How to Report a Good Standing to a Credit Bureau

Credit scores are one of our most important forms of currency. A negative score can stand between you and home ownership, a car lease or a college education. It appears that Americans are getting the picture because, according to a 2010 MSNBC poll, consumer debt has decreased significantly, and many folks are on the road to financial recovery. If you too have gone from a negative credit history to good standing, then it's time to make sure your credit bureau knows it and shows it.

Instructions

1

Order your credit reports. The Federal Trade Commission (FTC) guarantees every American a free annual credit report from each of the three major credit bureaus: Experian, Transunion and Equifax. Fortunately, they have an aggregated site where you can see and order all three reports at once. Log on to www.annualcreditreport.com and enter your identifying information (Social Security number, prior addresses, family name). You may be asked to verify your identity with several security questions. You can also order your reports by phone by dialing 1-877-322-8228, or by mail by writing Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

2

Collect good-standing documentation. Contact your creditors to verify that you are in good standing and seek advice on how to document it. In some instances, an account supervisor may agree to mail a letter stating that your account is in good standing. Other companies will help you understand their definition of good standing, such as 12 months of on-time payments. Then it's your responsibility to gather that documentation (12 months of statements) as your proof.

3

Register a dispute. Each credit bureau has an online feature that enables you to provide a brief description of any item you select to dispute. It may be as simple as providing a brief description that states "this account is currently in good standing" to jar the credit bureau into updating the account information.

4

Wait 30 days before follow up. According to the FTC, the credit bureaus have to investigate and respond to your request within 30 days. If the matter has not been resolved in your favor, follow up with a detailed but brief letter to the credit bureaus and include copies of the documentation that indicates your good standing. You may also request that a statement of dispute accompany your credit report until the matter is resolved.