You will have an adverse impact on your ability to acquire a loan after knowing an error in your credit report. As an individual, it is your responsibility to check your credit report for any errors and resolve them by approaching the relevant authority.
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 This could be outdated personal information like the address and name of a member.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 – 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