CIBIL dispute resolution time | How to resolve (CIBIL) dispute fast and improve score?

 

You applied for a loan in some bank and later on, you are informed by the bank employee that your loan has been rejected. then you meet the manager and he informs us that the reason behind this rejection is a low CIBIL score.

 You might argue over the point that you took lots of loan previous and paid them off on time. Then why this happened?? The manager will give you only one suggestion which is to contact CIBIL and get it fixed. Then come back, and we will give you a loan.

 

You contacted CIBIL and narrated your problem. They will simply ask you to raise a dispute. After raising the dispute, we have one questions in our head how long will take to fix the problem.

Now as soon as you raised a dispute, CIBIL notifies you that the standard time for CIBIL dispute resolving is 30 days and also depends on the credit department. In short sooner the credit team works the sooner you will get the CIBIL report corrected.

Does CIBIL Dispute Resolve within 30 days or More?

Today we are going to talk about how fast can we rectify our CIBIL dispute with minimum effort.

The simple answer to your question is “NO”, it takes more than 30 days in some cases to get your CIBIL rectified. I am working as a CIBIL score rectifier and CIBIL score booster for years.

I have seen my clients who had to wait for a period of more day 30 days to get their CIBIL fixed. They even waited for 2 months or even 6 months. This depends totally on the client’s CIBIL report and how complicated is the problem. This is the process.

A) First, we have to find the problem.

B) Then we need to know the credit institutions with whom we have to deal.

C) And the total number of problems we have to deal with in the first place.

There are times when CIBIL rectifies the dispute before the given time. Sometimes the dispute is resolved in a week or even overnight.

Now I am going to tell you the types of disputes resolved with less time taken.

1) Date mixing:  sometimes we find someone else loan account or any other details included in our CIBIL report. I once had a client who had four loan accounts in his CIBIL report, but out of which only two belongs to him.

The account shown in CIBIL belongs to the united bank, which has been merged with Punjab national bank recently. The client even found out that some of the information like date of birth and address was common in both applicants.

Hence it's safe to assume that because of these common details the data got mixed up. Now we created a dispute and within 6 days the problem got fixed.

2) App-Based Loan: some of my clients who visited me had taken loans from mobile apps. We created a dispute and it got resolved overnight.

 I had a client who had a written-off status from Bajaj finance, which he has already paid off. As soon as we created the dispute overnight his problem was resolved.

This is rare in number, a maximum of my client face problem resolving the dispute. As we have to depend on credit institute it takes more time. The public sector bank credit team takes a little bit of extra time to get to bottom of the problem.

 Whereas private works comparative at a higher pace and hence your they sent you credit report to CIBIL very fast and the problem gets resolved. The private bank-related problem gets resolved within a month or a few days more.

 bank-related

Once A client who had an HDFC BANK loan account visited me, he said that he paid all the dues by still status showed written off. We raised a dispute and it was cleared within a week or less.

There was another client who had a loan account in SBI. He settled the amount previously and later paid the full amount. But still, the status hasn't changed. We raised the dispute and we even did have a talk with the official.

He told us that he will solve it as soon as possible. But the result was highly disappointing, he told nearly 6 months to clear it.

There are many other banking sectors which take an immense amount of time to solve the raised dispute.

Now the main question is how to raise a CIBIL dispute.

There are 4 ways we can raise a dispute namely:

  1.     You can directly subscribe to CIBIL and raise a dispute. You will get all the necessary forms on the site related to creating disputes.

1.    2.   CIBIL has created an online process where you can directly email them your dispute and it will be solved. (I have a video on this link given in the description).

1.      3. If in case your problem has been solved within 30 days, you can mail them in the grievance section.  In the first grievance level, the problem will be settled within 15 working days.

In the second grievance level, it takes 10 days. In the third grievance level, it takes 8 days

so the bottom line is that once you created a dispute, don’t sit tight. You have to work hard to get it fixed. You need to do daily follow up.

 

There might be times when you have to write to different concerned bodies to get your dispute taken seriously. Visit the bank and tell them to contact their CIBIL cell.

 In the case of a public sector bank, you have sent mail to the regional head office or visited directly. you can contact CIBIL and the bank over the phone to get more attention.

Read More:

1. 10 Ways to improve your CIBIL score. Best ways to improve your CIBIL score.

2. Credit Bureau I CIBIL | Equifax | Experian | CRIF Highmark | Difference between CIBILV/S Equifax 

3. What is SMA (Especially Mentioned Account)? How to remove SMA from CIBIL report?