Real Problems Deserve Bold Solutions

Concerns about credit reporting services

On Behalf of | Aug 8, 2023 | Credit Repair

When someone falls behind on their financial obligations, they can amass past-due debt. Often, an Illinois debtor can work out an arrangement to pay what he or she owes. However, those who fall behind and cannot pay can potentially face calls from a collection service. A debtor may end up with negative marks on a credit report, but there are ways to address the negative items effectively.

Credit reports and troubling notes

A credit report reflects the creditworthiness of a specific person. When someone defaults on a bill, pays obligations late or exceeds their debt-to-credit ratio, their credit score decreases. Negative actions such as default and bankruptcy filings will appear on a credit report, contributing to the reduced score. A collection service might not report things to the credit bureaus when someone pays or makes arrangements. However, It is still possible for negative items to show up on a report.

Ordering a copy of a credit report is the first step in addressing any problems. Not everyone realizes that erroneous negative information can appear in the report. Upon discovering the inaccurate adverse item, the injured party may take steps to have them removed.

Addressing credit reporting problems

It might be possible for a creditor to remove something from a report based on good faith. Other times the debtor can contact the creditor and work out an arrangement that might lead to the negative mark being removed. Contacting the creditor in a professional manner can help reverse troubling credit issues.

When the credit service refuses to delete inaccurate information, the injured party can take legal actions to resolve the matter. Sending a dispute notice to the credit bureaus may help resolve the matter.