Credit Score Basics > How to remove incorrect or old accounts from your credit report

How to remove incorrect or old accounts from your credit report

Removing old or incorrect accounts from your credit report is essential if you want to make sure that you have a high chance of approval when applying for a loan, mortgage, or credit card.

To remove an account from your credit report, you can follow these steps:

1. Get your credit report from the main credit reference agencies in the UK – Experian, Equifax, and TransUnion.
2. See which accounts are incorrect: for example, an account that was closed showing as still open; or one with incorrect payment history; you might even see an account you don’t recognise at all.
3. Contact the company in charge of the account.
4. If they agree that a mistake has been made, they should update their records within 30 days and inform the CRAs to correct your credit report.
5. If the provider does not agree to remove or correct the account, you can escalate the issue to the Financial Ombudsman.
6. You can also reach out to the CRAs and submit a Notice of Correction. This is a short statement that allows you to explain why you think the account is an error and should have been removed.
7. Monitor your credit report: check your credit file regularly to make sure the mistake has been removed or that the Notice of Correction has been added.

One thing to keep in mind here: the company in charge of the old or incorrect account information (bank, credit card provider, etc.) are the ones who decide if and how they will correct your credit report.

Neither the CRAs nor the Financial Ombudsman can change your credit report. They can simply investigate and act as mediators between you and the lender. Only in cases of fraud or unfair practices can they remove something from your credit file.

Why should I remove an old or incorrect account from my credit report?

Removing old or incorrect accounts from your UK credit report is important to keep your credit history in good health. Here are a few ways how removing an error can help:

• It helps maintain an accurate credit history: Incorrect account details, duplicate reporting, or misreported payments can create a misleading picture and may make lenders reject your application even if otherwise they would have approved it.
• It can improve your credit score: outdated information or errors on your credit report can directly hurt your credit score. For example, a default can take as much as 350 points of your Experian credit score (out of a maximum of 999). So if a closed account that was settled shows as a default because of a clerical error, then fixing it can help your credit score quite a bit.
• Prevent financial risks: uncorrected errors on your credit report can lead not only to rejected loan applications but also to you being refused basic services like mobile phone contracts, utilities, and even a job (especially if you work in sensitive fields like finance).

This is why it’s so important to regularly check your credit reports. All you need to do is create a few free accounts on sites like Experian, ClearScore, and Credit Karma, and once in a while see what changed.

Removing an old or incorrect account from your credit report isn’t the only thing you can do to improve your credit score. Here are a few other things you can do:

• Register to vote at your current address. This can add up to 50 points to your score.
• Sign up for Experian Boost. This is a free service that can add up to 66 points to your Experian score by letting you make some of your regular payments (including even subscriptions like Netflix and Amazon Prime) count towards your credit score.
• Download a credit-building app like Wollit. Wollit is an app that reports your fixed fee monthly subscription as a loan repayment to all credit reference agencies. It also reports your rent to Experian, helping you show lenders that you pay your bills on time and potentially increasing your future loan approval chances.

• Credit Report
• Credit Reference Agencies