The credit bureau data shall be accurate, up-to-date and consistent with the actual situation. If your report contains incorrect, incomplete or unupdated information, you can request verification and rectification.
The rectification service is suitable for situations where the problem is not necessarily the existence of a report, but the form in which it occurs: wrong amount, incorrect status, active credit reported although closed, outstanding paid but not updated, data relating to a contract transferred or information that does not correspond to the documents.
We analyze the wrong data and prepare the request for rectification to the responsible institution.
Examples of data that may be wrong
• the outstanding amount is higher than the actual amount;
• the credit appears active, although closed;
• the default appears as unpaid, although the payment has been made;
• the date of the first arrears is incorrect;
• the number of days of delay does not correspond to reality;
• an incorrect creditor or a unclear assignment occurs;
• the reporting does not reflect refinancing or restructuring of the credit.
Rectification, deletion or updating
Not all problems lead directly to erasure. Sometimes the correct solution is the rectification of the data. Other times, if the error is serious or the reporting can no longer be supported in the form transmitted, erasure may be required. In other cases, it is required to update the information in order for the report to reflect the actual situation.
A professional approach sets the right objective. The application must be precise: what data are wrong, what documents prove the error and what measure is required of the institution.
Why are the wrong data showing up?
Errors may arise from delayed updates, incorrect information taking over, incomplete communication between the bank and the assignee, misinterpretation of a payment, refinancing, debt assignment or incomplete closure of the account. Sometimes, the client only discovers the problem when a new bank rejects his loan application.
What documents help to rectify
• the updated credit report;
• evidence of payment and bank statements;
• the credit agreement, addenda and repayment schedule;
• confirmation of the closure of the credit;
• notices of assignment or communications from the assignee;
• previous replies from the bank or IFN;
• documents on refinancing, restructuring or full payment.
How our law office can help
We analyze the report, compare the data with the documents, identify the error and draft the rectification request. The request may be sent to the bank, non-bank financial institution (IFN), assignee or relevant data controller, depending on who entered or updated the data.
If the institution refuses to rectify without convincing justification, it may be examined whether the proceedings are continued by complaint to the competent authority or by court action, depending on the effects and evidence available.
Amicable deletion in the case of wrong data
Where the error is evident, the institution may decide to correct or delete the information. When the error is questionable, an amicable approach can be tried, especially if the data disproportionately affects the client. Some institutions may accept a practical solution to close the situation, including update or withdrawal, if the dossier is well documented.
Frequently asked questions
Can I ask for rectification if the amount is wrong?
Yes. If the amount reported does not correspond to the documents, correction and update of the data may be requested.
If a closed credit shows up active, what can I do?
The status update and, where appropriate, the rectification or erasure of the wrong information may be required.
Do I have to contact the bank directly?
As a rule, the institution which transmitted the data must be involved. A lawyer may make the request in a structured and reasoned manner.
The wrong data can affect the score?
Yes. Incorrect or unupdated data may influence the credit analysis and create difficulties in obtaining a loan.
