Can I Dispute Entries on My Credit File?
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It is important for you to know your credit file. This means that you need to know what should be there so that you can identify what shouldn't be there. If you come across something that you believe is not valid, you must dispute it. This is because this item could be the difference between you being able to acquire new credit and not being able to acquire it. So yes, you can dispute entries on your credit file.
The way you go about this is you look at the account that you believe has been unfairly listed on your credit file. If you cannot find any evidence in your own records that you are delinquent or you find that you have paid that account in full, you must contact them to ask them for an explanation. If they cannot offer you an explanation, then ask them for a solution. This is something that you should do anyway. If they fail to come up with a solution to the problem, you then have to go one step further.
The next step is for you to contact the Banking and Financial Services Ombudsman if the unfair debt is associated with a bank. You can visit their website at www.bfso.org.au. You can also contact the Telecommunications Industry Ombudsman, especially if your dispute has something to do with a communications bill, such as that from your phone company. You can visit their website at www.bfso.org.au. For all other entries you wish to dispute, you can contact Veda Advantage at 1300 762 207 and speak to them about what you need to do. You can also ask the creditor to contact Veda Advantage if they do acknowledge that the entry on your credit report is wrong. If so, you can expect your entry to be corrected in 5 working days from the day the creditor calls. It is possible that the entry will be updated sooner, depending on the method the creditor uses to contact Veda.
Even if you have an account that has been paid off but it hasn't been updated, you can contact your creditor and tell them to contact Veda, which they will do. Just make sure that you monitor your credit file to ensure that the illegitimate credit item that has been causing you problems is gone from your file. Once it is gone, acquiring new credit becomes easier.
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