Correcting Credit Report Errors from Defunct Creditors

March 9, 2011

Having taught nearly 500 personal finance classes since 2004 to over 8,000 individuals, it’s not often that I get a question about course topics that I haven’t heard before. I love it when I do, though, and that’s exactly what happened last week at a local housing authority. Here is the question:

What can I do if the title loan company to which I once owed money but have paid off in full has gone out of business but is still listed on my credit report with money owing?

At first, it sounded completely new, but in the end, much of the method for dealing with this situation goes back to the typical process for correcting one’s credit report. Here are the suggestions that we, as a class, came up with:

  1. First, dispute the credit report error online through each of the thee national credit bureaus.
  2. If that doesn’t work, call the company using the phone number listed on the credit report. Attempt to correct the problem directly with the title loan company’s representative.
  3. If these attempts fail, try looking up the company on the state’s Secretary of State’s business entity search website. The business listing should include, even if the company has gone out of business, an owner or board member to contact (likely a mailing address). Make contact with a request for information on how to address accounting errors.

These same suggestions apply to similar situations involving other defunct creditors listed on one’s credit report, including, for example, debt collectors, banks and credit unions.

If you’ve had success dealing with such situations in other ways, please feel free to share them here for the benefit of others.

Have a fantastic day!

Todd

Todd Christensen
Director of Education
www.NationalFinancialEducationCenter.org
Facebook: MoneyDay2Day
Twitter: Day2DayMoney

Advertisements

The URI to TrackBack this entry is: https://day2daymoney.wordpress.com/2011/03/09/correcting-credit-report-errors-from-defunct-creditors/trackback/

RSS feed for comments on this post.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: