HOW CREDITORS ARE ABLE TO CHANGE YOUR CREDIT RATINGS
Creditors do have an immense amount of power over your credit score. They have three main methods, these are based on the type of service and relationship they have with the credit bureau. Depending on which method they use, this should change how you approach them about adjusting your credit score.
Method #1:
Most creditors use a computerized tape to report your payment history to the bureau. They send this tape about once a month. You can request that they change the information on this tape, even after they receive your payment. They can even delete your account all together if you wish.
Method #2:
Some creditors have a direct computer link with the credit bureaus. These creditors have the ability to pull and review your specific account with methods of their own. Many creditors with this system can easily hone in on a single account on a specified file on the credit bureaus computer. They can then make changes directly to the credit bureaus files.
Method #3:
The last method is the Manual Update Form. This is a form sent to the credit bureaus’ Data Acquisition Department. This allows the credit bureaus to delete negative information. The creditor cannot change a credit rating from negative to either positive or neutral.
Whenever there is a change in your record at the credit bureau, they will automatically produce a change of information slip which an authorized creditor must sign and send back to the credit bureau.
Being knowledgeable about how creditors change your credit report gives you extra leverage when you are negotiating your credit score. Being informed about the process shows investment and will gain respect.
Information pulled from:
Notley, S. Credit solutions: Proven strategies to establish and re-establish your credit. The Manning Group
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Solutions Team