If you are considering applying for any type of credit, then it is likely that you have paid particular attention to your own credit report. While your credit score itself is important, something that is even more important is the report that goes with it.
When you apply for any form of credit, it is your credit report that lenders will look at, and it is this that will have the biggest influence on their decision to accept or reject your application.
So, if you have used a credit bureau to check your credit report, then you will likely be alarmed if you have spotted that the information staring back at you is incorrect. This can be a real cause for concern, especially if you were planning on applying for any form of credit.
So, what should you do if the information on your credit report is incorrect? Check out this guide to find out.
How To Identify Incorrect Information On Your Credit Report
You might expect it to be easy to identify incorrect information on your credit report, but it isn’t always as easy as you might expect. While there is some clear information that you will be able to spot issues with, such as your name and address.
There are some other errors which you might miss, in particular, errors with financial decisions that you have made in the past, such as credit cards and debts.
Most of the time, it is rare for errors to occur on your credit report. Especially errors in relation to financial decisions you have made. Most of the time, errors will be made with things such as your name and address because these are easier to get wrong.
If you change address, then it might not update to your new address, and your old address might still be listed on the report. Likewise, if you marry and change your name, then this might not update on your credit report. These might seem like meaningless pieces of information, but they are actually pretty important.
In terms of the other information on your credit report, the best way to identify any incorrect information is to have a deep look at it. Read your credit report in depth, and this will allow you to easily spot any errors.
Can You Do Anything About Incorrect Information On Your Credit Report?
As we have said, it is easy to panic when you spot incorrect information on your credit report. After all, this information is incredibly critical if you are applying for any sort of credit. So, can you do anything if you spot any errors on your credit report?
If you spot any errors on your credit report, this should be a cause for concern. Especially if the errors shown are financial transactions which you know you never made. Errors on your credit report are one of the first signs of identity theft, so if you see any, it is important that you act quickly.
When you spot an error, you will not be able to change this yourself. Instead, you will have to speak to the credit bureau and dispute the error.
To dispute the error, you should speak to the bureau from which you got the credit report. Most credit bureaus offer forms which you can fill out to dispute errors, and this makes the process a lot easier. Simply fill out the claim forms, specifying the errors, and then submit it.
The bureau will have to investigate your claim, and they will do this by speaking to the lender listed in the error. If the lender agrees that there is an error, that error will then be removed from your credit report.
What Do I Do If My Credit Report Is Incorrect?
From what we have just said, you might expect correcting issues on your credit report to be easy. However, a lot of the time, this isn’t the case. While filling out the forms themselves will not be difficult, the entire back and fore process can get quite tedious, and a lot of the time it takes a while for any errors to be corrected.
While filing a dispute with the credit bureau is the easiest way to correct errors, this isn’t the only way to do this. So, let’s take a look at what else you can do if you spot an error on your credit report.
If you do not want to wait for the credit bureau to do the job, you can instead contact the creditor yourself. This will be the company that the error is showing for. Going down this route allows you to deal with the problem right at the source.
So, you can solve the issue with the creditor, and then take this back to the credit bureau. This should speed up the process, allowing you to fix the errors on your credit report much more quickly.
Should you deal with the creditor directly, then this might help you if you have any imminent credit applications. If you have a statement from the creditor stating that the error is incorrect, then you can take this with you when you apply for credit.
In a lot of cases, this will essentially overwrite the credit report, increasing the chances of you being accepted for credit. Even though there is an issue on your credit report.
So, if you spot an issue with your credit report, it is totally understandable that you might worry. After all, errors on your credit report are one of the first signs that you might be the victim of identity theft. So, catching them early on is very important.
If you spot any issues on your credit report, you should dispute them with the credit bureau. Even if that error is simply a spelling mistake in your name, or the wrong address. It is critical that the information on your credit report is accurate, otherwise it could cause issues when you apply for credit in the future.