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Dealing with Credit Bureaus
In order to deal effectively with credit bureaus you have to understand what they do and how they do it. Basically, they maintain a full record of your credit history including details of who gave you credit, how much and when was the credit given, and most importantly the full record of how you are paying back the loan. Your credit report is thus created by the credit bureaus comprising the above information.
Before giving you any credit or a loan or even before you can take an apartment for rent or even for employment your credit history is checked by the lender, bank or employer as the case may be.
It has often been seen that due to certain misrepresentations in your credit report, lenders do not think that you qualify for the loan and deny your application. In such a case, you should first find out the name and address of the credit bureau that has given your misrepresented credit report to the lender. You should send a copy of the lender's denial letter to the credit bureau and request them to give you the credit report. A similar request should also be sent to the other two credit bureaus. You will have to furnish your name, social security number and a legal mailing address (P.O. Box is acceptable). You might also be asked for a copy of your social security card but you should only give a copy of the front of the card.
If you are asked for a proof of your address if it does not tally with the one shown on the report, a billing statement with your address can be sent. Try not to send a copy of your driver's license as such information could be used for promotional activities.
When you get your credit file and find that there are certain misrepresentations in it, you can dispute the same and if the creditor fails to resolve the dispute you are at liberty to add a brief statement in the file explaining your side of the dispute. The credit bureaus are obligated to include this statement in future reports. Your statement explaining the exact circumstances due to which you were unable to meet the payment requirements might facilitate the approval of the loan application. For example, it is possible that the lapse in payment could have been caused by your divorce and default by your spouse during a trial separation. This will definitely be appreciated by the lender and your loan application will get approved.
