CIBIL Score: The opportunity to improve your CIBIL score has come, in this way, you will get the loan instantly...

If your CIBIL score has been affected then you should think seriously about improving it. Because, if your CIBIL score does not improve, you may face difficulties in taking a loan in the future. Now the question arises what are the ways to improve the deteriorated CIBIL Score? And how can it be kept in good condition? Come, let us tell you such ways by which you can improve your CIBIL score.

CIBIL report should be ordered
First of all, find out the reason why the CIBIL score is affected. For this, you should order the CIBIL report. For the CIBIL report, you will have to go to the authentic website and fill out the online form. Most companies or banks charge Rs 450-500 for this. Once the one-time authentication process is successful, you can download the CIBIL score and report. It is also sent to your e-mail.

Where does the error occur in the CIBIL score?
Your credit report contains complete information about your bank account, loan, and credit card. If the information related to your identity and accounts in the CIBIL score is correct, then consider the number of days there has been a delay in the payment of 'DPD' i.e. credit card bill or any loan. DPD tells you how many days you have delayed payment of credit card dues or loan EMI in a particular month. If it is more than ‘000’ then your CIBIL score is affected. Apart from this, the information written below ‘Retained-Off’ or ‘Settled’ tells where you have defaulted in the past and this is also the primary reason for the decrease in CIBIL score.

What to do if the CIBIL score is wrong?
Banks send information related to your loan account or credit card to CIBIL and sometimes mistakes occur in the reporting process. Due to these mistakes of banks, your credit score also decreases. Sometimes it is seen in the CIBIL score that the loan that you have repaid is also shown as outstanding or shows insufficient account balance.

Please fill out the dispute form
In such cases, you can present your stand by filling out the dispute request form on the CIBIL website. The Dispute Resolution Cell of CIBIL will consider this and contact the concerned lender in case of a particular loan account. It takes approximately 30 days to correct the mistake in the CIBIL score.

Risk of identity theft
Some serious mistakes also happen, like you have not taken any loan and that outstanding is showing in the CIBIL report. This could be a case of identity theft. CIBIL should be informed as soon as such cases are noticed. CIBIL also treats such cases as a priority.

Where to complain
In this regard, make a written complaint to the nodal officer of the bank so that either the bank corrects the mistake or gives complete details about that wrong entry. If CIBIL or the bank does not respond to your request within 30 days, then you should complain to the Bank Ombudsman www.bankingombudsman.rbi.org.in.

What to do to avoid mistakes?
After correcting the errors in the CIBIL score, decide that you will pay the credit card bill and loan EMI on time. Always apply for a new credit card or loan only after thinking carefully. Thanks to all this, your CIBIL score will remain healthy and there will be no problem in taking a loan in the future.

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