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New Delhi: Many people feel that credit cards are a very complicated thing. Most people see this when they take a loan, such as to buy a house, a car or any item. Credit reports may seem difficult to understand at that time. But the good news is that understanding and fixing it is not as difficult as it seems. Nowadays it is very easy to view your credit report due to digital facilities.
If you take loans frequently, it is very important to check your credit report from time to time. A credit report is not just a record of your past transactions, but it is the foundation of your future loan. Your credit score determines whether you will get a loan or not and at what interest if you get it. A good credit history helps in getting the loan quickly and the interest rate is also low. But if there are inaccuracies in your report, your credit history may get damaged, even if you haven't done anything wrong.
There may be errors in the credit report. Sometimes banks or NBFCs send incorrect information. Sometimes a wrong loan may appear in your name due to misidentification or due to fraud. This can be a matter of concern, but there is no need to panic. There are neat rules to fix this, you just need to take the right steps.
The job of credit bureaus is to collect information received from lending institutions, such as banks and NBFCs, and prepare your credit report. These bureaus only keep your information and display it accurately. They cannot make any changes on their own. If there is any mistake, it is the responsibility of the lending institution to correct it.
If you notice any errors in your credit report, the first thing you need to do is file a complaint with the credit bureau. You can do this through the bureau's website, their customer care number or email. Once the complaint is filed, the bureau communicates the mistake to the concerned bank or NBFC.
As per the rules, the lending institution examines your complaint and sends the correct information to the bureau. The bureau then updates your credit report and gives you a new report for free. This entire process should be completed within 30 days. Also, if you wish, you can contact the bank or NBFC directly. This can resolve the matter quickly.
Nowadays the importance of credit has increased. It not only helps in taking a loan, but also requires a credit card, interest rate and sometimes for a job.
