";
Procedures for Dealing with Bank Error In Credit Reporting

 by: Michael Saunders

Because their business is lending money to their customers, all banks aggressively report credit items when they are found. The credit reporting industry was created in large part to aid banks in making lending decisions. Although banks often grant "secured credit" - meaning that they can attach specific items such as your house or car to a loan agreement - they are still vulnerable to your failure to keep a payment promise.

Credit reporting is an important tool that banks use to ensure they get paid. Banking is also a highly regulated industry. For these reasons, it is often very difficult to negotiate with a bank. It's much harder for a bank to cut an individual a break, because they are required to treat customers equally.

Bank negotiations are difficult. Except in cases where you have absolute proof that the bank is in error, you are better off disputing a bad bank-credit item with a credit bureau. Nevertheless, there is some wiggle room for a negotiation. If you can, build a relationship with an individual who can help you. Polite pestering can get you far with banks, at least to the point where it's easier for them to clear your credit than answer your calls.  (continued...)
Procedures for Dealing with Bank Error In Credit Reporting
  Page 2

About The Author

Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on Credit Repair and Debt Consolidation and is president of Information Organizers, LLC.




Social Entrepreneurship
Spotlight



This Social Innovation Helps Prevent Bed Sores in Wheelchair Users


This Social Innovation Helps Prevent Bed Sores in Wheelchair Users

Co-founders William Mann and David Mravyan devised the Sensimat during a mandatory project for their MBA at the Richard Ivey School of Business in Canada. Sensimat is a device that helps manage and assess pressure among wheelchair users.




Nonprofit Jobs in New Hampshire

  Education Jobs
  Program Director Jobs
  Social Services Employment
  Fundraising & Development Jobs
  Executive Director Jobs



Federal Government Grant and Assistance Programs



Edited by: Michael Saunders

© 2008-2019 Copyright Michael Saunders
Click here to open the popup

Never miss an update from Papermashup

Get notified about the latest tutorials and downloads.

Subscribe by Email

Get alerts directly into your inbox after each post and stay updated.
Subscribe
OR

Subscribe by RSS

Add our RSS to your feedreader to get regular updates from us.
Subscribe