We’re all human. Mistakes happen. But what if that mistake shows up on your credit report? Do you let bygones be bygones? No, you want it fixed, and you want it fixed now.
You’re trying to repair your credit, and the last thing you need is someone else’s screw-up making it that much more difficult.
As it turns out, even if you catch a mistake and complain, it does not always get back to the agency that’s determining your creditworthiness. According to MoneyTalkNews reporter Brandon Ballenger, the Consumer Financial Protection Bureau, which regulates the credit reporting agencies (CRAs) that issue credit reports, has shed some light on how those complaints have been handled. They subsequently warned credit reporting agencies they had better improve their procedures.
“The CRAs handle only about 15 percent of consumer disputes themselves,” according to the bureau, and they use an electronic system called e-OSCAR to pass on the rest to “furnishers.” Those are the companies that provide credit information to the CRAs and are supposed to investigate consumers’ complaints, including any information provided by the consumer.
Yet the credit-reporting agencies failed to pass on the information, because the informational system didn’t allow it. Unfair, isn’t it? And that failure could very well come at the worst possible moment, if you’re looking to secure a mortgage or bank loan. It’s just another reason to call in a pro, if you have damaged credit.