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How to correct errors on your credit report in Halton Hills

How to correct errors on your credit report in Halton Hills

While seemingly inconsequential, even a minor mistake on your credit report can have far-reaching ramifications. It could stop you getting a car loan, being accepted for a new job, stop you being able to rent a house or qualify for a mortgage. It’s actually a big deal. So, how can you correct credit report errors? '


First, let’s discuss what a simple mistake can do to your credit.


Errors on your credit report


The effect an error will have depends on the nature of that error. If it’s simply a digit wrong in your house number or the incorrect dates for a loan settlement, the effect will be negligible.


If it’s a mistake that says a loan you settled hasn’t been and you missed payments as a result or that you didn’t live somewhere when you said you did, that can be more serious.


Any mistake, no matter how small can cause a lender to think twice and even not to lend to you at all.


How To Correct Credit Report Errors


You have two ways you can address these errors. You can contact the organization who made the error or you can ask Equifax or TransUnion to correct it.


We usually recommend going to the organization first as the credit bureaus will go to them anyway to verify your claim.


Gather the evidence to support your case and contact the organization involved. Outline the error, provide evidence is requested and ask for the organization to correct the error or add an explanatory note.


Most organizations will make corrections once you convince them of their mistake. If they don’t, you can contact Equifax or TransUnion directly.


Equifax calls them Consumer Credit Report Updates and will only take instruction by mail. Yes, by mail. Who does that anymore? Check this page for details on what to do and where to send the form.


TransUnion calls them Credit Report Disputes and does offer the ability to do them online. You can also call them or send them a letter.


In both cases, you will need to provide proof of ID and proof of the mistake for the bureaus to take action.


The bureaus will then process the claim and make any changes of they agree, or won’t if they don’t. Either way, they should notify you via mail or email of what happens.


If they agree there is a mistake, they will make the change to your credit report and let you know. If they don’t agree with your claim, they will not change your credit report but will still let you know.


Correcting errors on your credit report will not impact your credit score as you have the right to be represented accurately by the credit bureaus. As long as you can prove that beyond doubt, you should have no problems getting them to make the change.


Don’t wait until you apply for a car loan in Halton Hills before you make the correction. Do it as soon as you spot it as it can take a little while for it to be processed!


We will use all our skill and experience to deliver the lowest possible Georgetown car loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.


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