Sunday Reader Question: Disputing Negative Information on Credit Reports
TPG reader David asks:
"My wife recently had trouble getting approved for cards. I got a copy of her credit report and found out that there have been a number of late payments on her student loan, which her parents are responsible for. Have you had any history or know if that is something that we can/should dispute? I guess the real question is, can something that is opened in her name be disputed because she is not the one paying it?"
Once you take out a line of credit or loan in your name, you are responsible for making sure the payments are made in a timely fashion. Creditors don't care who makes the payment (by the way it's very nice her parents agreed to cover those fees) and if you are late, you can be sure they will report it to the credit-reporting agencies.
Credit agencies do give you the option to dispute items, but "my parents messed up" isn't one of them. I'd personally call the student loan company and explain to them the situation. They may agree to take some of the negative items off your report- but just make sure your account is in good standing! It never hurts to ask.
If not, there are two ways to dispute with each credit bureau: online and via certified mail. I had some truly bogus items on my report that I disputed online and they were taken off within 45 days. This website is a great resource for learning how to mount your dispute. While I don't think your reason is valid, you may be able to dispute them and have some taken off. Never hurts to try and it is free to dispute.
This is a great reminder to anyone who wants to get into opening credit cards for miles and points- know your credit score and make sure your report is free of errors. You can check annualcreditreport.com or go to each reporting agencies website (experian.com, transunion.com, equifax.com). They will give free reports, but make sure they don't sign you up for the monitoring service automatically. If they do, make sure to cancel it right away.
For more information on how credit scores work, check out this post.
[card card-name='The Platinum Card® from American Express' card-id='22504813' type='javascript' bullet-id='1']
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Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
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The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
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- In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.
- Business owners are also able to add employee cards for free.
Cons
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- Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel.
- LIMITED-TIME OFFER: Earn up to 400K bonus miles: 200K miles when you spend $30K in the first 3 months, and an additional 200k miles when you spend $150k in the first 6 months
- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month