Credit score: How to rectify a mistake after you spot it? A step by step guide | Mint

Do you regularly check your credit score at one of the four credit bureaus in India such as CRIF High Mark and Experian? If not, it is important that you do it on a regular basis.

It is often recommended to individuals to check their credit score at least once in a year in order to stay abreast of the errors in their credit report (if any ) and get them corrected.

In case you come across any mistake(s) in your report, you can take the following steps to get the correction done.

These are some of the steps that one can follow:

I. Review the mistake: At the outset, you are supposed to identify the specific mistake (such as incorrect personal details, fraudulent accounts, and inaccurate payment history) that you happen to spot in your score.

Then you must gather all relevant documents such as bank statements or receipts, to support your claim.

II. Contact the credit bureau: The next step is to file a dispute with the credit bureau that has reported the error such as CRIF High Mark.

The dispute relating to credit score can be raised online. It is vital that you provide a clear explanation of the error, copies of supporting documents and your name, address and the credit report reference number.

III. Contact the lender: If the error originated from a bank such as incorrect loan balance or payment status, you can directly reach out to it.

Then you can request the bank to investigate and update the information they provided to the credit bureaus.

IV. Track your dispute: Credit bureaus are supposed to investigate disputes, within a time frame. You will receive the investigation results and an updated credit report if changes are made.

V. Follow up: If the issue has not been resolved to your satisfaction, you can escalate by re-disputing with more evidence. You can also file a complaint with the regulator (RBI) as well. It is vital to mention here that the RBI has made it compulsory for banks to update credit bureau records every 15 days with effect from Jan 1, 2025. 

VI. Monitor your credit regularly: Another important step to follow is to monitor your credit on a regular basis. It is often emphasised that you monitor your credit score at least once in a month.