Is your credit report giving you grief?

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Is your credit report giving you grief?

13th October 2010

We all know that getting credit in this recession is rather difficult – even more so now because of the rising numbers of discrepancies that are being found in our credit reports. Lenders are being very selective over those who they transact with, and getting things right with your credit report has never been more important to ensure that you are not mistakenly reprimanded for a seemingly reckless past.

Of course, you can view your credit report for free through the use of the main services which handle this data in the UK. Downloadable online or available for acquisition through the post, these services really can be excellent in giving you all of the information you need to find out whether declination of credit is actually down to one of your actions.

Quantity can be a dangerous thing, and there can be eyebrows raised if you have more bank accounts and credit card accounts open than usual. If you are being declined and you have no idea as to why, be sure to check that all of the accounts that are listed for as opened and applied for are correct – as there could be a discrepancy that suggests you have more bank accounts than in actuality.

Another way that a credit report could have a clear error is through the statements which appear in the documentation. Check and double-check all of the commitments that you might have had, and do remember that sometimes a business can have a different trading name to the actual business name itself. You need to be as sure as possible that there is a discrepancy before you proceed to file a dispute which can get you more of a conclusion.

So – a way to resolve the matter can be to go online to the website where you acquired the report in the first instance. Many of the services have an online form where you can flag clear errors in the documents which you have seen, errors which could have damaged your reputation. How quickly and efficiently a dispute is resolved depends on the nature of the error in question: unfortunately, there will be times where there will not be a chance for you to get the resolution you desire.

There is an alternative to deletion of incorrect information if this is not an option you have. For example, there would be no reason why you can’t ensure that you make a statement on your take on events when you return your credit report – that way, lenders can see both sides of the story if you and previous parties can’t agree on how events went in the first instance.

It’s unfortunate that there can be times that you will feel like you are in the majority. This is because of how many credit agencies are dealing with thousands of complaints and forms on a weekly basis, and you can be another addition to the ‘in’ pile. As a result, don’t be afraid to fight for results.

Posted in Credit rating

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