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Miscellaneous Automotive
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Descent credit -- new car???
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<blockquote data-quote="squeak9798" data-source="post: 2006024" data-attributes="member: 555320"><p>Yes, you need to call either the collection agency and/or the credit reporting agency.</p><p></p><p>Credit reporting agencies don't just "know" what your credit history is. They are entirely reliant upon the lending/collection companies reporting the information <em>to them</em>. And, yes, companies some times do either report the information incorrectly or do not update the information properly, such as when a balance is paid. This is primarily only a problem with delinquent credit/collections...they seem to enjoy sticking it to the consumer and not updating when a delinquent/collection item is paid in full.</p><p></p><p>You have two options...either contact the collection/lending company directly and ask them why they are not reporting on your CB as being paid in full (ask politely, not on the offensive), or contact the credit reporting agency and dispute the information. If you do the later, the credit agency will send a request to the collection/lending company and ask them to compare their records to the records showing on the credit report.....9.5 out of 10 times this will fix it on your CB. However, if for some reason the collection/lending company states that the information on the CB is accurate and agrees with their records...then you will have one hell of an uphill struggle ahead of you trying to get it changed. Though this occurance is in the minority, so don't fret. Just be aware that it *could* happen...nothing in life is 100% perfect. You'll just need to find out <em>why</em> the collection/lending company is not showing your balance as paid in full in their records, and battle it from that angle.</p><p></p><p>Also, realize that most companies only update their information with the credit reporting agencies once a month, on a set day per month (at my old bank, it was the 5th of the month). So if it's not resolved next week, for example, that doesn't mean it hasn't been taken care of. It just hasn't updated yet.</p><p></p><p>Also, I think I've posted this before...visit <a href="http://www.annualcreditreport.com" target="_blank">http://www.annualcreditreport.com</a> and obtain a free credit report from all 3 reporting agencies. This is a free site set up by the government to allow consumers to keep an eye on their credit (and hence, identity theft) by giving consumers the ability to obtain one free credit report from all three agencies once every 12 months (ONLY the report, not your <em>score</em>). Once you have the report, you will have the option of disputing the information contained within it. For your purpose, it is a simple way of being able to go in there and dispute the information. Otherwise your bank/credit union should be able to give you contact information for the credit reporting agency....but it'll be a little bigger pain in the neck doing it that way.</p></blockquote><p></p>
[QUOTE="squeak9798, post: 2006024, member: 555320"] Yes, you need to call either the collection agency and/or the credit reporting agency. Credit reporting agencies don't just "know" what your credit history is. They are entirely reliant upon the lending/collection companies reporting the information [I]to them[/I]. And, yes, companies some times do either report the information incorrectly or do not update the information properly, such as when a balance is paid. This is primarily only a problem with delinquent credit/collections...they seem to enjoy sticking it to the consumer and not updating when a delinquent/collection item is paid in full. You have two options...either contact the collection/lending company directly and ask them why they are not reporting on your CB as being paid in full (ask politely, not on the offensive), or contact the credit reporting agency and dispute the information. If you do the later, the credit agency will send a request to the collection/lending company and ask them to compare their records to the records showing on the credit report.....9.5 out of 10 times this will fix it on your CB. However, if for some reason the collection/lending company states that the information on the CB is accurate and agrees with their records...then you will have one hell of an uphill struggle ahead of you trying to get it changed. Though this occurance is in the minority, so don't fret. Just be aware that it *could* happen...nothing in life is 100% perfect. You'll just need to find out [I]why[/I] the collection/lending company is not showing your balance as paid in full in their records, and battle it from that angle. Also, realize that most companies only update their information with the credit reporting agencies once a month, on a set day per month (at my old bank, it was the 5th of the month). So if it's not resolved next week, for example, that doesn't mean it hasn't been taken care of. It just hasn't updated yet. Also, I think I've posted this before...visit [URL="http://www.annualcreditreport.com"]http://www.annualcreditreport.com[/URL] and obtain a free credit report from all 3 reporting agencies. This is a free site set up by the government to allow consumers to keep an eye on their credit (and hence, identity theft) by giving consumers the ability to obtain one free credit report from all three agencies once every 12 months (ONLY the report, not your [I]score[/I]). Once you have the report, you will have the option of disputing the information contained within it. For your purpose, it is a simple way of being able to go in there and dispute the information. Otherwise your bank/credit union should be able to give you contact information for the credit reporting agency....but it'll be a little bigger pain in the neck doing it that way. [/QUOTE]
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