How to remove fake loans from CIBIL report?
How will you remove fake loans from a CIBIL report? As a credit repair and improvement agency, we always receive such phone calls. Customers say, “Sir, a fake loan is showing in my CIBIL report, because of which we are not getting a loan.” My question here is customers who are saying that a fake loan is showing in their CIBIL report, is it really a fake loan? Why I am asking this question, we will also give the answer ahead. Here I have shown two methods, by following which you can remove the fake loan from your CIBIL report.
These methods, being a CIBIL rectification agency, we also follow initially. Now out of these, you can follow any one method. There also you can remove the wrong loan that is showing in your CIBIL report, the fake loan that is appearing. If you see the whole process, you can yourself raise a dispute in CIBIL and remove the wrong loan that is showing in your CIBIL report.
What is a Fake Loan?
If someone uses documents in a fraudulent way and takes a loan in your name, it is called a fake loan. But as I mentioned at the beginning of the video, customers say that a fake loan is showing in their CIBIL report. The question is— is it really a fake loan?
As far as the cases we see, in more than 99% of cases it is not actually a fake loan. It appears in the report because of some other reason. It may happen due to data mixing, it may happen because of a technical problem with a credit broker, or the bank may have made a wrong entry. But this does not mean that fake loans never happen. In some cases, it is true that someone has taken a loan by fraudulently using another person’s documents.
Now first we will understand that if a wrong loan is showing in the customer’s report by mistake or because of data mixing, how it can be removed. After that we will also understand what you need to do if someone has actually taken a loan by fraudulently using your documents and it is showing in your CIBIL report.
Possible reasons for reporting fake loans from CIBIL report
- Data mixing related problem.
Here the data of two customers gets mixed with each other. Now why does this data mixing happen? It may happen because both customers have similar names, similar date of birth, or some similarity in the address. Sometimes even the PAN card number may look similar. Now you may say that in India many people have the same name, so will this kind of data mixing happen with everyone? No, it does not happen like that. Sometimes it happens only with some customers because of technical problems. - Manual data entry error – Sometimes the bank makes a wrong entry, because of which data mixing can also happen.
- Technical glitches at bureaus – When you take a CIBIL report from a credit bureau, the report is not stored exactly in the same way as you see it. The data remains in different formats on the server. When the data is fetched from there to generate the report, sometimes mixed data may appear in the report because of technical problems.
How to remove a wrong loan showing in your CIBIL report?
If such a wrong loan is showing in your CIBIL report, then how can you remove it?
The first thing you should do is read your CIBIL report carefully. Try to download the report from the official CIBIL website because many times the report provided by the bank does not clearly show the exact problem.
When you read the report carefully, you may see some additional information along with the wrong account. For example, a different address, extra contact details, a wrong email ID, or more credit enquiries. This happens because the data of another customer with whom your data has been mixed also appears in your report. If you see such information, you can understand that it is a data mixing problem.
After that, you should definitely raise an online dispute in CIBIL. There are two ways to do this. The first method is to log in to the CIBIL portal and raise a dispute. The second method is to go to the CIBIL portal and submit a complaint by filling out the online form.
The first method is to log in to the CIBIL portal and raise a dispute.
In the first method, you need to go to the official CIBIL website. If you have not registered before, you can register by clicking on “Get Your Free CIBIL Score & Report”. If you have already registered, you can log in by going to the “Existing User” section. After logging in, click on “View Your CIBIL Report”.
After that, scroll down and click on the “Raise a Dispute” option. In the account section, click on the option in front of the loan account that you believe is incorrect and select “Account does not belong to me”. After that, click on Continue and then Proceed to Next Step.
According to the new guidelines of the Reserve Bank of India, if a dispute is not resolved within 30 days, the bank and the credit bureau may have to pay a penalty of ₹100 per day. Therefore, you may also be required to provide your bank account details here. After that, click on Confirm and Submit Dispute. Once the dispute is submitted, you will receive a dispute number that starts with “P”.
The second method is to submit a complaint by filling out the online form on the CIBIL portal.
The second method is considered a little more effective because you can explain your problem in detail and also attach documents. For this, go to the Support section on the CIBIL website and click on the “Contact Us” option, then select “Write to Us”. There select the Consumer option and go to the Dispute section.
After that, a form will open where you need to fill in your name, gender, date of birth, mobile number, email ID, and address. Always enter the same mobile number and email ID that you used while registering on CIBIL. After that, select PAN card for identification and enter your PAN number.
If you have raised a dispute earlier, you can also enter the service request number or dispute ID. After that, in the “Describe Your Query” section. Write your problem in detail and make sure to mention the control number of your CIBIL report.
Then attach your KYC documents. You can attach a maximum of 5 documents and the file size should not be more than 5MB. After that, fill in the captcha and submit the form. Once the form is submitted, you will receive a service request number.
If the issue is still not resolved
you can also send a complaint email to the bank associated with that loan. Attach the necessary documents and clearly mention that the loan does not belong to you. This increases the chances of faster resolution.
If someone has actually taken a loan by misusing your documents, then in that situation you should ask the bank for all documents related to that loan. Such as the sanction letter and the details of the account where the money was transferred. After that, you can file a complaint with the RBI Ombudsman and the cyber cell.
If the issue is still not resolved
you may need to file a case in the consumer court. After the court order, the bank will be forced to remove that loan from your CIBIL report.
I hope you now understand how a wrong or fake loan can be removed from your CIBIL report. If you have any doubts, feel free to write them in the comment section.
If a wrong loan is also showing in your CIBIL report and you are not able to fix it, or if you find this entire process difficult, you can contact us as well.
We work as a CIBIL rectification agency and can help you remove incorrect loans from your CIBIL report so that you can get loans more easily in the future. Our helpline number is given below. You can also send your report through WhatsApp, and my team will review your report and contact you.