Your Credit Report - What goes into your credit report. How you can improve it and fix discrepancies.

Contact the Lender First

  The one who submits information to the credit bureaus is the lender. Try to get in touch with the lender as soon as possible to sort out the matter. You should first bring up any erroneous information with them if it has been reported by them. It is a good idea to have as much supporting evidence on hand when chatting with the lender. For instance, if you made a payment on time but it shows up as late on your credit report, you'll need to know the precise day you made the payment and be prepared to email the lender screen shots of your bank account. If a lender is in error, they typically have a relatively forgiving attitude. If that's the case, you ought to have little trouble solving the issue. It can take some time for the repair to appear appropriately on your credit record. After a few months, you should follow up again if it hasn't changed. Additionally, having something in writing is a smart idea. In this manner, if a different lender asks about it, you'll have documentation to support that it was an error and not your fault.

Contact the Credit Bureaus

  You should get in touch with the credit bureaus directly if getting in touch with the lender doesn't work. It is best to exhaust all options with the lender before contacting the credit bureaus because this process takes more time. Nevertheless, it's a crucial step. Depending on how significant the error is, a mistake on your credit report can prevent you from obtaining finance in the future. It shouldn't be disregarded because it can result in you paying higher interest rates. You should take the necessary actions to have it fixed.

   Equifax and TransUnion are the two main credit bureaus in Canada. You should check your credit report with each to determine if the error is present on both. It might occasionally just show up on one. There are a few potential causes for this. It's possible that the error just affects one credit bureau or that the lender only reports to one credit bureau.

  Provide supporting documents as soon as possible because the credit bureaus will require it. The credit bureaus will start an investigation and open a case for you. Each credit bureau has its own dispute resolution process, so be sure to follow it and supply everything on time. You also have the option of adding a Consumer Statement on your credit report. You can set this statement to appear only for a certain amount of time, as you wait for the errors to be corrected. Anyone that pulls your credit report, will have a chance to view the statement.