Skip to main content

Credit report errors – Reporting agencies respond

Daily Mail and This is Money cover our latest research and reporting agencies respond

One in three credit reports have errors

The end of 2014 saw continued coverage for the It’s My Report campaign, with Daily Mail and This Is Money reporting on the latest research.

Our research found that more than 1 in 3 people find errors on their credit reports, with almost half of those (39%) being down to a product or service that shouldn’t be there.

Experian and Equifax comment

Speaking to the Daily Mail, a spokesman for Experian said: “We go to great lengths to make sure that the information we hold on people’s credit reports is both accurate and up to date.

“This is a major ­priority for us, as well as being a legal requirement. Significant mistakes on credit reports are very rare, based on the number of queries we get from people, the number of changes we have to make and the number of complaints made to our regulators.”

Meanwhile an Equifax spokesman said: “The vast majority of the data held by credit reference ­agencies comes from external sources, both public and private, therefore the accuracy of the data is very reliant on the quality of the data supplied to us.

“Before loading new data, we undertake more than 200 automated checks to ensure the data is accurate and fit for purpose.”

What to do if you find an error

Errors on your credit report can prevent you from getting the best rates or even being offered credit at all, so if you do find an error it is vital to fix it as soon as possible.

You can initially raise a complaint with the credit reference agency who have 28 days to investigate and respond to your query. While this is ongoing a note is added to your report to note that you are disputing it. You can also contact the financial provider yourself.

If your dispute isn’t changed you can add a notice of correction to your file that sits alongside the information you are disputing, and will be visible to creditors.

campaign_button (1)