Credit reports and how to correct an error

Your credit report, and how to fix a mistake in it

A credit report is the record a credit bureau keeps about you: your personal details, the accounts in your name, the balances, the payment history and the accounts you have closed. If a lender refers to bureau information, ask which bureau supplied it and get your report from that bureau’s own official channel. To fix a mistake, use the bureau’s formal dispute process: say which entry is wrong, say what the correct position is, attach your proof and keep the reference number. Tell the lender that reported the entry as well. Do not send identity documents to anyone who contacts you out of the blue offering to clean your record.

Check more than the score

• Your identifying details.
• Accounts you recognise and accounts you do not.
• Current balances and payment history.
• Whether settled accounts are shown correctly.
• Entries that may have been listed twice.

Why does a settled account still show?

A closed account keeps a history, and that history should show the account as settled rather than disappear. A paid-up letter proves the loan is closed; it does not remove an accurate record. Ask the bureau to explain the retention rules that apply and the outcome of any dispute.

What if you do not recognise an account?

Raise it promptly with the bureau and with the lender named on it. If you suspect identity theft, ask about the fraud-reporting steps, keep a record of every contact and read how loan and identity scams work.

What to do after a declined application · how to make a privacy or correction request.

Reference: National Credit Regulator.