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. 

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