Credit reports contain information critical when lenders seek to determine your financial health, so errors can negatively affect your credit score. A credit reporting agency can make a mistake. And, if you see an error, you have the right to question and dispute information on your credit report when you believe that it is wrong.
When you see incorrect information concerning payments, personal information, or information that is still on your report that should be removed, here are the steps to take to get the error corrected.
The first thing that you need to do is get your supporting evidence together. Whatever you might need, 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, since each credit reporting agency will have to change the information. When the credit agencies receive your information, they will contact your lender to check the error. If the lender agrees that an error has been made, the agencies will then update your file.
You can also contact your lender without first going through the credit reporting agencies if they aren’t moving fast enough, or you are met with resistance. The lender can contact the credit reporting agencies to report the change as well.
Whether you choose step 2 or step 3, please 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 that either the credit reporting agency or your lender are not resolving your issue to your liking, go to the top. Ask to speak with a person who is senior to the person you are dealing with.
When you are dealing with a lender that is regulated by the federal government, 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 procedures for handling complaints for institutions that are federally regulated.
If you are still dissatisfied, and concerned about your credit report, ask for a free consumer statement. You can write up to a 100- or 200-word statement, depending on your province. The statement will be attached to your report and a lender can consider it when they are making lending decisions.
If you have further questions about your credit report, or require credit counselling services, please contact one of our credit counsellors to start the process.