A Guide to Reviewing your Credit Score in Brantford

A Guide to Reviewing your Credit Score in Brantford

Posted on September 7, 2021

It has been a strange 18 months with lots happening but also not a lot happening. Now the world is coming out of lockdown and slowly returning to normal, reviewing your credit score is a great idea so you can know where you are and where you can go from here.

We asked our Brantford auto loans team to show you how to review your credit score, what to look for and what to do if you find a mistake.

Reviewing your credit score

We recommend everyone reviews their credit score at least once per year, perhaps twice if you’re more financially active. As you’re entitled to one free check per year per bureau and we have two bureaus, that works out quite nicely.

Get a copy of your credit report

Your first task is to get a copy of your credit report. Fill in the form at either TransUnion or Equifax and request a copy. You’ll have to provide some personal data to prove it’s you but your score should be ready in 10-15 minutes once you’re done.

Review the report

There’s a lot to see in the average credit report so set aside 30 minutes or an hour to thoroughly check yours.

Check for:

Errors in personal details – Check for spelling errors in your name and address, check your personal details and make sure everything is 100%. Even a typo on your street name could ruin a credit application!

Errors in closed credit accounts – Check that all accounts you have closed are marked as such. Any previous Brantford auto loans or other loans are marked as closed and paid and all open accounts are accurate.

Errors in open credit accounts – Make sure all open credit accounts are accurate too. All your credit cards, any open auto loan, mortgage if you have one and any type of borrowing. Make sure the balances look right and that your payments have been included in your payment history.

Error in payment history – Your payment history is critically important for maintaining your credit score and for being able to access future lending. Make sure all the payments you make are present and correct and that any missed payments are accurate. You don’t want any holes or inaccuracies in your payment history as it can have a serious effect on your lending potential.

What to do if you find a mistake

If you do find an error on your credit report, you have two main options.

If you still have an account with the organization that made the error, contact them and let them know. Ask them to correct the error on your report so it’s accurate.

They will likely want a little time to investigate but should otherwise make the correction.

If you don’t have an open account with the organization anymore or you want to have the bureau do it, you can contact them directly.

You’ll need to make a Equifax Consumer Credit Report Update or TransUnion credit investigation request, depending on which bureau has the error.

The form requires evidence that it’s a mistake but is otherwise straightforward. It won’t be fast, a minimum of 28 days is usual.

Give the bureau time to investigate and make the change before chasing them up. If they find it is a mistake, they will correct it and notify you. If they don’t find a mistake, they won’t change anything but should notify you of their findings.

When you’re ready for a car lease or loan, get in touch with the Brantford auto loan experts at Northway Ford for great deals on auto finance.

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