Credit bureaus aggregate the credit information provided by various banks and financial institutions on a monthly basis and records them in an individuals credit report. This report has a complete history of your loan and credit card repayments, account usage and outstanding balances. It serves as a basis for the calculation of the credit score.
It is likely that the data reflecting on your credit report is not accurate or not up to date. The bank may have missed sharing all updates on your loan account with the credit bureau. Even if the bank has reported data properly, the credit information company may have missed updating or is yet to update it in your credit report. Such errors or misses on your credit reports can lower your credit score.
Wondering about the common errors you need to check in your credit report Click on the below infographic to check the details now!