Correct Your Credit Record

It's important to correct your credit record if certain inaccurate details are tainting your credit history.

So once your record arrives from the reference agency, check it carefully. If there are any inaccuracies then take the matter up with the relevant lender who turned you down.

Send them a letter that covers all the details of your complaint, including the disputed information, copies of relevant documents that prove it is incorrect, your details and a brief note explaining why the information is incorrect.

If the creditor finds that the disputed information is incorrect they must update their records both internally and with the agencies that they use. This must be done within 28 days.

If no progress is made with the relevant lender, then write to the credit reference agency that reported the inaccurate information, giving the same information that you originally sent to the lender.

But first make sure that you have a copy of your credit report from that agency. It is your right to dispute inaccurate information that is held on your record. They will then investigate and report back (within 28 days) on any changes that they’ve made to your file. They are legally obliged to correct any inaccurate information within 28 days.

If any inaccurate information in your report is corrected, the other credit reference agencies should, in time, receive these details and correct their own files. But this could take some time. If you’re in a hurry to correct your credit details, it may be worth applying for a copy of your report from each of the three main agencies (credit reference agency details). You can then apply to each agency individually for any inaccurate information to be corrected.

Finally, if your dispute cannot be settled with the credit reference agency, it’s your right to attach a 200 word explanation of the disagreement to your credit record. This is free of charge and will become part of your file. It will be seen every time your credit record is assessed by a potential lender in the future.

But whatever you do, there is still no guarantee that it will allow you access to cheaper credit. So here are a few more things to try.

Part 4: Improve your credit record

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