Have you noticed anything unusual as an error or fraud on your credit report? Don't worry. Here's how to correct your credit report in case of errors or fraud very easily in 2022?
What is the credit report?
The credit report is a document reflecting your financial health. Also, in addition to information relating to your identity, you will find information such as transactions carried out on your credit cards, your mortgages, your electricity accounts, etc. In other words, the credit file makes it possible to define whether or not a consumer respects his financial commitments.
While a good credit report facilitates all transactions, it can also represent a real handicap (credit refused, difficulty in finding housing or a job, etc.). That said, errors can however interfere with the file of an individual. It is therefore important to remain vigilant. So, how to detect errors or fraud in a credit file, and above all, how to correct them?
How to correct your credit report in case of errors or fraud?
Detect errors in a credit report
It is strongly recommended that you ask agencies, such as Equifax Canada and TransUnion Canada, for a copy of your credit report at least once a year. This not only allows you to verify that you are not the subject of attempted fraud or identity theft but also to analyze the veracity of your personal information such as your address, date of birth, amounts relating to purchases made with your credit cards, payment dates, etc.
At this point, be aware that an amount paid within the rules is entered in your credit file for 20 years, while negative credit information only appears in your file for an average period of 6 years once the honored payments.
What to do in case of errors or fraud?
If there are errors in your credit report, it is always possible to correct them. Before any action, you must gather all the documents supporting your financial transactions (receipts, statements, credit accounts).
With proof in hand, you must then contact credit bureaus such as Equifax Canada and TransUnion Canada. After analyzing your application, the credit agencies contact your creditors if it is an error. Of course, if you are not satisfied with the changes made to your file, you can always contact someone above the credit bureaus, add a consumer statement to your credit report, or contact your financial institution.
In the case of fraud, you must notify both the credit bureaus and the lender. In addition, be vigilant in the future by adding a note to your credit report, by carrying a fraud alert notifying lenders that they must contact you before any credit application.