Your credit report is a personal history of your borrowing behaviour – the credit you’ve had, and the repayments you’ve made. So it’s crucial that you want the data and information it contains to be 100% accurate.
In 2013, Experian provided credit reports to around 2 million people, and answered more than 3.5 million calls and requests for help and support. Any discrepancies in credit reports are looked into immediately– in fact, many of the queries received via our award-winning call centre are sent to the lender within one hour of receiving them, raising disputes for people while they are on the phone.
When lenders send us information, we then carry out over 350 validation checks on all information before it is added to Experian credit reports. The information they send is regularly audited to ensure it is accurate and up to date.
Let us know if you find something
On the rare occasion you should find inaccurate information on your credit report you can contact Experian, and we will contact the lender in question. Any lender that shares credit account information through a credit reference agency is responsible for making sure the information is accurate and kept up to date.
We can raise a ‘data dispute’ with the lender on your behalf, and add a flag to say it has been disputed by the data subject. This means that care should be taken by any lender looking at your report while the dispute is ongoing, if using the disputed information in a lending decision.
Once the organisation replies to us, we’ll be in touch to let you know whether they have said it can be updated, deleted or confirmed that it’s correct. It takes eight working days on average for us to receive a response, and we’ll let you know as soon as we hear from them.
What lenders do
Lenders have their own criteria for awarding credit, and will use different credit reference agencies. Your credit report is only one part of your application, as lenders also use the information provided on your application form, their own policy rules, and information that they already hold on you (for example, if you’re already a customer of theirs).
Review your credit report
We recommend that you review your credit report on a regular basis and to make sure everything is up to date & accurately reflects your circumstances, and to query anything that doesn’t look right.
It’s also worth checking out which financial links to other people are on your credit report, and ask for any outdated links to be broken – for example an ex-partner you shared accounts with, or even your son whose loan you guaranteed. If you don’t do this you could find that any credit applications you make in the future may be affected by your ex-partner’s financial situation.