1 Obtain a Copy of Your Credit Report

You must first get a copy of your credit report from one of Equifax Canada or TransUnion Canada, the two biggest credit agencies in Canada, before you may contest any inaccuracies. You are legally entitled to one free copy of each bureau’s annual credit report. You have three options for requesting your report: online, by mail, or in person at their offices. It is advised to get reports from both agencies because the data may differ.

2 Review Your Credit Report Thoroughly 

Once you obtain your credit reports, thoroughly check them to see if there are any mistakes or inconsistencies. Pay particular attention to your:

✔ Name

✔ Address

✔ Social Security number

✔ Credit accounts

✔ Balances

✔ Payment history

and any adverse remarks

Highlight any inaccurate information, such as accounts you don’t recognize, late payments that were received on time, or wrong balances. Watch out for any indications that your identity may have been stolen, such as strange inquiries or accounts that were unintentionally established in your name.

3 Gather Supporting Documentation

Compile supporting evidence that demonstrates the mistakes on your credit report to support your dispute. This might include copies of your payment receipts, bank statements, letters to your creditors, and any other supporting documentation. To strengthen your case, make sure your documents are precise and well-organized.

4 Contact the Credit Bureau and File a Dispute

Reach out to the credit bureau(s) and submit a dispute once you’ve located the mistakes and obtained any necessary supporting documentation. Typically, you may submit this through mail or online, but check the bureau’s website for details on how to do so. A copy of the supporting documentation you gathered is included, along with a thorough justification of each inaccuracy.

The credit bureau is required by law to look into your complaint within a reasonable amount of time, often 30 days. They’ll get in touch with the creditor or lender linked to the disputed information and ask for confirmation. The credit bureau is required to delete or fix the inaccuracy if the creditor doesn’t react or can’t offer enough justification.

5 Inform the Creditor or Lender

Notify the lender or creditor of the mistakes on your credit report simultaneously. This stage is crucial since the credit bureau might need to verify anything as part of their inquiry. Inform the creditor of the error, any applicable account numbers, and copies of any supporting documentation in a formal written dispute letter. Ask them to update their records with the credit bureaus and send you formal proof of the update.

6 Follow Up and Monitor Your Credit Report

Monitor your credit report frequently after submitting a dispute to make sure the problems are fixed. You should get an updated report from the credit bureau that reflects any modifications made as a consequence of your dispute. Follow up with the credit agency and creditor to seek resolution if the inaccuracies continue or if you run into any issues while going through the procedure. Keep meticulous notes of all your communications, including the times and names of the people you communicate with.

Secure Your Financial Future

Are you struggling with loads of debt? Contact National Debt Relief, a leading debt relief program service in Canada, that can help you take charge of your financial future! Our team of professionals is available to assist you. 

Don’t allow mistakes to prevent you from reaching your financial objectives. Get in touch with National Debt Relief to begin your road toward a more secure financial future.