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Lenders have the ability to flag data they provide
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“We will then liaise with the lender, who will revert with any instruction to amend the data after they have investigated the matter. Lenders have the ability to flag data they provide to us as being in dispute,” adds Phil Nolan, MD, Experian Credit Information.

However, according to the existing guidelines, changes can be effected only after the lender gets back to the credit information company with revisions , if any. “We are not authorised to change any data contained in the credit information report, and can only do so on the written instruction from the lender,” says Nolan.

And the time taken by the credit granting institution to revert with changes could vary. “By April this year, the structure of our database will see some changes, wherein a provision to indicate disputed records will be enabled,” adds Cibil’s Thukral.
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