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What if the records held by the reference agencies are incorrect?
It is possible for incorrect or outdated information to appear on your credit report. If it does, it can affect your chances of getting a credit card, and other forms of credit, including a mobile phone contract. If you discover an error on your record, take the following steps to correct the information as soon as possible.
It's important to keep a record of everything you do. If sending via post, be sure to send all correspondence by recorded delivery, and take copies of any letters or documents you send. Never send original documents.
In the first instance, you should contact the appropriate creditor or lender before contacting a credit reference agency. Most large creditors have standard procedures for customers to dispute items on their account. If you have proof that the item in question is incorrect, it should be resolved and amended quickly.
If the creditor finds that the disputed information is indeed incorrect, the creditor is required to update its records both internally and with the credit reference agencies it deals with, usually within 28 days.
Always follow up your phone calls with a letter. List each disputed item, and state why it is inaccurate, attaching copies of all relevant documents. Include your full name, account number, the amount in question, and the reason you believe the item is wrong.
If you cannot resolve the problem with the lender, contact the credit reference agency that is reporting the item in question. You will need a printed copy of your credit report from them.
It's important to keep a record of everything you do. If sending via post, be sure to send all correspondence by recorded delivery, and take copies of any letters or documents you send. Never send original documents.
In the first instance, you should contact the appropriate creditor or lender before contacting a credit reference agency. Most large creditors have standard procedures for customers to dispute items on their account. If you have proof that the item in question is incorrect, it should be resolved and amended quickly.
If the creditor finds that the disputed information is indeed incorrect, the creditor is required to update its records both internally and with the credit reference agencies it deals with, usually within 28 days.
Always follow up your phone calls with a letter. List each disputed item, and state why it is inaccurate, attaching copies of all relevant documents. Include your full name, account number, the amount in question, and the reason you believe the item is wrong.
If you cannot resolve the problem with the lender, contact the credit reference agency that is reporting the item in question. You will need a printed copy of your credit report from them.
Once you submit written evidence documenting of the inaccuracy, the credit reference agency will review it. If further investigation is required, they will provide notification of your dispute, including the relevant information you submitted, to the lender that supplied the disputed information to them.
The lenders will then review the information, conduct their own investigation, and report back. The credit reference agency will then make all appropriate changes to your credit file based on the investigation, and notify you of the update.
How can I improve my credit rating?
Make sure all your payments on credit cards and loans are made on time. If you are forced to miss a payment, make sure you tell the creditor and the payment is made the following month. Also, simple measures such as making sure you are on the electoral role or filling out credit application forms correctly will help boost your rating.
You should also buy an up to date copy of your credit history from the ratings agencies and make everything is correct and up to date. For example, if you have cleared a county court judgment (CCJ), make sure it is shown on the file.
If a bankruptcy order is annulled ensure a copy of the order of discharge or annulment is distributed to credit agencies. Lenders can also search your credit report more than once during a single application and if this occurs you should again alert credit reference agencies.
Reference agencies also allow people to explain why they may have had a period of poor credit performance. You can also attach a 'notice of correction' on their report explaining why you missed payments.
How can I improve my credit rating?
Make sure all your payments on credit cards and loans are made on time. If you are forced to miss a payment, make sure you tell the creditor and the payment is made the following month. Also, simple measures such as making sure you are on the electoral role or filling out credit application forms correctly will help boost your rating.
You should also buy an up to date copy of your credit history from the ratings agencies and make everything is correct and up to date. For example, if you have cleared a county court judgment (CCJ), make sure it is shown on the file.
If a bankruptcy order is annulled ensure a copy of the order of discharge or annulment is distributed to credit agencies. Lenders can also search your credit report more than once during a single application and if this occurs you should again alert credit reference agencies.
Reference agencies also allow people to explain why they may have had a period of poor credit performance. You can also attach a 'notice of correction' on their report explaining why you missed payments.
Your credit history is a valuable asset because it allows you to take advantage of the competition between lenders - meaning you can shop around for the best rates or terms on the market. Each lender takes a number of different factors into consideration when deciding to offer a customer a credit facility such as a loan, a credit card or a hire purchase agreement.
You should also try and avoid multiple applications for credit within a short period of time. Comparing the best products on the market will not result in credit searches being registered against your name, however as soon as you submit an application to a lender a search will be registered as part of the application process. Multiple applications for credit in a short period of time make lenders very nervous as they may think that you are in financial difficulty, so this practice should be avoided at all costs.
If there is financial information on your credit report linked to other people's names and you have no financial connection with those people you can ask the credit reference agency to remove the information from your report. This is essential as the information held could affect your own credit worthiness.
You should also try and avoid multiple applications for credit within a short period of time. Comparing the best products on the market will not result in credit searches being registered against your name, however as soon as you submit an application to a lender a search will be registered as part of the application process. Multiple applications for credit in a short period of time make lenders very nervous as they may think that you are in financial difficulty, so this practice should be avoided at all costs.
If there is financial information on your credit report linked to other people's names and you have no financial connection with those people you can ask the credit reference agency to remove the information from your report. This is essential as the information held could affect your own credit worthiness.
Contents
- An Introduction To Credit Cards
- How do you use your credit cards?
- What type of card should I go for, Standard, Gold or Platinum?
- Applying for a credit card
- Credit Checking and scoring
- What if the records held by the reference agencies are incorrect?
- The top ten credit myths and the truth behind them
- Credit reference agencies contact details
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