You find an error on your credit report. Your credit card account indicates that you are 60 days late on your payment but you have bank records indicating that you have always made on-time payments. What should you do FIRST?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Contact the credit card company to have them fix it.
B	Wait a few weeks to see if it gets resolved.
C	Contact the bank to let them know that the credit card company is disputing payment.

Explanation:

Detailed explanation-1: -Dispute the error If you find an incorrect or old late-payment one of your credit reports, you can file a dispute with the credit bureau that issues the report. You can also dispute the mistake with the creditor that sent the information to the bureau, such as the lender, credit card issuer or collections agency.

Detailed explanation-2: -Late payments remain on a credit report for up to seven years from the original delinquency date–the date of the missed payment. The late payment remains on your Equifax credit report even if you pay the past-due balance.

Detailed explanation-3: -Generally speaking, the reporting date is at least 30 days after the payment due date, meaning it’s possible to make up late payments before they wind up on credit reports. Some lenders and creditors don’t report late payments until they are 60 days past due.

Detailed explanation-4: -Credit card companies generally can’t treat a payment as late if it’s received by 5 p.m. on the day it’s due (in the time zone stated on the billing statement), or the next business day if the due date is a Sunday or holiday.

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