Inaccurate and incorrect information on your credit report can be hugely damaging to your ability to secure credit, whether it be for a mortgage, a credit card or even a prospective job. Incomplete information of false entries can be just as damaging. Yet it is an issue that many have, whether they know it or not!
So here are a few tips, on what you can do to ensure that you are not a victim of Credit Report inaccuracies:
• Check your credit reports regularly. Remember there are 3 main credit reference agencies; Call Credit, Equifax and Experian.
• Correct wrong information. Do not accept incorrect information on your report, even if it does not appear to be to detrimental. This may include:
-Contact the company that has supplied to the inaccurate information. Many financial institutions have formal procedures in place for this. Provided all is agreed, inaccurate information should be corrected within 28 days.
-If you are unable to gain agreement from the company to amend the information, you may contact the credit reference agency and complain directly to them.
-If you are unable to have the information removed, you may add A200 words statement called, a Notice of Correction to your credit report free of charge.
• Update your information. This may involve removing financial associations with others, where the association is either inaccurate or no longer valid. A split from my partner, may be an example of this. You may also correct details relating to different addresses if needs be.
• Update your electoral roll details if necessary, and
• If necessary remove CIFAS fraud warnings. (Whilst they are not accusations of any wrongdoing on your part, they could cause additional and more in-depth scrutiny of the application, which may mean it can take longer than normal to process.)
There are a number of organisations that can provide you with information relating to your credit. These include, Experian, Check My File, My Credit Monitor, UK Credit Ratings and Equifax. Fees for each provider differ, and therefore you should do research into each one before selecting the best subscription to suit your needs.
Disclaimer: The Financial Style radio show is independent and does not endorse the views or products of external links, companies or providers. We are not Accountants or Financial Advisers, and therefore recommend that professional independent financial advice is sought before making any significant financial decisions.