Can my details be modified or erased from the credit bureaus?

Data being misused, misconstrued or mishandled often causes a jump scare and a few nightmares to anyone on the receiving end. As a result, most people often find themselves struggling with concerns regarding the accuracy and security of their data.

For example, many returning borrowers fear that there may be inaccuracies in their credit reports or that lenders may have reported inaccuracies to the credit bureaus. All of which could negatively impact their credit scores and overall creditworthiness

Some borrowers believe that the first time they borrow would be the last and so begin the search for a means to erase their data from the credit bureau’s database.

Unfortunately, complete erasure is just not possible. However, there are means made possible for borrowers to make alterations or modifications to certain aspects of their data.

And today, we’ll be teaching you how to go about modifying your information with credit bureaus.

First, you begin the modification process by reviewing your credit report from all three credit bureaus, it’s also advisable to get trusted individuals to help with the review.

Take the time to look over each entry, and pay close attention to personal information, account details, and any reported defaults. While simultaneously verifying whether the information accurately reflects your financial history.

If any discrepancies or inaccuracies are identified, you must gather supporting documentation to show as evidence to back your claims. This may include bank statements, payment records, or other relevant pieces of information.

As part of the process, you have the right to challenge any information on your credit report that you perceive as inaccurate. This also includes any information that has become obsolete or irrelevant within the credit system.

After spotting discrepancies in the credit report, take immediate action to dispute the items with the respective credit bureau. This involves submitting a clear and concise statement detailing the specific inaccuracies or outdated information, along with any supporting document you may have. The credit bureau is then obligated to investigate your dispute and either verify, correct or remove the disputed information within a reasonable time frame.

Clear all pending debts and close unused accounts When working to modify data with credit bureaus, you must be on your best financial behavior, and make a concerted effort to manage your financial profile by clearing all pending debts and closing unused accounts. This move reflects financial responsibility.

You can start by assessing your outstanding loans and prioritizing repayment based on interest rates.

At the same time, closing any unused accounts helps simplify your financial portfolio. When one closes dormant accounts no longer required, they present a more focused and controlled credit profile.

Reach out to past lenders who’ve previously reported negatively to the bureaus and see if a resolution can be met. Lenders are obligated to report any default or issues with a borrower to the credit bureau. However, there’s no rule that says the reports cannot be cleared if the issue between lender and borrower is resolved.

Resolving issues with lenders and ‘mending broken fences’ helps when you try to modify data with the credit bureau. It shows trustworthiness and integrity on your part. It also further improves the look of your credit profile.

Some shady lenders occasionally spam borrowers with unending calls and SMS messages in a bid to market their services. To curb a possible repeat, one has to first; properly vet who they choose to borrow from. Read more on how to spot responsible lenders. Secondly, put in a polite request with lenders you’ve transacted with to refrain from uncontrolled data sharing with third parties.

As always, we hope you’ve learnt a thing or two about how you can modify your credit profile with the three credit bureaus. Send us a message at support@irorun.com and let’s get you a loan from a reputable and ethical lender.