A credit report is a snapshot of your credit history and is one of the main tools that lenders use to decide whether or not to give you credit. If you see a mistake, you have the right to question and dispute information you believe is wrong.
If you see any incorrect information concerning payments, personal information, or information still on your report that should be removed, follow these steps to correct the error:
- Gather supporting documentation, including receipts, statements or any other information that can help your case. Get it all together so that it can support your claim.
- Contact Equifax Canada and TransUnion Canada, the two credit reporting agencies responsible for changing the information. When the credit agencies receive your information, they will contact your lender to check the error. The agencies will update you if the lender agrees that a mistake has been made.
- If you feel the agencies are not moving fast enough or are met with resistance, you can contact your lender directly. They can get the credit reporting agency to report the update.
Ensure you review the laws in your province because some will require that any lender who has looked at your credit report since the error was recorded should be sent a revised credit report.
- If you think the credit reporting agency or your lender is not resolving your issue to your liking, go to the top. Ask to speak with someone senior at the organization you are dealing with.
When you are dealing with a lender that the federal government regulates, and they are refusing to correct an error, you can complain. Ask what the process is for complaint procedures, or go to the Financial Consumer Agency of Canada since they have a list of methods for handling complaints about federally regulated institutions.
- If you are still dissatisfied and concerned about your credit report, ask for a free consumer statement. Depending on your province, you can write up to a 100- or 200-word statement. The message will be attached to your report, and a lender can consider it when making lending decisions.
If you’re concerned about an error in your credit report or your credit score, we at SolveYourDebts.com can help. Contact us today for a free consultation.