Incorrect Credit Report

There are cases where you find that the information on your credit report is incorrect. You shouldn’t take this lightly as you could be a victim of identity fraud. You need to check your report from different agencies since they normally don’t share information.

What kind of errors to look out for?

Common errors in credit reports include debts that are listed which you are unaware of. It could simply be a mistake or a case of fraud. You need to get in touch with the agency in order to obtain more information. The other common error is a debt that is listed that you have already cleared. Sometimes it takes a while before the creditor updates information after you’ve cleared a debt. This debt shouldn’t be listed in your report if you have already paid it in full. The other common mistake in some people’s credit report is incorrect payment history. This could have a really bad impact on your score. If it is shown that you defaulted a debt that you had cleared as required, you need to speak to the agency and have this information updated.

What to do next

Don’t assume that the credit reporting agency will be quick to correct any information that is incorrect or not updated in your report. You need to contact them and get an explanation. Different agencies have different dispute resolution procedures set aside for their clients. They normally lay out all the instructions on their website on how to lodge a complaint about your report.

In case the credit report agency is not able to assist you with the inaccurate or incomplete information in your credit report, you have two other options.

Other options

Contact your local regulator (provincial or territorial) in charge of consumer affairs

Contact the Federal/ Provincial Privacy Commissioner: There are stringent guidelines on the information that can be collected by private sectors regarding an individual’s commercial activities. You may find that the inaccuracies or incomplete information goes against the Protection and Electronic Documents Act in Canada. The Privacy Commissioner of Canada can assist with how the credit reporting agency handles the information they present about clients.

The credit reporting agency will be able to highlight the process of resolving any issues you have with the information that is shown on your report. You will be required to add an explanatory statement to your report in order to state your case. Remember that if your credit score is low, there are numerous ways to improve it. You can get credit repair Toronto from different organizations and take simple steps to improve your rating such as paying your bills on time and making all payments in full. You also need to avoid reaching your credit card limit as this may have a negative impact on your credit score.