To avoid being penalised for mistakes, you should regularly take the time to contact each credit reference agency and get a copy of your credit file. By working through your history as frequently as possible, you can flag up any mistakes quickly and avoid any negative impact on your scores.
If you spot an error on your credit report, you have two main options: apply to the lender to have it removed or deal with it directly by filing a Notice of Correction. Each route has its pros and cons, so it’s important to decide which approach is right for the mistake in question.
As there is no universal credit score or single hub for holding credit information, it is easy for mistakes to be made. Some lenders will fail to update files once a dispute has been settled, while others may not update your credit report at all. It is also possible for incorrect information to be added in error, resulting in significant damage to your credit score.
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