The credit bureaus in the country usually collect all the individual data and prepare a credit report of everyone. Thereby they also calculate the credit score of a person by using their proprietary algorithm. 

However, in these types of algorithms, there could be errors in the credit report. This could also hamper the chances of a person getting loan approval. Here is the place where credit dispute software comes into action. 

The errors in a person’s credit report can range from incorrect personal information and the wrong credit accounts. Here, the individual should always rectify all these errors in the credit report at the earliest to avoid further problems. This is the list of some of the errors that can occur in the credit report.

• Any type of Incorrect personal information. This could include name, mobile number, and PAN number, etc. 
• There could be wrong loan accounts in the name of the person
• It can also show incorrect credit limit
• Any type of incorrect account status
• They can show any type of outstanding payment
• Any type of incorrect payment history
• It can show any duplicate account

To rectify these types of problems, credit dispute software is reasonably necessary. To rectify this kind of problem, a person can raise an online dispute with the help of a credit bureau. There they can dispute all the errors they have. Here the person can visit the dispute resolution section and fill the form to fix errors. Here, a person must keep in mind that they cannot change their inquiry date, report date, and control number in the resolution procedure.

The Dispute Resolving Period

Usually, this kind of problem needs around 30 days for the dispute to get resolved. As per the laws that are present, the banks have to develop a formal resolution for a dispute within 45 days of the issue that an individual raised. The person who had given the form for resolution will be notified about the result once this has been resolved via email. 

Here the credit dispute software will help a lot as it has everything in one place to solve these kinds of problems. This is why a person need not need to worry about anything if they have it. 

Things to Consider here in the situation of Errors

A person should never forget that it usually takes time for the issues to be solved that are related to any type of incorrect outstanding amount, loan account status, date of payment to get resolved. Meanwhile, disputes related to any type of personal information such as name, address, or any type of data aggregation can be easily corrected. Once the dispute that a person has raised is resolved, he/she should check their credit report to see if the changes have been made or not. 

Conclusion

To solve a dispute, a person has to fill up a resolution form. Here a person can raise multiple disputes in their credit reports via a single dispute resolution form. A person can also raise and resolve a dispute that they have without spending any money. 

All the credit bureaus present out there do not levy any type of charge for the disputing errors that a person has. It is also essential to check the credit report from time to time, even if the credit history is from time to time entitled to get one free credit report in a single year. This law has been made a mandate by the Reserve Bank of India (RBI). 

Also Read: How does the Best Credit Repair Software Help to Increase Credit Scores?