Disputing Inaccurate Reports to Fix Your Credit

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Your credit report is affected by your transactions made with your creditors. At times, it is even affected by the transactions you made ten years ago. A bad credit score will make your future creditors offer you high interest rates. Some of your future creditors might even ask for a deposit from you before providing you their services.

There are times when a bad credit report is not solely your fault. Because of the numerous accounts handled by your creditor and the credit bureau, some inaccuracies might occur. Perhaps, some debts that you have already settled still appear on your credit report. Or, a record that a company has agreed to take off is still present on your credit report. With these inaccurate credit reports, you can fix your credit through a credit report dispute.

Get a copy of your credit report

Your first step in disputing inaccurate reports is to get a copy of your credit reports. There are different credit bureaus in Canada such as Equifax and TransUnion. You can get your credit reports from one or all of them. It is best that you have a copy of all the credit reports so that you can compare their records.

Dispute the reports from the creditor

Analyze all the entries on your credit reports. If you have determined an inaccurate entry, contact your creditor immediately in order to file a credit report dispute.

Inform the credit agency

Aside from contacting the creditor, you may also call the credit bureau to inform them of the mistake. Then, you may request that your explanation of the credit report issue (why you have been late with your payments) be placed at the lower portion of your credit report.

While the credit report dispute might lead to a legal or judicial process, you must also exhaust these steps in order to fix your credit.