Can I get compensation if a bank wrongly reports me as a loan defaulter to credit bureaus?

You can first raise a formal dispute directly with the credit bureau (such as through their online dispute resolution portal) providing evidence of your actual payment history — bank statements, payment receipts, loan account statements — showing the reported default is incorrect.

Simultaneously, raise the issue with the bank itself through their grievance redressal mechanism, since they are the source of the incorrect reporting and need to formally correct the information with the credit bureau — the bureau typically can't independently correct the record without the reporting institution confirming the correction.

If the bank is unresponsive or the incorrect reporting has caused you demonstrable harm — such as a loan or credit card application being rejected because of it — you can escalate to the Banking Ombudsman, and in appropriate cases, pursue compensation through a consumer complaint for the deficiency and resulting harm caused by the bank's error. Keep thorough records of your dispute and all correspondence, since resolving credit report errors can sometimes take persistent follow-up.