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How to find and correct errors on your credit report – Times of India


When you apply for a loan or a credit card, financial institutions carefully examine your credit history, including details about your credit cards, loans, and other credit facilities. This assessment includes information about your repayment history, as well as any defaults or late payments recorded in your credit report. The data extracted from your credit report serves as the basis for determining the interest rate on the loan, and it offers insights into your overall credit eligibility.
It is very important to periodically review your credit report and credit score. Detecting any inaccuracies or errors related to your loans or credit cards is crucial, as these can negatively affect your credit score.
To navigate your credit report effectively, pay close attention to the following key sections:
Credit accounts
Examine details such as loan type, sanctioned or disbursed amount, current balance, overdue amount (if any), and payment history. If you find any discrepancies, immediately report it to the concerned credit bureau.
Repayment history
Your repayment history provides information on how consistently you repay equated monthly installments (EMIs) or credit card dues on time. While credit history is typically reported for up to 7 years, the exact duration can vary based on reporting practices and credit bureau policies.
Personal details
Personal detail section in your credit report contains information reported by your existing lenders, including know your customer (KYC) details like name, date of birth, and personal IDs, as well as contact information such as phone numbers and addresses.
Credit report inquiries
Lenders conduct hard inquiries when you apply for credit, loan refinancing, or request a credit limit increase. These inquiries are documented in your credit report. Regularly monitor the inquiries made within the last 24 months to stay informed about who has been checking your credit.
Credit Utilization Ratio (CUR)
The credit utilization ratio reflects the proportion between the credit you have available and the amount you spend. It is advisable to avoid maxing out your credit cards, as consistently exceeding your credit limit can negatively impact your credit score.
In case you identify any errors in your credit report, follow these steps to rectify them:

  • Thoroughly analyze your credit report to identify inaccuracies.
  • Raise a dispute with the credit bureau, providing specific and detailed information about the inaccuracies.
  • Collect supporting documents, such as bank statements and payment receipts, to substantiate your dispute.

Correcting inaccuracies is crucial for maintaining an accurate and fair representation of your credit history. Keep in mind that credit bureaus rely on information from financial institutions, and any changes require communication and validation from these entities. Regularly monitoring your credit report is a recommended practice to stay informed about your credit history and promptly address any discrepancies.



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