Why does Credit Technologies need to do a conference call with my borrower?
The process of updating a trade line can vary depending on what needs to be updated and the last date of activity reported at the time you pulled the consumer’s file.
We prefer not to involve your borrower whenever possible but please understand that often a conference call is the only option. This may be because the creditor only releases information if their customer is on the phone with us to verify his or her identity and authorize disclosure of information. A creditor’s policy on releasing account information is controlled by each creditor and Credit Technologies has no control over third party policies.
In some cases, we may be able to request the information in writing but the creditor takes several days to respond to a written request. In situations when an item needs to be updated quickly in order to close, you may not have several days to wait for an updated report.
We are often asked why an item cannot be updated solely from an automated account information system. This option is available only when all information required to properly update the trade line is available via automated. If any ‘gap’ in payment history cannot be obtained via automated, the trade line cannot be updated to the current date with a guarantee that there have been no delinquencies since the last date reported.
When it is important that your consumer is not involved in the process, there are other options:
We can fax or mail a request to the creditor with the understanding that this process may take several days.
When working from an older infile, a new bureau pull with more recent information may allow us to complete the update. **Additional fees apply
If valid copies of statements have been provided to you by the consumer for current accounts in good standing, we may be able to use those documents to validate the missing payment history or other missing information.
With fraud and identity theft on the rise, some creditors simply will not provide information on an account to a third party.
**If at any time you do not want us to contact your borrower, please indicate in the order notes when placing the request that we are not to contact your borrower. Ensure that that the consumer’s ‘wet signed’ authorization page is attached to the order, please. Upon contacting the creditor if the only option is a conference call, we will let you know.