How to fix credit report errors

Incorrect information on your credit report could lead to a decrease in your credit score - which could then impact the loans you apply for.

While it’s not that common, it is possible for your credit report to contain mistakes.

For instance, you may find a debt of a family member or someone with a similar name to yours listed on your file. Or, there may be an incorrect default listed on your file due to a processing error on the bill collector’s behalf. This may happen if you use third-party services to pay bills.

The easiest way to keep your credit report error-free is by checking it regularly for errors. If you think there’s a mistake on your credit report, there are steps you can take to make sure it is corrected.

How to fix a credit report error

Make sure you have all the right documents or details

This could be documents showing you paid your bill on time, or statements showing you should not have a default. The right documentation will be key, particularly if you need to progress to reporting to the credit bureau.

Contact the provider

This could be the bank, electricity or gas company, or telco that the error relates to, and file a correction request. Different providers may have different processes, pending the level of information they require. The provider will then be required to investigate your request. Pending the outcome, they may send the correction to the relevant bureau.

In many cases, if your correction is updated, your credit report will reflect this and the issue should be resolved.

Contact the credit bureau

If you are not happy with how the provider has dealt with your correction, or if you are still disputing the accuracy of your report, you can file a report with the relevant credit bureau. You can submit your request with the different bureaus: Equifax, Experian, illion.

What not to do

While they may seem helpful, businesses that claim they can “repair” your credit for a fee are not always safe. Remember, no business can update your credit information other than credit bureaus.

In fact, the Australian Securities and Investments Commission (ASIC) warns you of companies and individuals who claim to get your credit score fixed. Only incorrect defaults can be removed from your file, and it’s something you can do yourself easily.

Regularly checking your credit report will help identify any potential errors sooner, and knowing what you can do to rectify any unwanted mistakes will help you keep your score as high as possible.