Hello Sir/Mam, My CIBIL score is very low because of incorrect entry made by CIBIL/Banks on PAN number, I have sent mail to banks and raised dispute on CIBIL site however no concrete action taken either by CIBIL or by Banks. Please help me with the path-forward.
First, you need to understand some basic facts about credit scores and credit bureaus like CIBIL.

PAN is just one of the identifiers used by financial institutions and thus has no direct impact on low credit scores. CIBIL credit score ranges between 300 and 900 and indicates the probability of default. There are four essential components with different weightage in a CIBIL credit score. Past performance has a weightage of 30%, while credit type and duration and leverage have a weightage of 25% each. Rest, 20% weightage, is based on other factors.

Credit institutions or banks/ lenders submit your credit account details along with your personal, contact, employment information like name, address, date of birth, PAN, telephone number, and income to credit bureaus.

A credit bureau like CIBIL then creates your complete credit profile basis these details. This, in other words, means CIBIL cannot make any change directly to your CIBIL report. Once the change is authorised and provided by the concerned credit institution, CIBIL can update your credit report.

Once you have submitted the dispute, CIBIL verifies it internally and then route it to the concerned credit institution. Once the credit institution responds to the dispute request, CIBIL updates the changes instantly (if applicable) and communicate the status via email. You can also check the status of your account via this link https://www.cibil.com/self-service-portal/know-account-latest-status.action

Coming back to your specific issue, you need to find details from your CIBIL report, like the name of the credit institution that reported your wrong PAN number. You can raise a dispute with CIBIL via this link https://www.cibil.com/consumer-dispute-resolution or directly approach the concerned credit institution.

Suppose the concerned credit institution does not resolve the dispute filed on CIBIL site, within 30 days. In that case, CIBIL uses an automated process where a daily reminder is sent to the bank / CI until the dispute is resolved.

Further, if you are not satisfied with the dispute resolution, you can contact the concerned credit institution directly. Alternatively, you can again initiate a dispute request with CIBIL, which will re-verify it with the relevant credit institution and update its records accordingly.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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