CIBIL, the only operational Credit Bureau in India, has rolled out a mechanism wherein a borrower can request his/her credit report from CIBIL and dispute any incorrect entries made.
In this article on Apnapaisa.com, the author has detailed the procedure to be followed to obtain one's credit report. I will summarize it below for the benefit of the readers:
1. Fill out this form and send to CIBIL along with (self-attested) Id & address proof and a DD of Rs. 142/- as non-refundable charges. The address to send the forms is:
Credit Information Bureau (India) Limted
P.O. Box 17
Millennium Business Park
Navi Mumbai - 400 710
2. If you find any errors in the report, complaint to CIBIL. The CIBIL will inform the concerned bank and the bank will have to respond within 30 days, otherwise the disputed entry in the borrower's credit report will be deleted.
How the borrowers benefit from this:
1. You can monitor your credit report for any erroneous entries, which up till now wasn't an easy task. Now there is a mechanism also to address the borrowers' concerns regarding erroneous entries.
2. If you plan to apply for a loan and have a very good credit report/rating you can negotiate a lower interest rate.
Link via Apnapaisa.com
Form downloaded from here.
I had previously written about credit reports & CIBIL here.
Monday, August 31, 2009
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