Credit Reports: Correcting Errors on your Report
Incorrect information on a credit report may be rectified by means of a Notice of Disassociation, Notice of Dispute or a Notice of Correction.
article keywords: Notice of Disassociation, Disasociation, Dissasociation
It is not possible to have correct information removed from your credit file. All information, adverse or otherwise will remain on your credit file for 6 years.
Companies offering to "fix credit records" can be misleading as they are not fixing your bad credit, but rather fixing errors that may exist on your credit record which are unfairly affecting your ability to obtain credit at the best rates. This you can do this yourself.
It is always worth knowing the contents of your credit file as it may contain errors. This is especially true if you have had credit problems in the past that have now been sorted.
Notice of Correction
If there is information on your credit report that is factually correct but you believe it unfairly affects your ability to obtain credit, you may apply for a notice of correction to be applied to your credit record.
A notice of correction is a statement of up to 200 words explaining why you think the information is misleading.
Some examples are:
- You have recently changed your name, got married, separated or divorced.
- You are behind on credit repayments due to or illness, but have now recovered and you are back in full time employment.
Once the notice is on your credit report, it will be shown to any potential lenders when you make an application for credit.
This explanatory statement should be addressed to any potential creditors who may view your report when you apply for credit. Your statement should not be emotive and give a accurate explanation of why you think an entry on your credit file is wrong or misleading.
A notice of correction should not be defamatory, frivolous or scandalous, or for any other reason unsuitable for publication. If you ex-husband is a complete b*****d who ran up debts in is own and both your names, then ran off with the babysitter, just detail the financial implications in your statement.
Notice of Disassociation
If you are concerned your credit record is influenced by a former business or romantic partner, or anyone sharing your address you can apply to have a notice of disassociation attached to your file.
A notice of disassociation states that you no longer have, or have never had an financial connection with another other party.
Someone living at your address with your surname will be assumed to connected to you by the credit reference agencies. Even if you are part of a house share and the same surname is just a coincidence, it can either have a negative or positive effect.
You need to state that:
- Do not share a bank account or hold an account in both names.
- Do not have a mortgage in both names (including any outstanding liability under a Mortgage Agreement).
- Have no active credit agreements in both names.
- Have no other shared financial links.
- Have separate income which is independent of the other parties.
Notice of Dispute
If you believe information on your credit report is incorrect, you may dispute these entries contacting your creditor/supplier or by issuing a notice of dispute to the credit reference agencies.
A Notice of dispute is only for information on your Credit Report that is in your name.
Once the credit references agencies have received your Notice of Dispute, they will contact the supplier of the information on your behalf. If the supplier agrees that the information is incorrect, the agency will correct your credit report. While your dispute is under investigation, it will be noted on your credit report. Typically the credit agencies complete this process in 28 days.
Some examples are:
- Repayments relating to a CCJ which been completed.
- Anything fraudulent you have been victim of. For example, a fraudulent loan in your name with was not honoured.
Certificate of Satisfaction
If you have paid a County Court Judgment and a payment satisfaction is not noted on your Credit Report, it is necessary that you contact the Court to obtain a Certificate of Satisfaction. The Credit Reference Agencies will be notified of this within 4 weeks.
Court Decree
If you have paid/satisfied your Court Decree, and this is not reflected on your Credit Report, send the credit agencies correspondence from the Plaintiff that confirms payment has been made. This correspondence should include date of Decree, amount, case number and date paid.
Register of Judgments
When as a CCJ is made against you, it is usually entered in the Register of Judgments, Orders and Fines. Credit reference agencies use this as a data source. It may be worth checking that either there an not any judgments recorded against you which your are unaware of, or notification of satisfaction of the order is not recorded. For a small fee this can be done online, se below for contract details of the Register Trust.
Related article: Removing a CCJ from your credit file.
UK Credit Agencies :
- Equifax Plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
www.equifax.co.uk
(You can order your credit file on the internet or by telephone).
- Experian Limited (tel: 0870 241 6212)
Talbot House
Talbot Street
Nottingham
NG1 5HF
United Kingdom
www.uk.experian.com
- Callcredit plc (tel 0870 060 1414)
Consumer Services Team
P O Box 491
Leeds
LS1 5XX
www.callcredit.plc.uk
Registry of Judgments, Orders and Fines:
- Register Trust (tel 020 7380 0133)
173-175 Cleveland Street,
London,
W1T 6QR
registry-trust.org.uk
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This material is for general information and only constitutes advice in the broadest of terms. You should not rely on this information to make any decisions. Call our advisors on 0800 043 2444 for professional advice for your own particular situation.