";
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



Grants that Encourage Openness in Philanthropy


Grants that Encourage Openness in Philanthropy

There is a new, seven-foundation partnership established that support nonprofits to become more effective and engaged. The Fund for Shared Insight has announced its first round of grants, which are intended “to encourage and incorporate feedback from the people the social sector seeks to help; understand the connection between feedback and better results; foster more openness between and among foundations and grantees; and share lessons.”




Nonprofit Jobs in Maryland

  Executive Director Jobs
  Social Work Jobs
  Substance Abuse Jobs
  Education Jobs
  Social Services Employment



Federal Government Grant and Assistance Programs



Edited by: Michael Saunders

© 2008-2020 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