What to look out for on your report

Once you’ve got your credit files, the key is to check the accuracy of the info that banks are judging you on. As we’re talking billions of pieces of data, there are always mistakes. So, quite simply…

Check EVERYTHING! One mistake can be a hammer-blow to credit applications

First the obvious stuff. Are all your debts correctly listed? Are there any inaccuracies on your repayment history?

Yet other details are important too. Check your present and past address details. Errors here can lead to you being judged on someone else’s credit history. Also your finances may be incorrectly linked with someone else’s.

What to do if there’s an error?

If you disagree with anything on your file, just write to the agency and request it’s changed. If the agency agrees it should quickly change the file, though sometimes you’ll need to talk to the company that originally filed the data.

Unfortunately sometimes it may refuse to amend your file. If this happens you’re entitled to add your own comments as a ‘notice of correction’. This will often mean your credit applications take longer, but it may help you to obtain better deals.

Don’t go on too much when explaining the error though, and don’t overly berate. Be concise, explanatory and factual.