Fix Credit Reporting Problems: Five Reasons to Contact Your Creditor

Improper credit reporting is not uncommon in the world of personal finance. System glitches, human error, unfair notations, and inaccurate filing are just a few of the ways your credit accounts can be thrown off track. When problem information threatens financial freedom, what’s the solution? Is it possible to fix credit reporting issues fast? There is no surefire answer, but contacting your creditor directly could be the best tactic. While you certainly have the right to contact the bureaus, a conversation with your creditor may yield even greater significant benefits, including:

  1. Direct information. When you have questions about your account, why not go directly to the source? Your creditor’s customer service or management team has ready access to your file. Unlike the credit bureaus, they have the ability to address specific concerns and make the appropriate changes.

  2. Goodwill. Strong relationships are valuable in the business world, especially when it comes to credit. When questioning your creditor, highlight the long-standing relationship you have built. Point out your positive payment record and years of patronage. These attributes may help you fix credit problems more easily.

  3. Negotiation rights. Think twice before giving your creditor unconditional forgiveness. If they admit a reporting issue, ask them to investigate why it occurred and how they will prevent similar events in the future. If they promise to contact the credit bureaus to erase the misreported items, be sure to follow up within 60-90 days. If nothing has been done, contact the creditor again and express your motivation and ability to take your business elsewhere. The bottom line: don’t let bureaucracy habitually damage your credit.

  4. The power of feedback. Creditors rely on customer satisfaction to attract new business and maintain their current base. Positive feedback is good for business. Research your creditor’s track record of service before calling. Check their Better Business Bureau (BBB) rating and browse forums to learn from other customer experiences. If your creditor is known for being responsive, the conversation may be easier than you think.

  5. Faster credit repair. While credit bureaus provide a way to dispute information outright, so many credit problems deserve a deeper examination at the source. While credit bureaus deal with hundreds of millions of consumer files each year, creditors can more directly focus upon their customers as individuals. So before involving the credit bureaus, try working with creditors directly. Faster credit repair could be as simple as a phone call.