How to Fix Wrong Business Credit Ratings
Having incorrect information or your business credit can not only affect the interest rate on a loan or financing that you are trying to obtain---it can also be the factor in denying your application. Following the proper channels will allow you to have these inaccuracies fixed as quickly as possible so your business can continue to grow and expand.
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Instructions
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How to Fix Wrong Business Credit Ratings
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Obtain your business credit reports. Having all of the documents in front of you allows you to see if the inaccuracy was on one report or all of them. The most popular and most widely used business credit reports are Dun & Bradstreet and Experian. In some cases, Experian will charge you to obtain your report. Once you have the credit reports in front of you, identify any and all errors.
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Compile any documents that prove an error was made. Collect any proof of phone records, mailings, faxes or bank statements that prove the creditor made an error. It is easier to have the mistake fixed if you have tangible proof of the error. You may experience a larger challenge if you do not have any physical proof.
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Contact the creditor directly. You can find the contact information on your business credit report, or you may already have this information in your records since you are working with this creditor. Inform the representative of your issue and find out what is the proper method of sending the information to prove your case. Typically, a creditor will offer an e-mail address or phone number to fax or e-mail your disputed information. Be sure to document to whom you spoke, the date and the time. Submit the information and follow up within 48 hours to determine if it's received and, if so, who received it and if that person is working on the issue. If you determine that the creditor indeed made the error, find out how it intends to fix it and obtain the name and information of the person who admitted fault.
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Contact the business credit bureau. Contact Dun & Bradstreet or Experian either over the phone or via the mail to inform them of the dispute. Send them any proof of the error and also send in any evidence of the creditor admitting fault. Unfortunately, businesses are not protected under the Fair Debt Collection Act or the Fair Credit Reporting Act supported by the Federal Trade Commission, so there is no timeline as to how soon Dun & Bradstreet or Experian can fix the issue. Nevertheless, having the proper documentation ensures the issue will eventually be fixed.
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Tips & Warnings
Make sure you also record any correspondence with Dun and Bradstreet or Experian.
