A large component of all complaints that are received by some of the world’s largest credit and financial organisations, is connected to inaccuracies in credit reports.
A bad credit history can result in severe prejudice to a loan, applicant’s interests and can be the source of unnecessary and onerous financial hardship (such as higher interests rates, unnecessary fees and unfavourable treatment or rejection). Some of the errors that are complained about include the following:
- Transferring computerised accounting data can sometimes cause inadvertent errors resulting in unfair and prejudicial records on a credit history;
- Collection of accounting and financial data from sources that are themselves plagued with errors can compound mistakes and inaccuracies;
- Mistaken identity can create a situation where one individual’s poor records bleed into the records of another individual between databases;
- Stolen identities can also be used fraudulently, causing intentional confusion between different people’s credit history; and
- Other clerical errors such as incorrectly entered numerical data or misspelled names.
Systems are in place for the correction of erroneous information.
Ordinarily, the complainant will have to contact the entity who informed the credit agency from which the adverse credit report was obtained and a complaint will have to be made in respect of the erroneous entry.
The credit agency may be contacted in the event that the record does not make it apparent which entity was the source of erroneous information. That source entity will then make its own investigations after being informed of the objection and inform the credit agency of any corrections that need to be made.
If you require legal services with the removal of any adverse credit record on your credit file, you can contact our Sydney credit repair lawyers for assistance. We can provide you with legal advice and credit repair legal assistance, at affordable and very often for reasonable fixed legal fees. Our credit legal team often works alongside our Mortgage Brokers and have a detailed understanding of credit history and credit history problems that applicants for loans frequently or usually encounter. You may wish to contact us by telelphone on (02) 9233 4048 or email to email@example.com to make an appointment at our head office in Syndey CBD. Alternatively, we may see you in one of our branch offices. Please peruse our "Locations" tab for a complete list of our branch offices.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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