How to Correct Errors on a Credit Report in Halton Hills

How to Correct Errors on a Credit Report in Halton Hills

Posted on July 27, 2021

Your credit report is an independent record of how you manage credit and is used in many aspects of our lives. One of those includes auto loans, which is what we’re concentrating on today. Our Halton Hills auto loans team outlines the relatively simple process of how to identify and correct errors on a credit report.

Identifying errors on your credit report in Halton Hills

The first order of the day is to get hold of a credit report so you can check it.

You’re entitled to one free credit report per year, per credit bureau. Contact TransUnion or Equifax to grab a copy. Some financial products also provide access to credit reports such as identity protection, credit insurance and similar.

Once you have your credit report, go through it with a fine-tooth comb. Check every line and every entry.

While the bureaus are very good at what they do, they make millions of entries on millions of records per day, so mistakes happen.

This is also the perfect opportunity to check for any fraudulent activity.

Make sure to check:

• Your address and personal information
• All your open credit accounts and their balances
• Payment history to make sure it is 100% correct
• Any negative notes on your report for accuracy
• Any new accounts or lines of credit you didn’t authorize

Basically, we recommend taking an hour to work your way through your entire credit report to make sure it’s all correct. Make a note of any errors so you can go back, double check and then take action if required.

If you spot a mistake…

If you spot a mistake, you have two options to correct errors on a credit report.

You can:

Contact the organization directly and request they correct the entry. It could be a simple administrative error that can be fixed quickly. You may, or may not need to provide evidence depending on whether you’re an active customer with that organization or not.

Or

Contact the credit bureaus and request they investigate. They will contact the organization and correct the error if they find in your favour. You will have to provide evidence to the bureau for them to take action.

You’ll need to use an Equifax Consumer Credit Report Update or TransUnion credit investigation request, depending on which report has the error.

Of the two, we typically find that if you’re still a customer with the organization, it’s better to contact them first. They should react quickly as you’re an active customer.

If you’re no longer a customer, some organizations will move quickly, some not so much.

The credit bureaus do not move quickly. They probably receive thousands of requests per day and can take between 4-6 weeks to make a change. That’s why we recommend doing this well ahead of applying for an auto loan or other form of lending!

If you spot signs of fraud…

If you spot signs of fraud, contact the organization who made the enquiry on your credit report to alert them. Then contact the credit bureaus to have a fraud alert placed on your account.

A fraud alert tells lenders to contact you directly if they receive an application for credit. It’s a preventative measure that can stop any more debt being taken out in your name.

Contact Unique Chrysler for help, advice and competitive Halton Hills car finance and leasing.

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