Why Talk To Credit Reporting Agencies First

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levselector
February 24, 2009

Why you should dispute all errors in your credit report with CRAs (Credit Reporting Agencies) first before disputing it with your lender. For simple one-time late records in most cases you don't h...

Why you should dispute all errors in your credit report with CRAs (Credit Reporting Agencies) first before disputing it with your lender.

For simple one-time late records in most cases you don't have to do a dispute, because just one phone call to the original lender is usually enough to resolve the case. But for more complex situations it is recommended to start the dispute with the Credit Reporting Agencies (CRAs) first.

Why?

First because it maybe the only step that's required. The agency will try to verify information with the lender and correct as needed. If the lender can not verify the record - the record will be removed - and you don't have to do anything else.

Second, if the record gets verified and stays - you now have the proof that erroneous informaion comes from the lender or collector - and you can request them to investigate and remove the error. By law (FCRA - Fair Credit Reporting Act - see http://www.101creditrepair.com/resources ) they have to remove the error (or you can sue them).

You can call the lender and ask what information they have on file to support the record. You may need to escalate to a manager or to their legal department. If they can't present documentation to support their case - they must remove the record.

It is usually a good idea to ask them to send messages to all Credit Reporting Agencies to remove the record - and also to give you a letter stating that this record was erroneous and should be removed. You may need this letter later if the record will reappear (this happens). You can also independently send this letter to Credit Reporting Agencies - sometimes it helps to remove record faster.

For more information on improving credit score visit http://www.101creditrepair.com

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