Credit Report Error

Definition of 'Credit Report Error'

Particularly on thin credit reports, that contain little information to help you to get credit, credit report errors can have a devastating impact. Credit report errors can prevent you from getting the credit you need, or can increase the price of it, or can even stop you getting a job.

If you are unlucky enough to find an error on your credit report, the first thing to do is go direct to the company that lodged the entry on your credit report in the first place. Nine times out of ten, this will be a credit provider.

If you don't sort out an error on your credit report at source, it will simply reappear and keep reappearing. If that fails, then you need to notify the credit reference agency of the error you may have discovered, using a ‘Correction Request’.

The credit reference agency has 30 days under the law to investigate your credit report error and to provide a response. The credit reference agency will usually contact the credit provider and try to sort the error out. This takes time.

First you will get an acknowledgment, then finally, when the dust has settled, you will get a letter advising you of the outcome. Don't trouble to chase the agency - you will only make things worse and they probably won't discuss the matter with you anyway.

If your credit report is put right, then under the Privacy Act the credit reference agency must notify anyone who has seen your credit report over the previous the three months.

If you are not happy with the outcome, you can complain. The credit reference agency then has 7 days to respond to your complaint and ultimately, if you are still not happy, you can complain to the Privacy Commissioner.

We can help you with this if you subscribe to our Credit Report Monitoring Service.

Use the links below to locate the term you are looking for. If you can't locate it, please get in touch.

Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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