resources
How to Dispute Credit Report Errors That Affect Borrowing Opportunities
02 Nov 2026
Your credit report will show lenders information about you so they can decide whether to approve your application for borrowing, what rate of interest to charge and what risk there is of you repaying. If you have issues with your credit report such as incorrect account balances, unknown credit enquiries, duplicate debts or old payments, this can cause lenders to have an incorrect view of your financial position. This can affect the ability to get mortgages, personal loans, credit cards and other forms of borrowing. It is a good idea to regularly check your credit report so you know what is causing issues. Once you have identified an issue on your credit report, knowing how to put together your case, what organisations to contact and how to dispute the issue can help you protect your credit report.
Identifying Credit Report Errors
The first thing you need to do is obtain and review your credit report from Equifax Canada and TransUnion Canada. As they are separate credit bureaus there may be different issues on your credit report. Check your personal details, account balances, payment history, credit limit, collection accounts and enquiries to ensure everything is correct. If you see an account showing as overdue when you have made the payment, then further investigation may be required. Carefully reviewing your credit report will help you notice if there are any accounts that you are unsure of.
Recognizing Errors That Affect Borrowing
Not all negative items on your credit report are due to incorrect reporting. You may see debts showing as owing as the payment hasn’t been processed yet or account balances are not correct as the lender has not updated their record yet. There may be issues such as accounts under a similar name, duplicate collection accounts or debts listed under the wrong person. This can affect how lenders look at your application. Knowing exactly what the issue is will help you know what evidence to provide and which organisation to contact.
Gathering Supporting Documentation
Before you start disputing any issues, gather together any evidence you have to back up your case. This could include bank statements, proof of payment, lender correspondence, account statements, loan agreements and proof of debt settlement. If you have an account you are unsure of, you could also provide evidence of identity theft and lender correspondence. Clearly highlight what you are disputing and why it is incorrect. Having copies of your evidence will help you have a reliable source of information throughout the investigation and will make it easier if the credit bureau asks for further details.
Preparing a Clear Explanation
When you put together your dispute you should be clear on what the issue is, the error and what you want changed. For example, if you are disputing incorrect late payments you could add information on when you made the payment and include proof from your financial institution. If your dispute isn’t clear you may be asked for further details. Keep copies of what you have sent, evidence and reference numbers given by the credit bureau/lender. Having something in writing will help you keep track of any deadlines.
Submitting and Following Up on Disputes
In Canada you can dispute incorrect information with the credit bureau who have reported the issue. You can also contact the lender, collection agency or organisation who provided the information. This can help you find out where the issue is coming from. Each organisation may have their own process for handling disputes and reviewing your evidence. Follow the correct process and keep a record of everything. Most of the time you won’t have to pay a company to dispute incorrect information. You can contact the credit bureaus directly.
Monitoring Investigation Results
Once you have disputed the information the credit bureau will usually investigate with the organisation who provided the information. You may receive a response that the information has been corrected, incorrect information removed or that the information is correct. Carefully review your response and check your updated credit reports to see if the changes have been made. If the issue has not been resolved you can ask for further clarification, provide more evidence or ask about their complaints and escalation process. Check that the correction has been made on both credit bureaus.
Protecting Borrowing Opportunities
If you need to borrow whilst your dispute is being investigated don’t assume that the issue will be corrected straight away. Explain your situation to the lender and provide any relevant evidence. Ultimately it is up to the lender how they handle your application. If you are having significant financial issues you may wish to look into other options. For example if you’re looking into consumer proposal Winnipeg you should speak to a Licensed Insolvency Trustee to see if you qualify and what the implications would be. Whilst a consumer proposal calculator can give you an initial calculation it cannot replace a qualified professionals assessment of your situation.
Conclusion
By carefully reviewing your credit report, providing reliable evidence and keeping on top of any investigations you can dispute any incorrect information on your credit report. By reviewing your credit report with both credit bureaus in Canada, contacting the relevant organisations and keeping on top of any investigations you can have any incorrect information addressed. Regularly reviewing your credit report and keeping your finances organised will make it easier to spot any discrepancies. Whilst you cannot guarantee you’ll be approved for a loan once the issue has been corrected, keeping your credit information accurate will mean lenders can make a more reliable judgement on your application.
