Your credit history is recorded on your credit report with the credit bureaus in Canada, including TransUnion. This report plays a key role in your creditworthiness and gives lenders and creditors a clear picture of how responsible you are with your debt.
But it’s possible for mistakes to show up on your credit report, which can have a negative impact on your credit scores. So, what can you do if you find errors on your credit report?
Read on to find out how to dispute an error on your credit report with TransUnion.
Why You Should Always Check Your Credit Report
Information in your credit report is used to calculate your credit scores. As such, you should always be up-to-date on what’s happening on your credit report. Even if things have not changed in your financial life, you should still pull a copy of your credit report to make sure everything is accurate.
Here are a couple of other important reasons to check your credit report on a regular basis:
Can Affect Your Borrowing Ability
As mentioned, your credit scores are calculated using the information on your credit report. Thus, any mistakes on your credit report can negatively impact your credit scores. This, in turn, can affect your ability to access credit as lenders and creditors use your credit scores to determine whether or not to approve you for a loan.
Moreover, lenders will also use your credit scores to help them choose the interest rate to charge you if you are approved. Having good credit is crucial to getting approved for a loan and accessing lower interest rates. By checking your credit report, you’ll be able to identify if there are any errors on your credit report that are bringing down your credit.
Help Spot Signs Of Identify Fraud
Another great reason to pull a copy of your credit report is to see if there are any signs of identity theft. Things such as unknown loans or credit accounts that have been opened in your name are a classic sign. If you notice any inaccuracies, notify TransUnion right away to have them investigated.
What’s In A Credit Report?
Your credit report will contain a few key pieces of information about yourself and your credit history. While the information may slightly differ between TransUnion and Equifax, some information is generally found on credit reports from both credit bureaus, including the following:
- Personal information. Your name, birthdate, address, employer information, and Social Insurance Number (SIN) will be included in your credit report.
- Credit history. Your payment history on current and previous loans and credit accounts is a key component of your credit report and generally plays an important role in calculating your credit scores.
- Public records. If you’ve filed for bankruptcy, have a tax lien on record, or have been part of any court judgments, these could negatively impact your credit scores.
- Credit inquiry. When you apply for a loan or credit product, the lender will pull your credit report. This is known as a “hard pull” or “hard inquiry” and may negatively affect your credit scores, especially if you apply for too many loans within a short period of time.
Types Of Errors You Can Find On Your Credit Report
The following are some of the more common inaccuracies consumers find on their credit reports:
Personal Information
Mistakes may be made in your personal data, such as the incorrect spelling of your name or the wrong address.
Reporting Errors
Inaccuracies in reporting may occur, such as payments incorrectly shown as late or missed. Lenders may even report your account twice leading to duplicate accounts.
Black Marks Remaining On Your Report For Longer Than Required
Certain negative remarks will remain on your credit report for a specific amount of time. The exact time they remain on your report depends on the type of information being reported.
For instance, a first bankruptcy stays on your report for six to ten years after discharge (for TransUnion; six years for Equifax). However, there could be times when such details remain on your report past the maximum time allowed.
Accounts You’ve Never Opened
Loans and credit accounts that have been opened in your name that you have never actually opened yourself are tell-tale signs of identity theft.
If you discover any one of these mistakes on your credit report, you should have them rectified right away.
How Do Errors Happen?
Mistakes can easily be made on your credit report for many reasons, such as the following:
- You’ve applied for different loans using different variations of your name.
- When lenders and financial institutions are processing your applications, they may make some administrative errors which could lead to wrong information being reported.
- You made a mistake yourself when filling out a loan application such as putting down the wrong SIN.
- Payments you’ve made may be reported incorrectly due to clerical errors.
Given how easy it is for errors to occur, it’s important that you pull your credit report at least once a year to review it. If any mistakes are found, they can be investigated and fixed in a timely manner.
Check out how credit report errors can affect your credit.
What Can You Do If You Find An Error On Your TransUnion Credit Report?
If you discover a mistake on your credit report, you should contact TransUnion immediately. It’s possible that the credit bureau will be able to fix the problem right away based on the information you provide.
Otherwise, TransUnion will have to get in touch with the company that reported the inaccurate information to verify it with the data you’ve provided. You may need to supply documentation as proof upon request.
TransUnion will ask the company reporting the information to do the following:
- Review the information you provided regarding the dispute
- Validate the information they provided to TransUnion
- Make modifications as necessary if mistakes are determined to have been made
- Notify you of the findings of the investigation
TransUnion will send you information about the investigation and the modifications being made to your credit report.
Steps To Fix Errors On Your TransUnion Credit Report
Take the following steps if you discover any errors on your credit report that require investigating:
- Supply proof to support your dispute.
- Get in touch with the credit bureau.
- Get in touch with your creditor or lender.
- Include a written consumer statement under 100 words.
Ways To File A Claim With TransUnion
There are a few ways to file a dispute with TransUnion:
Online
You can easily dispute an inaccuracy on your credit report by filing a claim online by visiting TransUnion’s online portal. You’ll need to provide the following information:
- Full name
- Birthdate
- Current address
- Previous address(es) if you’ve lived at your current address for less than two years
- Disputed information from your credit report
- Reason for your dispute
- Social Insurance Number (optional)
Telephone
You can speak directly with a representative from TransUnion by calling the following numbers:
- English speakers: 1-800-663-9980
- French speakers: 1-877-713-3393
Hours of operation are Monday through Friday, 8 am to 8 pm EST. In Quebec, hours of operation are Monday through Friday, 8:30 am to 5 pm EST. You’ll need to provide the following information:
- Full name
- Birthdate
- Current address
- Previous address(es) if you’ve lived at your current address for less than two years
- Disputed information from your credit report
- Reason for your dispute
- Social Insurance Number (optional)
To dispute your claim via mail, you’ll first need to download and complete the TransUnion form in either English or French and mail it to either one of the following addresses:
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
You’ll need to provide the following information:
- Full name
- Birthdate
- Current address
- Previous address(es) if you’ve lived at your current address for less than two years
- Disputed information from your credit report
- Reason for your dispute
- Social Insurance Number (optional)
- Company name you are disputing
- Account number
- Supporting documentation to back up your claim
FAQs About TransUnion Disputes
Can I add a consumer statement to my credit report?
What if I’m not happy with my result?
What is a credit report?
Final Thoughts
The information on your credit reports has a direct impact on your credit scores. As such, it’s crucial that you have any mistakes on your report disputed, investigated, and fixed as quickly as possible. And the only way you’ll be able to spot these blunders is by pulling a copy of your report on a regular basis.
