One of the challenges that most people face when dealing with their finances, mortgages, loans and borrowing money is dealing with their Credit Files and repairing them. Whether you are UK or non-UK based the principle is generally the same.

One method I want to share with you all is how to get credit card companies to update your files with the Credit Agencies quicker.

Most credit card companies have a nominated date in the month when they update the Credit Agencies with your file. This can be really frustrating if you have cleared a card and wish to get your file updated immediately. This approach is really only applicable if you are making a big payment – e.g. you are clearing off your card and you need your file updating quickly. It would not work every month as they will likely get annoyed with you.

Here’s what you do…..

Once you have cleared your card or made  a big payment – call the Credit Control or Accounts Payment Department of the card company. You will need to be persistent as they will often not let you through straight away. It helps to explain that you “really need” to let the Credit Agency know that you have cleared your card and that you need to get an electronic message or a fax to them from the card company as soon as possible.

Once you are through to the right department tell them what you want to do – Tell them you you need them to FAX or Email the Credit Agency in question – for example they need to fax Equifax to confirm that your card has been cleared.

I usually call the credit agency first and ask them for the fax details before calling the card company. Here are the steps:

1.    Call credit agency and tell them what you want to do and get a fax or email detail
2.    Call Card company and get through to Credit Control or Accounts
3.    Tell them what you want to do and tell them that the Credit Agency said they could FAX or email
4.    Ask them when they are going to do it
5.    Follow it up a day or two later to confirm it has taken place

One warning – you may spend quite a bit of time hanging on the phone whilst chasing the card company, so you really need to have a reason to do this.