Addressing Incorrect Credit Account Information

Posted by Tom Magor in Credit Reports on 12 January 2017 - Tom is a Senior Credit Analyst at checkmyfile.

With such a vast amount of information being reported to the credit reference agencies by a wide variety of sources, it cannot be taken for granted that everything which appears on a credit file is factually correct.

Compounded with the continued growth of automated systems, the risk of erroneous information being reported becomes a genuine concern. With the onus being on the consumer to check their credit files for any errors, it becomes especially important to ensure that you agree with the details reported by your lenders.

But what is the best course of action if you disagree with what is reported, with regards to a particular credit agreement that you hold?

In the first instance, it’s always advisable to make contact with the particular lender that’s reporting the information to inform them of the error. As the source of the data, they are best placed to investigate the issue on their systems and subsequently report any amendments to the credit reference agencies. However, even once a lender has agreed to change the information that they report, due to processing times it can take between 4 and 6 weeks for the amendments to be reflected in your files.

Conversely, what if you exhaust all options with the lender and the incorrect information remains present on your credit report?

The next stage would involve raising a dispute with the particular credit reference agency that the information is reported to. While the specific process depends on the organisation concerned, the agency would typically contact the lender who would need to justify the entry or else it would be amended.

The information can then take 6-8 weeks to be updated on your credit report, but at least you’ll be safe in the knowledge that your report is correct.

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