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When should you dispute an error on your credit report?
Owing to the importance that credit reports play in getting credit, you should dispute any information you believe is incorrect or inaccurate. You can get these errors corrected or removed from your credit report.
Incorrect or inaccurate information on your credit report might have an adverse effect on your credit score and ultimately on your loan approval rates. Theoretically, you can refute anything, but the credit bureau would conduct an audit and delete only things that are required by policy.
You can dispute credit report items that you believe are inaccurate, incomplete, out of date, or cannot be verified. Negative entries, with the exception of bankruptcy, can only stay on your credit report for seven years; bankruptcy will stay for ten. You may challenge negative entries that are more than seven years old.
Some of the errors you can dispute on your credit report are:
- Incorrect personal information like name, mobile number, or PAN number
- Incorrect loan accounts listed under your name
- Incorrect credit limit against your credit card
- Account status – Settled, Closed or Written Off
- Incorrect no-payment record
- Incorrect payment history
A credit score has become an important criterion for all types of loans. A healthy credit score of 750 ensures a good loan with favourable terms. Your credit score is a rating based on information provided to credit bureaus by banks and financial institutions. You have the right to flag any mistakes on your credit report.
Note: The best practice is to check your credit report regularly to ensure that it is up to date and has no inaccuracies or errors. Check your complete Credit Health Report today from CreditMantri here! Contact the credit bureau immediately when you want to raise a dispute. If the error is genuine, the credit bureau is liable to correct it and update your credit report in the consecutive month.