Life is often about the imperfections we find around. While a few of these imperfections add beauty, there are some which have a negative impact on our overall quality of life. An error, especially in your credit report, can have an adverse impact on your ability to acquire a loan. As a consumer, it is your responsibility to check your credit report for any errors and resolve them by approaching the relevant authority.
Common errors found in an Equifax credit report
Some of the common errors which can find their way into your Equifax credit report are highlighted below:
- Old Information - One of the most common errors which can be found in a report relates to problems associated with the identity of an individual. This could be outdated personal information like the address and name of a member. In certain cases, failure to update your information could see different individuals with the same address having similar credit reports, leading to confusion
- Account errors - We live in a time where we have multiple bank accounts with different banks, with a lot of us often losing track of the number of accounts in our name. A credit report can often miss or add an account with the account of individuals who have similar names or addresses, thereby leading to misinterpreted reports. This can lead to mistaken identity and identity theft, which can be a serious issue, if left unresolved
- Wrong account information – It is possible for us to provide the wrong account details when we register for Equifax, with these errors reflecting in our credit reports, unless corrected. Simple typos can have a compound effect on the overall credit history of an individual
- Clerical errors – To err is human and one can make silly mistakes when filing the KYC form. Mistakes in the date of birth or address need to be resolved immediately as they could potentially result in an identity crisis
How to correct your Equifax Credit report
Errors can be committed on the part of either an individual, a financial institution or the credit bureau (Equifax) and they can be rectified by following a simple procedure.
- Identification of error – The first step to resolve an error is to identify it. As a consumer, you should keenly observe the report and point out errors, if any.
- Reporting error – Once an error has been identified, it is your duty to alert the relevant authority. If an error has occurred on part of a financial institution, you should let them know the nature of the error. The credit bureau can make changes in a credit report only after the error has been rectified by the financial organisation.
- Timeline – After an error has been identified and reported, the respective institution or bureau is expected to make changes within 30 days, failing which a consumer can approach an ombudsman to get the errors rectified.
- Intimation - In cases where it is not possible to rectify any errors, the bureau will intimate you about the same. Changes which have been implemented will also be communicated, helping you stay abreast of the latest happenings.
Dispute Resolution Form
If you find an error in your credit report, you can use the Dispute Resolution Form to rectify it. This form can be downloaded from the official Equifax website and should be filled and submitted to the bureau. A member should provide supporting documents like self-attested address and ID proof and post it to the Equifax office.