Fixing and investigating an error
Fixing the error
fixing the error will only take two steps:
1. make sure you tell the company first before the credit bureau-
this is because the problem can be fixed by the company if they're willing to fix it and 9 time out of 10 they will so the credit bureau doesn't find out.
2.if the credit company does not fix the error than you go tell the bureau-
the bureau can step in and fix the problem when the company doesn't change anything
AT&T ringtone fees
AT&T was charging people for ringtones. They got caught doing this when people realized their was an extra fee on their bill that wasn't there a couple months ago. They reported this and AT&T owes over millions of costumers their money back. Now lets say this happened on a credit card and they didn't fix the mistake.You would tell "AT&T" that you will tell the credit bureau and they would fix it because there is no need for that fee.
The credit bureau or company will investigate to make sure that you are telling the truth.
that doesn't mean you don't have to investigate for yourself ---- steps in investigating:
1.Order current copies of your credit report
2.claim the mistake
3.Wait for an answer
4.Keep records of your argument
5.Monitor your credit report (but not constantly)
Forever 21 credit card
Lets say you get a credit card from Forever 21. Then you see a mistake on your report. You tell Forever 21 and they WILL investigate to see if you are telling the truth. You have also decided to investigate and saw that YOU made the mistake. Since you caught this before they got to it. This can help you from having a bad credit report. Also from having the bureau to step in.
thing to do when reclaiming a mistake
- to know what item is missing or incorrect
- say why is should or is not there
- then ask for it to be corrected or deleted
- once the corrections are made it's best to take out a copy so if anything happens again you have evidence
the importance of checking your credit report
About 1/3 (35%) of consumers have never seen their credit report. About 44% of senior citizens and 41% of people ages 18-29 have never seen their credit report. This has cost them so much money and also not to mention a lot of things that they can have now. Since they didn't check their report they don't know what their credit scores are so don't know if the are eligible for things like: loans, another credit card even a job. Also not to mention all the money they lost because of not checking for errors. It might have cost then only 50 this year but what about the next. Money that you could have spent somewhere else just went down the drain.
Valeria and Destiny