Which? warns of credit report mistakesOne in eight members find errors on credit reports
27 December 2010
One in eight Which? members who have checked their credit reports found that it contained an error, according to a recent Which? survey.
Lenders use information from credit reference agencies (CRAs) to assess your potential risk as a customer when they receive mortgage, credit card or loan applications. Although different credit providers will assess prospective customers in different ways, a blemish on your report could mean an application for credit will be declined.
The three UK credit reference agencies – Callcredit, Equifax and Experian – told us that mistakes can arise for a number of reasons. These can include erroneous data supplied by your previous lenders or financial associations that are no longer valid.
What should I do?
You can request that any mistakes be amended by writing to the agency and supplying any relevant evidence.
However, we believe that there is an urgent need for data providers and CRAs to improve the quality of data contained in credit reports.
We recommend you check your credit reports from all three agencies at least once a year. Statutory credit reports can be purchased for £2 each from Callcredit, Equifax and Experian. See our online advice guide to credit reports for more.
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