Knowing Credit: Query Resolution [Part 3/4] Feedback and Timelines
Welcome back! In our last lesson, we learned the definition of the term Ombudsman.
Definition of the week: RESOLUTION A resolution comes about when an issue has been resolved, or fixed. In other words, if you have escalated a query or dispute, and the problem on your account is fixed, it means that the query or dispute has been resolved and has reached resolution.
When you make a query or log a dispute, most credit stakeholders have a policy of providing feedback within 20 business days. Business days are from Monday to Friday, so it may be a month before you receive feedback from your credit provider or other stakeholders. You may query or dispute the information on your credit report, for example: if you have paid off a personal loan and it still shows as active on your profile. In this case, you may contact the credit bureau directly. Each credit bureau will have their own procedures to follow when logging a dispute. For a limited time only, Compuscan is offering discounted full credit reports and includes alerts and monitoring, get yours now at My Credit Check. After you have logged a dispute at a credit bureau, they will investigate the matter, and should respond within 20 business days. If, during the investigation, the disputed information is indeed incorrect, they will remove it from your credit profile. If you are not satisfied with the results of your dispute at the credit bureau, you can escalate your dispute. This is not only true for credit providers, but also applies to insurance companies, debt counsellors, credit bureaux, or other payment distribution agencies. Helpful Hint: You should always try to contact the stakeholder in question directly, via email or telephone, if you have a dispute. It’s very important to take the matter to the correct organisation or stakeholder. For example, don’t make a short-term insurance payment query to the South African Fraud Prevention Service! This brings us to the end of our lesson, Part 3/4 of Knowing Credit: Query Resolution. In our next lesson, we will teach you how to make a query or log a dispute at Compuscan. Keep an eye out for the last lesson in this course!