The credit bureaus make millions of notes on millions of credit reports every day. There are sure to be a small number of errors within that. We all need to make sure that we can fix errors on a credit report.
If you do spot an error on your credit report, our auto loans team is going to explain how to have it corrected.
Detecting Errors on Your Credit Report
To be able to correct any errors, you first have to know they are there. That means getting a copy of your credit report from one of the bureaus.
You’re entitled to one free credit report per year, per bureau. Contact TransUnion or Equifax to get your report. We recommend using them both every six months so you always know what’s what.
How to Fix Errors on a Credit Report
If you spot errors on your credit report, you are entitled to have them corrected.
Mistakes generally come in the form of errors to do with your personal information, credit or loan accounts, closed accounts being inaccurately left open or notes that should have expired still being visible.
The vast majority of errors won’t impact any auto loan application but some might. Even a mistake in your house number or having an account listed as open when it’s closed can negatively impact credit applications. That’s why we recommend keeping an eye on them.
Plus, fraud. Monitoring your credit report helps reduce the impact of fraud by allowing you to spot it earlier. It won’t prevent you becoming a victim but it can help negate the impact.
Here’s how to fix errors on a credit report:
Identify the error: Follow the steps above and check your credit report twice per year, or more often if you can. Check everything carefully so you can identify any errors quickly.
Gather your evidence: If you do spot an error, you’ll need to prove it’s a mistake. This could be as simple as providing a proof of ID or address or the settlement confirmation letter when you pay off a loan.
Contact the organization that made the error: Contact the organization that made the error and request they correct it. They should have their own evidence for the mistake but you can always provide a copy of yours. Make sure to keep a copy of that paperwork for your own records.
Contact the credit bureau: Alternatively, rather than contact the organization, you could request the credit bureau make the change. That requires a Equifax Consumer Credit Report Update or TransUnion credit investigation request depending on which bureau has the error. If it’s both, use both.
Be patient: It can take a while to fix errors on a credit report so be prepared to wait at least 28 days. If you hear nothing within 6 weeks, contact the organization or bureau and request an update or escalation depending on what they say.
In the vast majority of cases, the organization or credit bureau will make the correction and everything goes back to normal. On the odd occasion, you’ll need to be persistent and stay on their case.
When everything is 100% correct and you’re in the market for an auto loan in Oakville, you know where to come!
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!