How firms raise commercial civil disputes

Posted by civilscores on January 29th, 2020

Just like individuals scan through credit scores looking for factors that dent their credit scores, firms and businesses too, scan their credit information report (CIR) for any misprints, misinformation and get them rectified by raising a dispute. These commercialentities could be government organisations, public and private limited companies, partnership firms and proprietorships.

Before we move ahead, let us first understand that commercial CIR contains a commercial cibil score in the form of alphabets and symbols like Aaaa, BB+ and more and these ratings are awarded to the above-mentioned entities based on the financial dealings and how responsible they have been with their repayment methods. These rating aid lenders, bankers and investors in making a 360-degree credit assessment of its trustworthiness and to leverage their score in getting better rates and creates better opportunities for businesses as a credit guarantor.

But if there are any discrepancies, unwarranted or untracked reporting in the Company Credit Report (CCR), it must be immediately raised and brought to the notice of the respective Credit Rating Agency (CRA). The formal term for doing so is ‘Raising Company dispute’.

While bringing the discrepancies or inaccuracies to the knowledge of your respective CRA, the company owners can submit a dispute either through an online channel or by writing a letter to the rating agency’s registered office. However, we personally feel that an online dispute resolution is the fastest way to correct the discrepancies of your firm’s commercial cibil report; and hence, we recommend it strongly.

Firms can raise a dispute in multiple fields and information in a single go by navigating each section of the report including personal information, contact, employment, account details and enquiry. The authorised signatory of the firm can initiate dispute resolution by filling dispute form.

Below given are a few systematic steps that are required to initiate disputes online

• Log in to the account
• Go to the credit reports section
• Navigate to dispute centre
• Click on ‘dispute an item’
• Fill the form and select the section you wish to dispute
• The form will have a dropdown with options–disputing ownership/ duplicate and disputing data inaccuracies
• If you select disputing ownership/ duplicate then select dispute type
• If you select disputing data inaccuracies then enter a value for the disputed field
• Select the ‘proceed’ button

Once the rating agency receives the dispute form, it verifies the dispute internally and routes it to the concerned credit institution which had initially furnished the details of the firm. The credit institution then verifies the dispute on its end and gets back to the agency with updated information, if any. This entire process takes approximately 30 working days to resolve a commercial cibil dispute. The final changes are sent to the firm via mail.

Remember, that no CRAs charge these commercial entities for this service of raising a dispute.