You can easily check your credit report every year with the help of the credit repair services. The mistakes, errors and the omissions are quite common on the credit report these days and it might cost you an increasing interest rate and might even impair your ability to qualify a loan.
So, it’s essential to hire the top quality credit repair companies in order to check your report and take action for all the mistakes you might have done in the past year. If you are the one searching for the ‘credit repair services near me’, then it’s time for you to understand the concept of credit reports and the services provided by the credit repair companies.
Is it essential to get a copy of the credit report?
- The answer to this is, Yes. There are lending institutions such as the financial banks who use the information of our credit reports to determine the qualification of the loans and their interest rates for you.
- This is essential because it might affect your ability to qualify or obtain the interest rate or credit that you might need or have been charged. Checking out your credit reports is basically an alert for you to identify the thefts or the errors that take place.
- If you talk about Canada, there are around two credit reporting agencies i.e. TransUnion and Equifax. These two major agencies will allow you to get one free credit report via emails every year.
- Also, to ensure that the information is accurate and without any errors, there will be a recommendation to keep changing between these two agencies for better results.
- If you do it every six months, that would be great and will lead you to an accurate credit report. Let’s say, if you get your free report by Equifax in the month off January, then you can get your free TransUnion report in the month of June.
How can you obtain their information?
- Lenders are the ones who provide the details of the Equifax and TransUnion for the debts held with them. This basically includes all the debtor’s contact information along with the balance on the account, late payments, and the payment history.
- The mistakes might occur when the lenders send incorrect or inaccurate information or it might also be in the date entry. If you have filled up a consumer proposal or bankruptcy, the office of the will send you the credit bureaus for the date you have filed and the name of the licensed insolvency trustee. This is all done for the users if you are being discharged.
- Also, you must know that your trustee does not and cannot provide you a bankruptcy or a consumer proposal information to these two major agencies.
What will happen if there is an error on your credit report?
- Both these major agencies have the dispute resolution processes, however, the perceived lack of control that the person might have on his or her credit report might be frustrating.
- It might be an agency or a creditor who might place incorrect information on your credit report, however, it is up to you to prove up to the credit bureaus whenever you find out that the information is wrong.
- All you need to do is read through the report for all the common mistakes. Some of the most common mistakes are given below-
- An incorrect address, name, birth date, number, other personal information that might mean that your lender is not able to identify the correct credit report whenever you apply for the loan or whenever they report out the information to the credit bureau.
- Always review your list of accounts, payment history, balances, and the account status. There might bee inaccurate statements of the late or the missed out payments.
- Also, if you have a filed insolvency, then the notice will appear under all the public records section in your credit report. Always ensure that your date of filing, discharge and completion is accurate.
- There’s always a list of the credit inquiries that will ensure you about the authorization of each lender to access the credit report. There are unauthorized inquiries that could be a sign of the possible credit frauds.