CIBIL Score: Suspecting unauthorised inquiries on your credit report? 5 things you must do

If you discover unauthorised inquiries on your credit report from CIBIL or any other credit bureau while reviewing it, it’s important to take immediate action to protect your credit profile. Any delay in doing so could harm your financial information that could lead to consequences in the future while seeking loans.

First of all, you need to reach out to the credit bureau and intimate them about the occurrence of such unauthorised inquiries or mistakes in your report. Then you need to provide them with details of the inquiries which are unauthorised.

Besides, credit bureaus have a dispute resolution process as well. So, it is advisable to file a dispute regarding the unauthorised inquiries, wherein you should state that you did not authorise these inquiries. You may need to provide any supporting documentation or evidence in order to support your claim.

Here are the five steps you can follow:

Review your credit report: You need to procure a copy of your credit report from CIBIL in order to carefully review the report to identify any unfamiliar inquiries or accounts.

Freeze your credit report: You may even consider placing a freeze on your credit report to prevent any further unauthorised inquiries or activity. This can help protect your credit profile from potential fraud.

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Monitor your credit report regularly: Make sure to monitor your credit report regularly for any suspicious activity. Many credit bureaus offer monitoring services or alerts that can notify you of any changes to your credit report.

Report identity theft: If you suspect that the unauthorised inquiries are a result of identity theft, you must report the same to the relevant authorities immediately. This may include filing a report with the police and contacting the appropriate financial institutions to alert them of the fraud.

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Follow-up: Also, make sure to follow up with the credit bureau to ensure that the unauthorised inquiries are removed from your credit report. Keep records of all communications and documentation related to the dispute process.

By taking these steps, you can protect your credit profile and mitigate any potential damage caused by unauthorised inquiries on your credit report.

Frequently Asked Questions:

How often should you check your credit score?

Most experts recommend to check the credit score at least once a year.

Why is it important to pay bills on time?

Payment history is a significant factor in determining your credit score. Even a single missed or late payment can negatively impact your score.

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Is payment of debt enough to maintain a good CIBIL score?

Paying off debt is indispensable to maintain a good credit score. However, it is the responsible financial management that leads to a good CIBIL score.

What is credit mix?

This refers to the different credit accounts you have on your credit report. These include car loans, credit cards, student loans, personal loans, among others. 

How does a credit mix impact the credit score?

Having a diverse mix of credit accounts shows to lenders that you can handle different types of credit in a responsible fashion