Contacting Creditors about Your Credit Report

Cleaning up your credit report

If you know your credit report contains details that may result in you not being approved for a loan, car or home, it may be time to contact your creditors to make some repairs. It may feel a little scary to contact these agencies, especially if you don’t have the full amount to pay them; however, they are usually prepared to strike a deal with you, so it’s truly worth the effort.

Why You Should Clean Up Your Credit Report

You’re probably wondering why you should clean up your credit report. There are two good reasons. First, the items on the reports from the three reporting bureaus, Experian, Equifax, and TransUnion, help lenders determine how high of at risk of default you are if they extend a loan to you. Secondly, if you owe the companies, paying them back the debt is the responsible thing to do.

This is when it becomes important to contact your creditors. Whomever you owe is most likely trying to track you down to resolve the debt. So if you’re ready to clean up your credit report, you’ll need to start dialing some numbers.

How to Contact Your Creditors

The first step in contacting your creditors is by getting a copy of your credit report from all the bureaus. On these reports, you’ll find the companies and collection agencies you owe, how much you owe them, and their phone numbers. But before you contact them, you’ll want to first review your reports to ensure that all of the data is yours and the amounts owed are accurate. If they aren’t, you’ll want to report the discrepancies to the bureaus to have them conduct investigations. However, if they are accurate, you’ll want to start contacting agencies.

Making Arrangements

After you’ve contacted a collector regarding your debt, it’s good to try to negotiate a lower balance than what they say you owe. Because they have likely added tons of interest and other unknown fees, it’s good to trying negotiating; they’ll likely work with you because they know many people don’t pay them at all.

The final step is to actually pay your debts on your credit report. However, don’t forget to make sure that once the debt is paid, you contact your creditors and ask them to take the information off of your report so your efforts won’t have been in vain.