Right to Correct Credit Report Errors
Borrowers can dispute wrong loan, card, overdue, or identity information in credit reports.
🗣️ What this means for you
If your CIBIL or other credit report wrongly shows a loan, missed EMI, settled account, duplicate account, or identity mistake, you can dispute it. Credit bureaus and lenders must investigate and correct verified errors.
Step-by-Step Action Plan
Download your credit report and mark the incorrect entries.
File a dispute with the credit bureau and lender.
Attach proof of payment, closure letter, no-dues certificate, or identity proof.
Follow up until the bureau updates the report.
Escalate to RBI Ombudsman if the lender does not correct verified errors.
⚖️ The Relevant Law
Credit Information Companies (Regulation) Act, 2005 (2005)
Credit information dispute and correction framework
"Credit information companies and credit institutions are regulated for collection, processing, and correction of credit information."
⚠️ Punishment / Penalty
Regulated entities may be directed to correct records and can face regulatory consequences for failure to follow the credit information framework.
Required Documents
- 📄Credit report
- 📄Loan closure letter
- 📄Payment proof
- 📄No-dues certificate
- 📄ID proof