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The Reserve Bank of India (RBI) has proposed a unique and secure borrower identifier to reduce duplication and misreporting in credit bureau records. Until this is implemented, borrowers must handle these issues themselves.
Common errors in credit reports
Discrepancies in Indian credit bureau data include incorrect names and addresses. “There could be phantom loans that borrowers never took, mismatched account numbers, and outdated loan status, such as closed loans still being reported as open,” says Abhishek Kumar, Securities and Exchange Board of India (Sebi) registered investment advisor and founder, SahajMoney.com.
Borrowers with similar names often get mixed up,
