How to dispute inaccuracies on your credit file

Correcting inaccuracies on your credit file

If you pay your bills on time, and have a Good credit rating, an unexpected drop in your credit rating should be looked into accordingly. Signing up with a credit monitoring service can help with identify any possible issues as soon as they happen.

Keeping a regular check on your credit history and rating is important. Keeping on top of any possible inaccurate listings on your credit history should be dealt with in a timely manner. In Canada, there are two main credit bureaus, Equifax and TransUnion.

With both Equifax and TransUnion, if you spot any inaccuracies on your credit report, you can ask the credit bureau investigate. Note that only inaccurate info is removed from your report. They will contact the necessary parties to verify the actual information. If the information is proven to be false, then the actual information will then be updated on the file. Both Equifax and TransUnion provide this service for free.

Credit rating errors can end up costing you much more with higher interest rates on loans, and it can even prevent you from getting loans as well, so maintaining a good credit rating is highly advised.

Maintaining a Good Credit Rating

Pay bills on time. Avoid paying your bills late, and avoid having anything sent to a collection agency as this has a negative bearing on your credit score. Try to avoid running up the balance on your credit limit. It is also recommended that you keep your balance below 75% of the credit available.

To help maintain a good credit rating;

Regular Monitoring –  This will help with ensuring your file is correct, and help with and fraudulent activity, plus it can help you spot any areas that may need improving.

Your Credit Score. Keep track of your payment history, debt that is due, length of credit history, any recent credit applications and the various types of credit used.

Due Date. Accounts gone to collection agencies and any late payments can stay on your credit report for up to 6 years from the first delinquency date of the account. Keeping at least the minimum payment each month, can help with avoiding negative records on your account.

Regular Checkups. Your credit file is constantly changing as any information from your creditors is provided to the credit bureaus, so keeping on top of your file is important.

Starting the Dispute Process

With Equifax and TransUnion, both have online forms and phone options to start the dispute process. You will need to stipulate the information that is wrong or that does not pertain to your file. The information would then be verified on their end. Photo copies of all required documents and I.D. will be required with Equifax and TransUnion to properly update your credit report.

For more information, see the following links below

http://www.consumer.equifax.ca/dispute-ca/dispute_process/en_ca

http://www.transunion.ca/ca/personal/creditdisputes_en.page

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

Share This!

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on pinterest

Ready to live debt free?

I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
js_loader