Review your credit report for inaccuracies
Credit reporting agencies are required by law to make sure information on credit reports is accurate, up-to-date and complete.
Review your credit report and if there are inaccuracies, you have a right to get them fixed.
- If there's a simple error, continue to Step 3 to fix it
- If you're finding it difficult to identify what's wrong, contact us on 1800 007 007
Check for 'default listings'
The main listings that cause problems when applying for credit are 'default listings' (which you may only find out about when you actually apply for credit and get rejected).
If your credit report shows a 'default listing', check:
- When it's going to expire. Defaults are removed after 5 years. If that time is close it may be easier to wait for it to be removed
- That you received the required notices before the default was listed. After 1st March 2013, you must be sent a default notice and a notice about the credit provider's intention to list a default. If you didn't, ask your credit provider for copies of these notices
- That the amount listed on your account statement is correct as at the date of the default listing
Other points to note are:
- If you had an agreed repayment arrangement in place before the default was listed (which you had kept to) the default may be arguably inaccurate
- If you were granted a loan that you couldn't afford to repay when it was granted, it may be arguable that the default is inaccurate
There are also a range of other arguments that the default may be inaccurate. If you feel that the default listing was unfair in the circumstances, contact us on 1800 007 007.