Typical Consumer Questions
Creditors say that they have no control over my Credit Rating. Is this True?
-
Yes and No, your creditors send information to the Credit Bureau
who then assigns a rating to it based upon the information sent.
If your creditor reports that you are more than 30 days late for
a payment then the Credit Bureau will assign an R2 rating because
it is standard for a 30 day late payment to be assigned an R2
rating. The information that is sent by the creditor is completely
up to your creditor. There is no way the credit bureau can know
of your payment history and assign a rating to it unless your
creditor sends information for the credit bureau to judge according
to strict guidelines, set and agreed upon by the Credit Bureau
and the creditors. Your creditor can change your Credit Rating
by sending positive information. They affect your credit rating
each month by sending your account information. You however, are
the primary factor in determining your credit profile.
Can Credit Bureaus assist me in removing Negative Information from my Credit Profile?
-
Credit Bureaus can investigate inaccurate information by communicating
with your creditors and adjust your Credit Profile accordingly.
It is your responsibility to submit a Consumer Dispute Form to
the Credit Bureau.
Is there a Law prohibiting creditors from altering my Credit File?
-
Only a moral law; some companies will change information if you
send the required payment. Others say "No", "They
cannot" but they Can and Do! Negotiation is the Key!
