How to Check for Errors on a Credit Report in Lincoln
How to Check for Errors on a Credit Report in Lincoln
Posted on September 6, 2021
Your credit report represents you to lenders, banks and financial institutions whenever you apply for credit of any kind. That makes it a very important resource indeed. A resource you need to keep an eye on to ensure it is representing you accurately. It’s your responsibility to check for errors on a credit report as the bureaus don’t have the ability to do it for you.
The vast majority of credit reports are completely accurate with no mistakes. But the credit bureaus make millions of entries on millions of credit reports every day, so errors are inevitable.
How to check for errors on a credit report
Checking for errors on your credit report is simple. Get a copy from TransUnion or Equifax and check every entry.
Check your address, date of birth, presence on voting registers, credit card accounts, amount owed, mortgages and auto loans and pretty much every line of your report.
Make sure all completed loans are marked as closed, all closed credit card accounts are marked as such and that your debt levels accurately reflect the true picture.
Finally, check the payment history part to make sure there are no missed or late payments marked. If there are, make sure they are accurate as these can have a serious impact on whether you get an auto loan or not.
Check for fraud on your credit report
While you have your credit report in front of you, also check for fraud. You can do both at the same time, as you’re going to be looking at all your open accounts, credit cards, loans and any other borrowing.
As well as looking for mistakes, look for cards or lines of credit you didn’t apply for. If you find something amiss, double check. Then contact TransUnion and Equifax and request a fraud alert be placed on your report.
A fraud alert is a notification to lenders that you’re subject to potential fraud. If someone applies for credit in your name, that lender is obligated to check with you directly to make sure that application is legitimate.
Then report the fraud to the Canadian Anti-fraud Centre.
The bureaus will only add a fraud alert to your report if you suspect fraud, or there is evidence of fraudulent activity. You cannot put one on as an extra layer of protection, although it would be useful if you could!
What to do if there are mistakes on your credit report
If you do spot an error on your credit report, double check to make sure. If it’s definitely a mistake, gather whatever paperwork you need to prove it and contact the bureau who manages the report.
You’ll need either a Equifax Consumer Credit Report Update or TransUnion credit investigation request. Fill out the form, add the evidence and allow the bureau time to investigate and put it right.
Do this well in advance of any auto loan application and your credit report should reflect you accurately, which is all we can ask!
Contact Unique Chrysler for help, advice and competitive Lincoln car finance and leasing.
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