the credit bureaus and the lender again.