What should you do if a statement of account for your loan contains an error? Send a written notice to the lender.

Contents of the notice

Your notice must include the following information:

  • your name;
  • the amount for which you have found an error;
  • the reason you believe it is an error.

Response from the lender

Within 60 days after sending this notice, the lender must notify you, in writing, of the correction made. A lender who refuses to correct the error must provide you with an explanation as well as documents in support of the refusal.

What happens if the lender does not respond to your notice within 60 days after it was sent? The lender may not require that you pay the wrongly claimed amount.

Last update : June 25, 2020

Were you unable to find an answer to your question? Please call us.

The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.