Transunion is one of the top credit bureaus in Canada that maintains the credit history of every person. These credit bureaus are responsible for building your credit score. And sometimes, it is possible that the reports they create may be faulty sometimes.

It is a normal issue that can occur. After all, there are people working behind a big brand, and it is common to understand that people can make mistakes. So, what about when your credit report has flaws or mistakes? This article will tell you about it.

A mistake in a credit report can occur due to numerous reasons, some can be on behalf of credit bureaus, and some can be due to faulty reporting institutions providing instant online loans in Canada. But if a fault shows up in your credit report, it can affect your credit score. So, that’s why it is important to have a good credit score. 

Why check for faults in a credit report?

Affect your credit score

  • An error in a credit report can lead to a lower credit score. And if not rectified on time, it can become a hurdle in your financial life as many lenders providing Fast e-transfer Loans in Canada check credit scores before they offer a loan. 
  • Moreover, a credit score also helps a lender determine the interest rate to offer a person. And the credit score is a critical factor in determining an appropriate rate. For example, a person who has a good credit score will not be charged a higher interest rate because a good credit score indicates that the person can pay back their loan on time.
  • Whereas, if you are applying for a loan with a bad credit score, you have a high chance of getting a higher interest rate. Because a poor credit score makes you unreliable, the lender is taking a high risk of offering you a loan. So, they give you a loan at a higher interest rate.
  • So, checking your credit reports once in a while can help you identify these errors and report these errors to the credit bureaus. 

Spot identity theft

  • Another important reason to check your credit score is to identify identity theft. A classic example of identity theft nowadays is that you will find other credit lines opened in your name.
  • This can be done by stealing your identity and using it to get a loan or any other credit line. If you notice unauthorized credit lines in your credit report, immediately contact TransUnion and report the error. 

What is in a credit report?

A credit report will be the same with every credit bureau, there could be some minute differences, but the main information will remain the same. Here is the list of items included in a credit report.

  • Personal information

Every credit report will include personal details in their credit report, which will include your name, address, employer information, and Social Insurance Number (SIN).

  • Credit history

All the credit transactions you have made will be included in your credit report, including fast e-transfer loans in Canada offered by online lenders. The longer your credit history, the better your credit score. Here, you can check your credit lines as well, and if you find any discrepancies in your credit history, you can immediately file a report with TransUnion. 

  • Public records

Public records are publicly available information on you. For example, if you have filed for bankruptcy, it can stay on your file for 8 to 10 years. Other things that can affect your credit score are lawsuit judgments or tax liens.

  • Credit inquiry

Credit inquiries are of two types: hard inquiries and soft inquiries. The inquiry initiated by you to check your credit score is recorded as a “soft inquiry” and doesn’t affect your credit score. On the other hand, if a lender or creditor checks your credit score, it is recorded as a “hard inquiry” and reduces your credit score. However, it can be fixed when you will make timely payments. 

How to fix the errors with Transunion?

If you find an error in the credit report, immediately report the same to the Transunion. They will quickly resolve the problem based on the degree of omission needed. If the problems are grieving, then it may take some more time. 

Transunion will contact the creditor who provided the information and tally that information with the one you provided. And you may need to provide relevant proof to support your dispute if requested by the credit bureau.

Here are the things TransUnion will ask the company reporting the information:

  • Review the information regarding which the dispute has been initiated for.
  • Compare and validate the information TransUnion has with themselves.
  • Once mistakes are identified, they will do the necessary modification and rectify the mistakes.
  • Finally, they will update you regarding the necessary situation of the dispute.

What to remember before filing a dispute?

  • Ensure you have proof of what you are claiming. 
  • Check with the credit lender and find discrepancies. 
  • Have a written consumer statement explaining the problem and the details.

Where to file a complaint?

Online

You can file an online complaint by visiting TransUnion’s online portal and filing a complaint with them. You’ll need to provide your basic contact and personal details with them while filling the dispute.

Call

The other way to resolve the dispute is to directly contact the TransUnion via telephone by calling on:

English speakers: 1-800-663-9980

French speakers: 1-877-713-3393

The timings are 8 am to 8 pm EST from Monday to Friday. But if you are in Quebec, the hours of operation are Monday to Friday from 8:30 am to 5:00 pm EST. And here also you need to provide your personal details to the agent.

Mail

You can also mail them on:

English speakers-

TransUnion Consumer Relations Department

3115 Harvester Road, Ste. 201 

Burlington, ON 

L7N 3N8

French Speakers-

Centre de relations au consommateur TransUnion

3115 Chemin Harvester, Ste. 201 

Burlington, ON 

L7N 3N8

And same as other processes, you need to provide them with your personal details.

A good credit score is an indicator of good financial life. So, frequently check your credit history to keep bad things away from your credit report. And keep on taking fast e-transfer loans in Canada and building your financial life.