If you have a copy of your business credit report and you think there is an incorrect commercial listing on the file, it is important you get this fixed. Why? The information on your commercial credit report impacts your business' credit rating and whether or not you might be accepted for a loan or credit terms with a supplier.
Steps to fix an error on your business credit report
1. Contact the credit provider
If the error relates to a credit facility that you have or have applied for, you should contact the supplier or credit provider such as the bank, telco or utility company that the error relates to.
You can ask them to investigate the incorrect listing and that your commerical credit file is amended. Search our Creditor Contact Directory to find contact details of most credit providers.
2. Contact Veda
Veda offers a free service to investigate the accuracy of information on your business credit report that's in dispute or you think may need correcting.
Here's how it works:
The more information you can provide, the quicker we can investigate. If you are requesting on behalf of someone else, please also include the requester (you) details.
For corrections to the consumer section of a credit report, you will need to submit a personal credit repair request.
Important: By submitting your correction request you understand that the information that you supply to us during the creation of this correction request, including your personal information, may also be disclosed to other interested parties in order to resolve your request for correction. This includes disclosure to the credit provider who has recorded an entry for which you are disputing the accuracy. This disclosure is in accordance with the Australian Privacy Principles (APPs).
b. Veda investigates
Once we receive your correction request, we will provide you with written confirmation that it has been received. Our Customer Resolutions team will investigate your request within 30 days and provide a response to you in writing. We may, however, notify you that there is a delay and seek to extend this time if we have not concluded our investigation.
Note: Due to the high volume of requests our Customer Resolutions team deals with, they are unable to discuss the progress of your correction request with you over the phone.
c. Veda contacts the credit provider
If necessary, we will contact the credit provider on your behalf to have them verify the accuracy, or otherwise, of the correction request submitted by you.
d. Veda reviews the credit provider's response
Veda will then review the information given by the credit provider or supplier and make amendments, if any, to the entry(ies) to your commercial credit report.
e. Veda finalises the investigation
Once the correction has been completed, we will send you a written communication notifying you that the correction has been made. Veda will also issue you with an updated copy of your commercial credit report.In addition Veda will notify any recipients of your report within the three months prior to the correction being made, in accordance with its obligations under the Credit Reporting Code. Veda will do this automatically at the time the correction is made. If the correction request received from you cannot be validated and a correction is not made, Veda will write to you setting out in detail the outcome of its investigation and why the requested correction(s) were not made.
Be wary of 'credit repair' style organisations
Think twice before paying for the services of a company that claims they can “repair” your credit report or credit history
Some companies claim to be able to remove negative information from your credit report and charge you to do so. This can often cost over $1,000 and it is likely you are required to pay up front.
Free services available to help
By contacting your credit provider or a credit reporting body like Veda, they can investigate for free and correct information on your credit report if it is inaccurate. If you are still unsure on what to do, you can also ask a financial counsellor or community legal service for advice.
In addition, if you are dissatisfied with the outcome of an investigation by the credit reporting body or credit provider you can utilise the services of the Ombudsman to which the credit provider or credit reporting body is a member. They provide their services free to consumers. The Financial Ombudsman Service (FOS), Credit and Investments Ombudsman Service (CIO) and Telecommunications Ombudsman Service (TIO) all operate Australia-wide. Each Australian State also has a Water and Energy Industry Ombudsman (e.g. EWON in NSW, and EWOV in VIC).