Credit is an integral part of our lives today. From applying for a home loan, a car loan or even a credit card, one’s credit score and its maintenance have become increasingly important. This score largely determines the loans and credit offerings financial institutions may extend to you. Therefore, it is vital to have regular credit score checks to maintain a healthy credit history.
Credit scores are generally calculated by credit rating agencies, with CIBIL being one of the most recognized in India. Unfortunately, there can be discrepancies in your credit report, thus necessitating a CIBIL dispute. We aim to shed light on how to check your credit score online and handle possible disputes easily.
Hassle-Free Tips for Checking Your Credit Score Online:
1. Choose a Reliable Online Platform:
Numerous websites offer credit score check services. Some websites offer these services for free, while others provide a more detailed credit report at a certain cost. Make sure to choose a reliable and reputed online platform like CIBIL, Experian, or Equifax.
2. Register on the Portal:
Once you’ve chosen your preferred online platform, you will need to create an account. This will usually require inputting some basic information like your full name, date of birth, PAN number, and mobile number.
3. Verify Your Identity:
Identity verification is a necessary step in the credit score check process. Typically, you’ll be asked to answer a few questions about your financial history. Some portals will also ask for your Aadhaar number for verification.
4. Access Your Credit Score:
After successful identity verification, you’ll be able to see your credit score. Some platforms display the credit score immediately, while others may send a detailed report to your registered email ID.
5. Understand Your Credit Report:
The credit report often includes a lot of information such as the names of your creditors, the total loan amount, the amount unpaid, and the number of days the payment is due. Make sure you understand these aspects to identify any discrepancies and rectify them promptly.
How to Resolve a CIBIL Dispute:
Don’t worry if you notice inaccuracies in your credit report. A CIBIL dispute mechanism lets you question and rectify these errors. It significantly ensures that your credit score isn’t unfairly harmed due to these inaccuracies.
Here are the steps to follow if you want to file a CIBIL dispute:\
1. Identification of the Discrepancy:
Thoroughly review your credit report at regular intervals to identify inaccuracies – a crucial first step in the CIBIL dispute process. These inaccuracies might be due to various reasons such as incorrect recording of repayments or an unauthorized credit inquiry.
2. Raise a Dispute:
The credit bureau provides a way to raise a dispute directly from their website. You must select the appropriate discrepancy and provide the necessary evidence to back your claim. Make sure to gather all the related documents supporting your dispute.
3. Response from CIBIL:
After raising a dispute, CIBIL will verify the information with the respective financial institution. This process might take around 30-45 days. If your dispute is valid, the necessary corrections are made in your credit report.
4. Further Course of Action:
If the dispute is accepted and the changes reflect your credit report, nothing more needs to be done. However, if CIBIL dismisses your dispute and no changes are made, and you’re confident about the inaccuracy, it’s best to reach out to the financial institution directly.
With the cumulative rise of technology, it’s no longer a tedious task to make a credit score check. Though this task may seem daunting, and discrepancies can be nerve-wracking, prompt detection and rectification are now easily doable online. However, while doing so, remember that a good credit score cannot be achieved overnight. It needs consistent monitoring, diligent repayment track records, and intelligent credit decisions.
In conclusion, regularly checking your credit score and properly rectifying any discrepancies is the key to maintaining a healthy credit profile. So go ahead, harness the power of the web, and start your credit score check journey.
Remember, a good credit score is not just a number but also an indicator of your financial health and trustworthiness. It is a testament to your financial prudence. Regular credit score checks and efficient handling of a CIBIL dispute, if any, will put you in good stead for all your future financial endeavors.
For more information you can also download Bajaj Finserv App for your financial guide and many more.
