Learn how to fix Equifax credit report errors yourself and save money. This step-by-step guide provides clear instructions and tips for disputing inaccurate information on your credit report.
How I repaired my Equifax Credit Report
If you are reading this chances are you’ve had/have or having issues with your credit report. Recently I purchased an investment property. The lender I was using, whom I've worked with many times in the past, had an issue with my credit report which prevented me from obtaining finance.
There was a misspelling of my surname on my Equifax report. Meaning my lender would not approve my finance without this credit report being amended to reflect the correct spelling of my name as per my government ID’s
Given I had already paid a substantial deposit and settlement was only 60 days away, this relatively small issue (one incorrect letter) on my credit report had the potential to cost me tens of thousands of dollars if I were to lose my deposit.
My first option was to engage a credit repair company. This can be a costly process if you are reading this blog it’s likely you’ve already researched some of these companies. They can achieve results but there is no guarantee of a result.
The second adoption was to try to amend my report myself. Which is what I ultimately ended up doing. The only thing it cost was my time to lodge the dispute & of course the 30 days I had to wait for a response.
This is a step by step guide for how I went about amending my own report. It is just a guide and no guarantee of a positive result even if you follow the same steps. As the decision ultimately is up to Equifax if they amend your report.
Step-by-step guide
If you’re in a similar position as I was and are looking to correct an error on your credit report, here’s a step by step guide on how I approached it
There are many credit repair companies online. If you are reading this blog, then it’s likely you're already familiar with some of them.
Before engaging any of these companies, it’s important to do your research before choosing if you work with a credit repair company.
They can cost upwards of $1,500.
Visit the Equifax Corrections Portal online
Firstly you need to visit the Equifax Corrections Portal online. This is where you can begin your process. In my case, I clicked through to Credit Report Corrections.
In the corrections portal I selected Individual Credit Report, as it was my own individual credit report I was going to be contesting.
Then Individual Directly as I was completing this myself.
Read, review the terms and if you agree click “Yes”. Ideally you should already have a copy of your credit report so you know what you're contesting. It would be difficult to prepare a case for contesting misinformation if you don’t have your credit report to confirm exactly what it is.
Input your personal information into the portal
It’s important to enter your personal information correctly. As a guide, if you have a passport, use what is on your passport.
Again enter the following information as accurately as possible. In some instances, Equifax may have employment history information which will ideally need to match up what is on their system.
Identify and select the correction type details
In my case because I was contesting a matter on my personal report, I selected Consumer Credit Data. There is also on option for Commercial Credit Data on the same drop down, which would be for commercial credit reports.
In the second drop down, you can see all of the potential issues you can contest through the Equifax portal. Below is a summary of all the available options:
- Enquiry
- Default
- Account Information
- Identity information
- Repayment history
- Court writ/default judgement
- Financial hardship information
- Bankruptcy correction
- Default correction due to bankruptcy
- Directorship proprietorship
While you can technically contest all of the above items, there is no guarantee of a successful outcome. For example, with a default you will also be required to contact the credit provider that initially listed the default.
Provide the details that require correction (as they appear on your credit report)
In this section you will be getting more specific into what information you wish to contest. In filling out this section I’d recommend keeping your response professional, polite & factual.
In my case I knew the information was wrong and had multiple IDs confirming the correct spelling, so I was able to do my case. I also stated the urgency and time frames.
Incorrect Details On Credit Report
In this section you need to accurately state the incorrect information one a looking to correct on your credit report.
Upload supporting evidence
In this step, it’s important to have scans of your supporting documents to upload. For example with a name misspelling error, uploading multiple government IDs with the correct spelling will give you the best chance of success.
Submit any additional requests, if required
Now that you’ve submitted your request there will be an option to submit additional requests if there are other matters you wish to amend on your credit file.
After correction request is submitted.
You will receive a confirmation email from Equifax where you will be supplied a tracking number & a link to the online portal where you can check the progress of your request. Equifax has a 30 day response time which is required by law. However I did receive a second email requesting an extension.
The final email I received from Equifax was the response email where they attach a password protected PDF with the outcome of your response. My initial request was lodged on the 6th august & the response email came through 4th September, 29 days in total.
If you found this blog useful or have any other feedback please leave your feedback in the comments section.
credit repair | Equifax | credit report errors | DIY credit repair | dispute credit report | credit score | financial literacy
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