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What to Do When You Get a Credit Call

Wednesday, 22 Dec 2010 12:57 PM

Getting a credit call can be quite troublesome for many of us. We often read the news of credit calls annoying the consumers and, in many instances of the issue, leading to lawsuits against the debt recovery agents and lenders. Despite there being many safeguards for consumers against annoying such credit calls, including the federal law, credit calls remain a reality. However, panic or any extreme reaction is not the answer to such calls. 
Here are some tips on what to do when you get a credit call: 
  • First, you should make sure that the credit call is coming from an entity authorized by the lender. Often, we come across news of credit calls actually being some sort of scam aimed at identity theft and gaining access to key financial and credit report details of the consumers.
  •  A debt collector can make credit call to you, only if you owe some debt and have not paid up in time. A credit call cannot be made to you, if there is no outstanding debt against you. If you get a credit call despite having no debt, you must question the caller and in the event of calls being repeated you can lodge a complaint.
  • For unsolicited credit calls, you can contact any of the credit report bureaus to request removal of your name and number from such calling lists. As all the credit bureaus provide aggregated credit information to the lenders and other entities, your request to one of them should be enough to opt out of such lists.
  • You may also get calls offering credit repair services, as there are advertisements across various platforms for such offers. The Federal Trade Commission (FTC) has warned that most of such offers are likely to be scams. It further says that a legitimate credit repair agency rarely makes such offers or claims.
  • If you really want to improve your credit score or are interested in credit repair, there is a proper procedure for the same. Without falling prey to such offers or claims, you can improve your credit report legitimately by sticking to a personal debt repayment plan, according to the FTC website.
  • If you are still getting credit calls repeatedly despite being regular with your debt repayments or having no outstanding debt at all, you must check your credit report. It may be that there are some inaccurate details in your credit report that might be making your credit profile look bad, resulting in such calls.
In the event of your credit report having some items that you believe might be incorrect, you have the full right to request the credit reporting agencies to correct the same. For this, all you need to do is write to the credit reporting agencies about the information you find to be inaccurate, along with documents to support your claim. If your claim is found to be true, the same will be reflected in your credit report.

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