Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
adam@debtcliniccanada.ca (905) 970-0439
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca
Slide Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.ca

March 2015 – Your credit bureau file is not always accurate.

By:Adam Aspilla
March 25, 2015

Financial institutions like: banks, trust companies, finance companies and other credit grantors rely on the report of your credit bureau file as one of their primary basis of granting you credit. If you have a derogatory record on your file, your application for credit is usually declined.

Should you experience a rejection of your credit application on the ground that your credit rating is not satisfactory when you know for a fact that you had never defaulted payment on any of your creditors, it is a sign that the records on your credit file is not accurate.

What to do? First, you have to request a copy of your credit bureau file from the financial institution that disapproved your credit application or secure a copy of your credit bureau file direct from the credit bureau (Trans Union or Equifax). 

Second, upon receipt of a copy of your credit bureau file, you have to look at the individual entry on your credit bureau records and look for the derogatory record that caused the rejection of your credit application.

Third, upon discovering an inaccurate entry, you have to communicate in writing to the credit bureau (enclose a copy of the credit bureau file highlighting the inaccurate entry) and dispute the erroneous entry by enclosing proof of payment you made to the creditor you have a derogatory payment record.

Finally, request the credit bureau to correct the error made on your file and ask a copy for the corrected file.

Should you wish to pursue your application with the financial institution that declined your credit application, you may go back to that institution and show your corrected credit bureau file, and that institution, may reconsider your application.

If you decide to apply to other financial institution, you have to show your corrected credit bureau file for it explains why you were declined in your earlier credit application.
Better still, before applying for any credit, you may wish to check your credit bureau file first, to be sure there are no inaccurate entries on your file for your credit bureau file is not always accurate.

Adam Aspilla operates the Debt Clinic of Canada Inc. for more than 30 years.  He was a former financial planner, a former mortgage broker, and the author of the book, You Can Negotiate All Your Debts.  He also writes another column, “Biblical Perspectives” in this paper. For a free initial, expert, professional and confidential financial consultation on your financial issues like: Debt Consolidation, Credit Counseling, Consumer Proposal, Bankruptcy, and securing 1st and 2nd Mortgages, call 905-970-0439 or visit www.debtcliniccanada.ca

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