Category Archives: Case Study 1

Case Study on a clients credit bureau

Correcting mistakes in your credit report

There is a lot of information on a credit report, particularly a lot of your personal information. The reason there is so much of your personal information on a credit report is to be absolutely sure that the information is correct. Your credit bureau takes great care in making sure that all of your information is inputted correctly. That being said, everyone makes mistakes.

As scary as that sounds, everyone does make mistakes. Doctors and dentists, people we entrust with our health, sometimes make mistakes. Which means that people in financial institutions can also make mistakes, such as your credit bureau. Mistakes on a credit report are not as uncommon as you think. A study done in early 2013 showed that between 20 and 42 million people had at least one error on their credit report. Though there are financial institutions that approve bad credit car loans in Calgary, 13% of this number said that these errors did affect their credit score in a negative way, leading to bad credit. The most common errors to happen on a credit report involve your name, address, SIN, and/or a credit payment.

If you ever apply for a credit, make sure you apply under your legal name. If your legal name is William Smith, but you apply for a credit under the name Billy Smith, any further information will not match and could potentially cause some problems. An incorrect address and SIN on a credit report is a common mistake because of how easy it is to make. Someone could mistake a “1” for a “7” or the letter “C” for the letter “D.” It would be wise to use the International Phonetic Alphabet when giving addresses and names; “C as in Charlie, D as in Delta, T as in Tango” will avoid any confusion. If a SIN is recorded incorrectly, it would be best to solve this issue right away. If you give an incorrect SIN with intentional purposes, you will be charged with identity theft, and worst case scenario, will face jail time. Since my fiancé and I have a shared bank account, there have been many times where I was confused as to which credit card account needed to be paid off first. If your credit account is cluttered and slightly confusing, you can easily make mistakes when making payments. These mistakes will show up on your credit report.

As soon as you receive your credit report, it would be a very good idea to thoroughly check all personal information. Things mentioned previously, as well as your date of birth is also a common place for mistakes. You should request a copy of your credit report at least once a year to make sure that your information is still accurate. If you do spot any errors on your credit report, you need to solve this issue immediately. Collect your receipts and personal information into an envelope in case you need to present these documents. Depending on who your credit bureau is will depend on what type of form to fill out. Equifax Canada and TransUnion Canada have two different error forms available to you. If you aren’t satisfied with simply filling out a report, you can also go directly to the loaner and ask about the mistake if it is relevant, or you can seek out someone with a higher level at your credit bureau about the issue. Mistakes that seem small can end up harming you in the future, so it is important to fix these errors, even a misspelled name, as soon as possible