Credit reports contain vast amounts of financial transaction records. Inaccuracies can arise from data entry mistakes, delayed updates, or administrative errors.
Common Discrepancies to Look For:
- Wrong Account Ownership: Accounts appearing under your name that do not belong to you.
- Duplicate Account Entries: The same loan facility listed twice.
- Incorrect Overdue Amounts: Dues shown on accounts that have already been cleared or settled.
- Closed Accounts Shown as Active: Loans that have been closed with an NOC still showing active balances.
The Resolution Approach
A legitimate dispute must specify what is wrong, why it is wrong, and provide supporting documentation (such as bank closure letters or payment receipts). Bureaus verify with the reporting lender to rectify verified discrepancies.