Credit Bureau provided incorrect information on my credit standing

[LITTLEREDDOT]

Banks are tightening up on credit lines under MAS directive. One bank sent letter to me saying my interest-bearing balances have exceeded 24 times my monthly income. WTF! I don't have car loan, don't have unsecured loans, don't have credit card balances outstanding. Only loan is housing loan which does not fall under this category.

Obviously one of my banks has provided incorrect information to the Credit Bureau. But to correct that, I have to pay $6 plus GST to retrieve my credit report in order to find out which bank provided incorrect information.

Why do I have to pay $6 and take time and trouble to rectify the mistake of a bank?

KNN.

 

[eErotica69]

Aren't you curious to find out which bank screw you up or where did you screw yourself up?

$6 is not a big amount.

 

[LITTLEREDDOT]

So what if I find out which bank screwed me up? What can I do to them?

The onus falls on me to inform the credit bureau that the credit information provided by that bank was incorrect, and the credit bureau then has to check with the bank.

F**king waste of time and money.

 

[eErotica69]

Did it occur to you that it could really be your own credit issue that you are not aware of?

Like some joint loan with relative, or some credit card or credit line that you forgot and membership fee unpaid.

You may have just forgotten about it.

It happens.

 

[LITTLEREDDOT]

Possible, but HIGHLY UNLIKELY.

I received, and read, all my bank and credit card statements every month. And I don't have any joint unsecured loans with any third party. I have GIRO arrangements in place to pay all my credit card balances in full.

If there is unsecured credit balances of more than 24 times my monthly income, it would surely stand out like a sore thumb.

Fact of the matter is, there is none.

 

[eErotica69]

Possible, but HIGHLY UNLIKELY.

I received, and read, all my bank and credit card statements every month. And I don't have any joint unsecured loans with any third party. I have GIRO arrangements in place to pay all my credit card balances in full.

If there is unsecured credit balances of more than 24 times my monthly income, it would surely stand out like a sore thumb.

Fact of the matter is, there is none.

Maybe is really a mistake. Maybe is something that you really forgotten.

Just pay $6 and fine out the truth. If the bank wrong you, ask for compensation.

Btw a bad credit bureau could be caused by many months of low outstanding balance (like memberhsip fee plus interest unpaid), it need not be >24 months of your monthly income.

 

[LITTLEREDDOT]

Thanks for your helpful comments so far. Like they say, it is not the money but the principle. The thought of paying $6 to buy my own credit report and spending time to correct the mistake of a bank just infuriates me. Just wondering how many other innocent victims beside me, the victims of some careless data entry clerk at the bank or credit bureau.

 

[eErotica69]

Don't be upset. Check first lah. There could be something that you may really not be aware of.

Otherwise, just see which bank screw you up.

 

[xpo2015]

Its definitely worth it if you can pay a food court meal to find out the truth!

 

[eatshitndie]

Its definitely worth it if you can pay a food court meal to find out the truth!

it's us$25 in the u.s., although there are some sites that will get you a credit score (not the full report) for free.

http://www.freecreditscore.com/dni/...2ed-00001621bcdd&k_kw=credit check fee&k_mt=e

 

[Froggy]

Banks are tightening up on credit lines under MAS directive. One bank sent letter to me saying my interest-bearing balances have exceeded 24 times my monthly income. WTF! I don't have car loan, don't have unsecured loans, don't have credit card balances outstanding. Only loan is housing loan which does not fall under this category.

Obviously one of my banks has provided incorrect information to the Credit Bureau. But to correct that, I have to pay $6 plus GST to retrieve my credit report in order to find out which bank provided incorrect information.

Why do I have to pay $6 and take time and trouble to rectify the mistake of a bank?

KNN.

Asking stupid question!

Who did you vote for first?