If you are finding it difficult to get credit, think twice before paying for the services of a company that claims they can "repair" your credit report/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.
If you have inaccurate information on your credit report you can lodge a correction request with the relevant credit provider or credit reporting body and they will investigate for free and correct the information if it is inaccurate.
Equifax will not remove information from credit reports unless that information is erroneous. The fact that information is inaccurate or wrong does not mean it must be deleted. If it can be corrected, it will be corrected but not deleted.
If there is information on your credit report that needs correcting please go to personal credit repair or business credit repair.
The first thing to do is to report the problem. If you believe that someone may have used your identity details to fraudulently obtain credit you should take the following steps and act immediately:
- Request a copy of your credit report to check that the information relates to applications for credit that you have in fact made.
- Contact any credit providers listed on your credit file to whom you have not applied for credit so that they can investigate and take appropriate and prompt action
- Contact Equifax (and other credit reporting bodies) to put a ban on your consumer credit information. The initial ban period is for 21 days and can be extended. This can help prevent fraudulent accounts being opened in your name. The ban period means that if a credit provider requests your credit report as part of an assessment of a credit application Equifax cannot share it unless you have provided written consent or if it is required by law. You can find out how to put a ban on your credit report here.
- Contact the police and report the crime
When dealing with a possible identity theft it is important to keep records of the conversations you have and keep notes, including:
- name/s of the individual
- contact number
- the date you spoke to an organisation
- details of the conversation.
You should also ask questions to the people you speak to so you can understand the process. Each credit provider may have their own processes for handling fraud. Note these requirements so you can comply.
Your records are investigated. The credit provider(s) will then conduct their own investigations and notify us of the outcome. We can then remove any fraudulent information from your credit record.
You can also put a ban on your Equifax consumer credit report. The initial ban period is for 21 days and can be extended. This can help prevent fraudulent accounts being opened in your name. The ban period means that if a credit provider requests your credit report as part of an assessment of a credit application Equifax cannot share it unless you have provided written consent or if it is required by law.
To help reduce the chances of credit fraud happening to you, follow these simple steps:
- know what is on your credit file - Order your Equifax credit report
- Use My Credit Alert to monitor your Equifax credit report so that you receive e-mail notification every time a credit application is made using your personal details
- sign all your new credit cards as soon as you receive them
- store your cards and personal ID items in a secure place
- shred any paperwork that contains your personal details or account details before throwing it away
- contact your financial institution immediately if your cards are lost or stolen
- keep your PIN confidential and separate from your card
Understanding your Equifax credit report
April 2016Your credit report is one of your greatest assets. Find out what is included on your Equifax credit report and some descriptions of key information.
What to do if you have been declined credit
January 2016If you have been declined credit it can be a frustrating experience. Here are three simple steps you can take to find out why and to make improvements to apply in the future.