Therebs an Error on my Credit Rating. What Can I Do?

One of the main reasons that people get turned down for a mortgage or other type of loan is due to their credit rating. At Central Mortgages we would advise clients to check their credit report every so often, and especially before they apply for a mortgage. The fact is that all of us make mistakes sometimes, and credit rating agencies are no exception!

Getting it Right

When you apply for a loan or mortgage the potential lender will check you out with the credit rating agency. You may not be aware that you have a bad credit rating until you apply for that loan or mortgage and get turned down. It is a good idea to get a copy of your credit report before you apply for a loan. If you find an entry on the report that you believe is an error, you need to contact the credit rating agency.

Experian is one of the main credit rating agencies operating in Britain, so you need to contact them about the item or items that you dispute. As soon as the credit agency receives your complaint, they will contact the organisation from which they got that information and ask them to change it. The agency will make a note on your report next to the disputed transaction while they contact the organisation. If the organisation agrees to amend the entry, the agency will update your report. If the organisation refuses, you can write what is called a notice of correction, and have that included in your report while the dispute is ongoing.