Those with bad credit ratings or who have their name list on a bad credit report often face a major challenge when applying for new finance or seeking refinancing for loans. Sometimes this is due to minor credit issues. While it is not always possible to have one’s name taken off a bad credit report, there are steps that every consumer can take to ensure fairness.
According to Angus Luffman, general manager of consumer risk at Veda, those who are seeking to have their name removed from a bad credit report should start by obtaining a copy of their credit file.
The credit file should be studied carefully for any discrepancies. If any discrepancies are found, the consumer should contact the lender or the credit report provider and notify them of the error.
If there had been a default, the lender should have given the consumer written notice before the default was listed on the credit report. The written notice should include the amount and mention that the consumer’s default could be listed on the report if he or she did not take action.
Luffman said that these initial steps could allow consumers who have not been treated fairly to have their name taken off a bad credit report.