Scenario: Finding an error
Given Rafael’s situation, which decision do you think is best for him?
Two months from now, Rafael plans to move out of his brother’s house and rent an apartment of his own. He realizes that any potential landlord will probably review a copy of his credit report. So Rafael requests a free copy to review himself. As he studies the report, he sees that it contains a major error. It says that he’s 120 days late in paying $1,275 to a national chain clothing store … where he’s never shopped!
The consequences of your choice
See the consequences of this choice for Rafael and hear what the coach has to say.
“I thought the credit bureau would fix this error on its own. And besides, why would a landlord care whether I’ve shopped somewhere or not? Now I know I should have taken personal responsibility to get the mistake corrected. I thought I was all set to move into the apartment, but then the landlord thought that I don’t pay my bills.”
This wasn’t the best choice. It was a good idea for Rafael to request the credit report, and it was smart to review it carefully. But when he found an error, he needed to take personal responsibility for getting the mistake corrected by contacting the credit bureau and the creditor right away.
The consequences of your choice
See the consequences of this choice for Rafael and hear what the coach has to say.
“It took me two weeks to track down the local store manager in-person. She agreed that she’d never seen me shop there, but said a letter from her wouldn’t solve anything. She gave me their national customer service number to call. When I called them, they told me to call the credit bureau, too. I wish I’d saved time by just making the phone calls first.”
Sorry, this wasn’t the best advice. It was great for Rafael to take personal responsibility for correcting the error, but the best choice when you discover a mistake is to contact the credit bureau and the creditor in question.
The consequences of your choice
See the consequences of this choice for Rafael and hear what the coach has to say.
“I’ve always worked hard to maintain a good credit history, so I’m glad I took action as soon as I saw the mistake. I called the credit bureau and filled out the dispute form on their Web site. I also called the national customer service number for the store. It turns out they had my account confused with someone else by the same name. Now everything with my report is in order.”
Great decision! Rafael took personal responsibility for correcting the error and took action right away. Congratulations on solving the problem and protecting his good credit history. As we explained earlier, having good credit is very helpful in many ways.
If you need assistance, consider contacting a credit counselor – an experienced credit professional.