Has your credit score dropped recently? It may be due to errors in the report. Check how you can fix those errors.
Sometimes, even after paying your credit card bills or EMIs in full and on time, you may see a drop in your credit score. It’s likely that this happens due to some errors or inaccuracies in your credit report. Read on to know how to spot and fix these errors in your credit report like a pro!
A credit report is a detailed record of your credit history and activity. It includes information about your credit accounts (such as credit cards, auto loans, home loans, etc), payment history, credit limit, status of loans, new credit inquiries, etc.
A credit report may seem exhaustive at first. But dividing all that information into sections can help you understand it better.
Apart from your credit score, you’ll find the following sections in your credit report:
1: Personal information
This section contains information about your personal identity such as your name, address, phone number, and date of birth.
Common errors to look out for:
- Multiple addresses and phone numbers for active accounts. You should keep updating them as and when you shift to a new place or change your number
- Incorrect names, phone numbers, or address
- Mixing of someone else’s (someone with the same or similar name) credit information with yours
2: Account information
This section of the credit report carries information pertaining to your present and previous credit accounts. While going through this section, pay close attention to verify the following:
- Opening/closing dates of account
- Details of creditors loan provider
- Credit limit
- Repayment history
- Account ownerships (across all individual, add-on, joint accounts and also the ones where you are a guarantor)
Common errors that you may encounter:
- High number of inquiries
- A closed account that still shows open
- A new account not being listed
- Incorrect entry of defaults
- Incorrect EMI amount or repayment date
- An account listed more than once
- Incorrect account balances or credit limit
- Incorrect active/closed account details under your name
This section details out the hard inquiries made by various lenders at the time you’d applied for any credit product. If you see any inquiries that weren’t authorised by you, or the same inquiry listed more than once, you should immediately bring them to the attention of respective bureaus.
On the OneScore app, you can view your CIBIL and Experian credit report for free as frequently as you want. If you notice any of the above mentioned errors, you can raise a dispute with the respective bureau on OneScore and track its status. The bureau will review your request, investigate and confirm it with the concerned lender, and make necessary corrections.
Disputing credit report errors on time is important for your credit health (Read about other factors essential for your credit health). This prevents any unnecessary damage to your score and helps you access credit products easily in future.
Download the OneScore app to get lifetime free access to your CIBIL and Experian credit score and credit report so that you check for these errors and rectify them on the go.
- OneScore , February 18, 2022