When dealing with your CIBIL report, it is important to understand the implications of various factors such as enquiries and closed accounts. In this article, we will provide a comprehensive guide to help you understand how long it takes for enquiries and closed accounts to be removed from your CIBIL report and the steps you can take to correct any errors.
Understanding CIBIL Enquiries
Credit Information Bureau Limited (CIBIL) is a leading credit reporting agency in India. They maintain detailed credit and financial information on individuals and businesses, which is used by lenders to assess their creditworthiness. Enquiries refer to instances where a lender checks your CIBIL report to evaluate your credit status.
When you apply for a loan, credit card, or any other financial product, the lender typically conducts a soft enquiry, which does not impact your credit score. However, if you apply multiple times within a short period, this may result in hard enquiries, which can slightly lower your credit score.
How Long Do Enquiries Stay on Your CIBIL Report?
For those who have a genuine enquiry, it is crucial to know that these enquiries will be visible on your CIBIL report for the next 24 months. After this duration, all enquiries will be removed automatically. This is done to ensure that the report reflects a more accurate and up-to-date credit history of the individual. Therefore, if you have 8 enquiries on your CIBIL report, they will be removed after 24 months or 2 years.
Dealing with Closed Accounts
Closed accounts, on the other hand, are permanent on your CIBIL report and do not disappear over time. This means that even if you close a loan or credit card account, it will still be reflected on your CIBIL report for the remainder of your lifetime. However, it is important to note that all closed accounts should be reported with zero outstanding balance and marked as closed. This ensures that your CIBIL report remains accurate and provides an honest representation of your financial history.
Rectifying Errors in Closed Accounts
In the event that you find any errors in your CIBIL report, it is advisable to raise an online dispute through the TransUnion CIBIL official website. TransUnion CIBIL is the largest credit information company in India, and their portal is designed to help individuals challenge and rectify any errors or discrepancies in their CIBIL report. Here are the steps you can follow:
Visit the TransUnion CIBIL website: Go to the official TransUnion CIBIL website and log in to your account. Initiate a Dispute: Navigate to the section where you can initiate a dispute and provide all relevant evidence. Provide Evidence: Attach any documents that support your claim, such as bank statements or correspondence with the lender. Follow Up: After submitting your dispute, TransUnion CIBIL will investigate the matter and contact the relevant lender to verify the information. Once they receive the response, they will update your CIBIL report accordingly.Conclusion and Further Queries
Understanding the dynamics of your CIBIL report is crucial for maintaining a healthy credit profile. Remember that inquiries stay for 24 months, but closed accounts remain indefinitely. Should you have any further queries or need assistance with your CIBIL report, feel free to share them in the comments below. I will be happy to address all your concerns and provide guidance wherever possible.
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