Is your Credit File Correct?

29 October 2009 - Xenia Rainey (Which Way To Pay)

    



Is your Credit File Correct?

 

Credit reference agencies are becoming increasingly prominent in this new age of stricter lending.  But it is has emerged that there are startling amounts of inaccuracies on people’s credit reports – meaning that it is more crucial than ever for people to check their rating.

Agencies of this kind are used by lenders to assess whether loan applicants are suitable for a loan.  For instance, when a person applies for a new credit card, the lender will carry out a credit check.

If there are any elements on the report which points to bad money management or outstanding debts, the applicant will likely be turned down.

However, it has been found that a growing number of people are finding inaccuracies and mistakes on their files – meaning that they are being turned down for no good reason.

People who have applied for a much-needed loan are finding their access denied thanks to mistakes such as an old address or loans listed as unpaid which have been paid off months ago.

Therefore, it is vital for consumers to regularly check their file and this can be requested via the credit reference agency’s website.  This should be fairly easy and any mistakes can then be corrected.

 

But what a growing number of people are finding is that mistakes are taking far too long to be corrected.  Even the Financial Ombudsman Service (OMS) has reported that complaints about credit reference agencies have grown within the last year.

 

Areas such as errors, slow correcting of mistakes and not being able to get through to cancel a report subscription service are all being raised in increasing amounts.

 

The three main credit reference agencies – Equifax, CallCredit and Experian – are now gaining in power as lenders tighten their rule books.  Analysts have said that therefore there is a growing need for consumers to take charge of their financial record.

 

 

 

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