Seven Common Errors in Credit Reports and How to Fix Them

Credit reports are compiled from information sent by many banks and NBFCs. Errors can creep in at any point. These are the issues we see most often.

The seven most common errors

• Late payments or overdue amounts shown even though you paid on time.
• Closed loans still showing as active, sometimes with an outstanding balance.
• Accounts or credit cards that do not belong to you, a mix-up or possible fraud.
• Duplicate entries for the same loan, which can inflate your apparent debt.
• Incorrect personal information such as name spelling, date of birth, PAN or address.
• A settled status on a loan that was later paid in full.
• Enquiries for loans or cards you never applied for.

How a dispute generally works

You raise a dispute with the credit bureau, identifying the specific entry and attaching evidence. The bureau checks with the lender that reported it, and the record is corrected if the lender confirms the information was wrong. You can raise a dispute yourself, free of cost, through each bureau's website.

What cannot be fixed

Accurate negative information, a genuine late payment or default, cannot simply be removed. Anyone promising to delete accurate history should be treated with caution.