Credit Report Correction: Lenders Must Fix Errors in 30 Days or Pay ₹100 a Day (RBI Rules)
- A loan you closed years ago still shows as “active”.
- A credit card you never took appears on your report.
- A settled account is marked “written off” or a payment you made on time shows as late.
If any of these sounds familiar, your credit report has an error, and RBI rules give you a deadline and compensation. Lenders and credit bureaus together must fix a credit report error within 30 calendar days of your complaint. After that, you are entitled to ₹100 for every day of delay. Here is how the credit report correction process works and how to claim the money.
The RBI rule on credit report errors
The RBI’s circular of 26 October 2023 set up a compensation framework under the Credit Information Companies (Regulation) Act, 2005. It came into effect six months later, in April 2024.
| Rule | Detail |
|---|---|
| Overall deadline | 30 calendar days from when you first file the complaint with the lender (CI) or credit bureau (CIC) |
| Lender’s share of time | 21 calendar days to send corrected data to the bureau |
| Bureau’s share of time | The remaining 9 days |
| Compensation | ₹100 per calendar day of delay beyond 30 days |
| Who pays | The lender if it missed its 21 days; the bureau if the lender was on time but the bureau was late; split proportionately when both are late |
| Payment | Credited to your bank account within 5 working days of resolution |
| Rejected complaints | You must be told the reasons |
Source: RBI circular RBI/2023-24/72, 26 Oct 2023. It covers banks (excluding payments banks), co-operative banks, NBFCs including housing finance companies, all-India financial institutions, asset reconstruction companies and all four credit bureaus.
How the ₹100 a day works: an example
Suppose you raise a credit report correction with the bureau on 1 October 2026, and the corrected report reaches your email on 15 November 2026. That is 45 days, or 15 days beyond the 30-day limit. At ₹100 a day, the compensation is ₹1,500.
The “date of resolution” is the date the corrected credit report is sent to the email or postal address you gave, as per the circular.
Credit report correction: step by step
- Get your report. You can get a free credit report from each bureau once a year (see how to check your CIBIL score free). Check all four bureaus if you can: CIBIL, Experian, Equifax and CRIF High Mark.
- Mark the errors. Note the account number, lender, and what is wrong (status, amount, dates, ownership).
- Gather proof. Loan closure letter or no-dues certificate, payment receipts, bank statements, settlement letter.
- Raise the dispute. Either with the bureau through its online dispute form, or with the lender directly. If several lenders are involved, file with the bureau; it must coordinate with all of them.
- Give your bank details or UPI ID. The dispute form must have space for these, so compensation can be credited. Make sure they are correct; the circular puts the responsibility for accurate details on you.
- Save the complaint number and date. Day 1 of the 30 days is when you first file.
- Follow up after 30 days. If not resolved, write back citing the RBI circular and your complaint date.
When compensation does not apply
The circular lists exceptions. Compensation is not available for:
- disputes about how your credit score is calculated or the score model itself;
- matters already decided or pending in a consumer commission, court or tribunal;
- disputes among bureaus, lenders and borrowers that go to conciliation or arbitration under Section 18 of the Act;
- complaints about internal administration, staff matters, or commercial decisions and suggestions.
So you can claim compensation for a wrong entry that was not fixed on time, but not for disagreeing with how a score of, say, 720 was arrived at.
Common errors and the proof that fixes them
| Error | Proof that usually helps |
|---|---|
| Closed loan still “active” | No-dues certificate or closure letter |
| Payment shown as late | Bank statement showing the EMI debit on time |
| Account you never opened | Written denial; police complaint if identity misuse is suspected |
| “Settled” instead of “closed” | If you paid in full, the full payment proof; if you settled, consider paying the waived amount (see loan settlement and CIBIL) |
| Wrong personal details | PAN, Aadhaar or address proof |
If you are denied compensation
If a lender or bureau wrongly refuses compensation, you can approach the RBI Ombudsman under the Integrated Ombudsman Scheme (see our Ombudsman guide). For lenders not covered by that scheme, the circular says you can go to the Consumer Education and Protection Cell at the RBI regional office.
Short answers to frequent questions.
FAQs
How long does a credit report correction take?
RBI rules give lenders and bureaus together 30 calendar days from your first complaint.
How much compensation can I get?
₹100 for each calendar day beyond 30 days, until the corrected report is sent to you.
Do I need to apply separately for compensation?
The circular requires the lender or bureau to inform you of the delay and the amount after resolution and credit it within 5 working days. Keep your bank details correct on the complaint.
Can I claim if my score is low but the data is correct?
No. Disputes about score calculation are outside the framework.
Takeaway: A credit report correction must be completed within 30 days of your complaint, or you get ₹100 a day. File with proof, note the date, and escalate to the RBI Ombudsman if compensation is wrongly denied.
Rules and official pages
- RBI circular: compensation for delayed updation/rectification of credit information (RBI/2023-24/72, 26 Oct 2023)
- RBI Complaint Management System (for Ombudsman complaints)
Last verified: 13 Oct 2026, 6:25 AM IST against RBI circular RBI/2023-24/72 (26 Oct 2023). Not checked: whether a later consolidated Master Direction changed any wording. CIBIL’s compensation page blocked our fetch (403) and is not relied on.
