How to resolve Credit Report Errors?

It’s not always that your credit report is free of errors — identity theft, account-related errors, and other factors can certainly lead to inaccuracies. By checking your credit report periodically, you can spot any identity theft, issues related to unpaid or delinquent accounts, and more. This aspect is crucial, as inaccurate information on your credit report affects your credibility as a borrower, further affecting your credit score.

In this write-up, we will address a major question that you as a borrower may have — how to resolve credit report errors. We will also talk about what to look for in your credit report and the types of errors that could be present in your report.

First Things First — What are the Types of Errors in Your Credit Report?

Your al etihad credit bureau (AECB) credit report is prone to several errors. Some of the most common types of errors are -

• Identity-related Errors - Such errors include errors concerning identity like inaccurate name, address, Emirates ID number, phone number, and more. There are chances that at times your identity can get mixed with someone else who has a similar name. 
• Errors Related to Account - Some common errors associated with individuals’ accounts could be as follows -

1. An account that has been closed but its credit report is still open 
2. You have opened a new account but it does not appear on the paper
3. The account has been reported as a default 
4. There is an inaccurate representation of late repayments or mention of an inaccurate EMI (equated monthly instalment) payment date
5. If a single debit is listed with several creditors 
6. The accounts are appearing to be older than their actual age. 

• Errors Related to Balance - Such errors could include the mention of inaccurate balances in the account or incorrect credit limits. 

What to Review in Your Credit Report?

Having learnt about the types of errors that you can find in your AECB credit report, we can now understand the importance of checking our credit reports on a regular basis. Here are the details that you should check in your credit report -

• Documentation of your current and past credit history
• Overdue payments (if any)
• Overall payment history for the last 24 months
• Records of any defaults like bounced cheques and others (if any)

How to Resolve Credit Report Errors?

Upon reviewing your credit report, it is important to resolve credit report errors if you find any. To resolve your credit report errors, you would be required to submit your original and valid Emirates ID when filling out the form for raising dispute as a verification proof. You would also need to provide a copy of the recent credit report.

It’s important to keep in mind that you can raise disputes for the errors in your latest credit report only.

Usually, the dispute is addressed in up to 20 working days. While resolving credit report errors, AECB works along with the lending organisations that have provided the data to ensure its authenticity.

It then takes the supported documents provided by you into consideration. Once the credit report error is resolved, the AECB’s designated representative will connect with you and provide feedback concerning the dispute.

Go through the following FAQ section to know more about how to resolve credit report errors.

FAQ's

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