Types of Disputes in Your Credit Report

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Types of Disputes/Errors Arising in Your ‘Credit Information Report’
What is ‘Credit Information Report’?
A credit information report is a statement of your credit history. It summarizes your past and current credit activity – your outstanding, repayment history, etc.

What is the Credit Information Report based on?
The Credit Information Report is based on monthly reports sent to the Bureaus by various lending institutions.
What is the Credit Information Report used for?
Credit Information Report is an important measure of your creditworthiness. It is used by the lending institutions while assessing your credit application.
The report forms the basis of their decisions, such as–
– to lend, or, reject your application
– how much loan amount you are eligible for,
– what is the loan rate you should be charged

Types of Issues Generally Arising with the ‘Credit Information Report’:
1. Ownership – Error in Personal Information:
i. Name,
ii. Date of Birth,
iii. Pan Card,
iv. Address, etc.
2. Commitment Information – Error in Account Information:
i. Account/Loan Type,
ii. Status of Commitment – Paid/Cleared Account still showing up as default
iii. Date of last payment – Error in the last date of payment could mean
iv. Current balance,
v. Amount overdue, etc.
3. Calculation Error
a. Duplicate Account: Same account being reflected more than once.
b. Credit Utilization Rate
c. Recent Inquiries

Why your Credit Information Report Matters
Your credit report may be the difference between
 You getting that new credit card/loan
 You owning that new home you desire
 You landing that new job you aspire

It is thus imperative that you should check your Credit Information Report on a periodic basis and report any dispute to the Credit Bureaus.

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disputing address on credit report

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