Case

Mr. Prob was looking for credit aggressively for his new office space. He went to a financial institute for personal loan. He thought his effort won’t go fruitless this time. But the lender asked for collateral to extend a loan to him with high rates of interest. Mr. Prob was very upset with this.

Diagnosis

Mr. Prob did not have any negative item on his credit report. But what he did wrong was neglecting all the errors and outdated information on his report. He also had few incomplete items reported over there. These stuffs caused his score fall down which made the lender ask for collateral.

Possible Remedies

• Spotting errors in credit profile.
• Contacting the concerned bureau via mail with all the necessary documents attached to fix the errors.

Outcome

Mr. Prob started working on his report and pointed out the errors. He sent a dispute letter to the concerned bureau and attached all the relevant documents with the letter that support his claim. He heard from the bureaus very soon and all the errors were rectified within a month. Accounts with incomplete information were also updated. As a result, Mr. Prob’s score jumped by quite a good points. He went to the same lender who was happy to extend the loan at an affordable rate.