How to Negotiate With a Creditor to Update a Credit Report

If you've just paid off a delinquent credit account or removed your name as a joint account holder from a credit account, it can be frustrating having to wait until a creditor decides to report the information to the three national consumer reporting bureaus: TransUnion, Equifax and Experian. Using a few strategies, you can negotiate with your creditor to update your credit reports as promptly as possible. The process is moderately easy, but does require legwork.

Instructions

1

Obtain a copy of your credit report from one of the three national credit reporting agencies. Circle or notate the incorrect, incomplete or missing information on your credit report(s) and provide your creditor with a copy. Contact your creditor by phone or mail. Either option is effective.

2

Ask your creditor to update your credit report on a rolling basis. Creditors may update consumer reports on a set date after the close of a billing cycle, so ask your creditor to update your report on a rolling basis. Ask if a company representative or manager can provide written notification confirming a promised report date.

3

Explain the importance of having the new information documented on your credit report. For example, explain that in 30 days you will apply for an auto loan and want to receive the lowest interest rate possible.

4

Find out which credit reporting agency will receive the information. Be sure that all three of your credit reports are updated at the same time. Follow up with each credit reporting agency to verify the changes.

5

Quote the law. When dealing with a dispute, remind your creditor that according to the Fair Credit Reporting Act any item in dispute must be investigated and removed, if found to be inaccurate, within 90 days of a dispute letter being sent by a consumer. If you have not already sent a dispute letter, do so now.

6

Threaten to report the creditor to the Federal Trade Commission, Better Business Bureau and your state's attorney's general office. Each has the authority to receive and investigate complaints against creditors.