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Disputes: Submitting settlement letters [Part 4/4]

Posted: 23 May 2018

2 mins to read

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Did you know that you don’t have to submit your settlement letters to the credit bureau to have your account payment information updated? Credit providers submit the payment information of all their customers at month-end or by the weekend, depending on the repayment frequency of the account. The information is submitted electronically in bulk format – it is then validated by the credit bureau and loaded to each person’s credit report. What does this mean for you? You don’t have to send letters to the credit bureau every time you have paid an account – the submission process will take care of the reporting of the payment. If you are concerned that the credit provider may have omitted your payment information, give the process time to run and then make enquiries with the credit bureau the following month – the 15th of every month would be the best time to enquire. The feedback will likely be that the account has already been updated by the credit provider. If it hasn’t – the credit bureau will log a dispute for you and query the payment information with the credit provider on your behalf. Top tip! Beware of irresponsible third parties that promise they can remove information from your credit report. Before you engage and spend more money – contact Compuscan on 0861 51 41 31 or at [email protected] so that we can assist you!