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Tips On How To Fix Any Errors On Your Credit Report

Australian Retail Credit Association (ARCA)
15th December, 2015

Myth – I need to pay someone to fix or repair my credit report

Fact – This is false. Free help is available from credit reporting bodies, your credit provider, financial counsellors, ombudsmen, or community legal services.

It is now easier to get errors fixed yourself, for free.

You might find a listing on your credit report that you feel is incorrect. If this is the case, you don’t have to pay anyone to fix it. The consumer safeguards in the credit reporting system require credit providers and credit reporting bodies to investigate and respond to your correction requests about inaccuracies in your credit report. Here are some tips about what you should do if you find information on your credit report which you think may be incorrect:

  • You should contact your credit provider or credit reporting body first and ask them to explain why the information is on your report. If you’re not satisfied with their explanation, tell them why and request it is corrected. Remember, you can speak to any credit provider or credit reporting body who holds your credit information (not just the organisation responsible for the incorrect information) to ask them to correct it for you.
  • If you feel as though you cannot deal with the correction request on your own, or you have not had much success speaking directly to your credit provider or credit reporting body, make an appointment with a community legal centre or a financial counsellor who can help you through the process, their details can be found at www.Creditsmart.org.au/page/helpful-services. Community legal centres and financial counsellors provide free advice and assistance.You can also visit www.CreditSmart.org.au for tips on how to deal with the error. Just remember: you do not have to pay a credit repair organisation to get the error fixed.
  • If you find information on your credit report that you think is incorrect, consider whether you have documents or other information to show that information is not accurate. To help ensure that your complaint is dealt with quickly by a credit provider or credit reporting body, it is always a good idea to provide them with the documents or information that shows an error has been made. Provide it as early as possible, as it may be critical to having the correction made.
  • If the information on your credit report turns out to be accurate, speak to your credit provider about what it means and how it may impact on you. Also consider what you can do to manage your credit effectively in the future. There are tips on managing credit effectively on the CreditSmart website. www.CreditSmart.org.au/how-manage-your-credit-effectively

Australian Retail Credit Association (ARCA)

This article first appeared on the CreditSmart website which is an information website developed by credit experts in conjunction with consumer advocates and government bodies to help you understand the credit reporting system. Its goal is to help you understand how the credit reporting system affects you, by providing unbiased and fair information.

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