Monthly Archives: August 2014

Updating a Credit Bureau change

I find it interesting that consumers will rely on a business to properly update their credit bureau. I guess that’s not completely out of line to expect a professional business to update our credit bureau accordingly. For instance a collection that is paid should be updated as paid by the company that put it on their on the first place. The reason this needs to be done is because a consumer wants the correct DLA(date of last activity). This DLA is very important when it comes to collections as it will be the date that the bureau recognizes when they go to remove the collection 6 years from that date. If a collection agency does not update the bureau properly and a consumer catches it later, the collection agency might update the bureau with “today’s date” rather than the date it was paid. I understand that we rely on the companies to be diligent but we to need to be diligent when it comes to our credit as well. It is very important to have up to date information on our bureaus, and to keep record of when collections were paid, and loans were dealt with. As a consumer you can call the bureau as put a “consumer note” on the file. This can be viewed by potential lenders in the future. My suggestion would be to keep paper trail of any paid items and fax them to the bureaus to properly update your bureau. I find it interesting that even government agencies are not properly updating bureaus when someone pays them in full. I get that the consumer made a mistake and had something in collections, but this doesnt mean that a government agency has the right to not report properly. The government should have a staff member in place to handle these updates. I see bureaus time and time again that are not properly updated I wonder to myself if their could be something behind this. To be honest with you we are all accountable for our actions. The consumer is accountable for the mistake, but why should the consumer be accountable twice. Once for making the mistake and again for paying for it. I just don’t get it sometimes. My only rant is “Companies, it is your responsibility to manage your records correctly”!!! Read your agreements with the credit bureaus. Its not a mistake if your doing this to multiple accounts and people. These improper updates can potentiall affect a persons approve for car loans, or bad credit car loans , or credit card approvals, or line of credit approvals , or       online credit applications for cars or instant approvals for credit , or looking for a place to rent

Just my 2 Cents

-M

Mark

Mark

 

credit-talk-logo

Financetoday.ca