How to Update Balance on my Credit Report

raman13 By raman13, 18th Jun 2010 | Follow this author | RSS Feed
Posted in Wikinut>Guides>Money Saving Tips

A credit report is the information about the credit history of an individual. It is about the payment history, list of accounts, balances and the payment behavior of the individual.

What is the credit report and credit score?

What is the credit report and credit score?
A credit report is the information about the credit history of an individual. It is about the payment history, list of accounts, balances and the payment behavior of the individual. The lenders and financiers while checking the credibility of an individual generally use this report. The credit report of an individual typically has a listing of all the loans and credits availed. The credit scores are a way of quantifying the credit worthiness of the individual.

Who maintains it?
There are three agencies – Equifax, Experian and Tran’s union. These agencies use the software developed by Fair Isaac Corp. and rate the risk of providing credit / loan to an individual based on his / her credit history. High-risk individuals generally may have to pay more for the money, which they borrow. The scores used there in commonly known as FICO score.

How do I get my credit report

Who maintains?

The agencies get the information from various lenders, insurers, credit card
Companies etc on a regular basis and update the credit information of the
Individual based on the information received.

How do I get my credit report?

Getting your yearly credit report is easy but important. You can get it free from any of the three agencies mentioned above; however, it is not send automatically. One has to request for it. Each individual is entitled to get the free credit report once every year. The following ways can used to receive the credit report:

1. Using the website annual credit report, here you can access your
Annual credit report online for free
2. Call the number (877) 322-8228 and
3. Ask it by filling the form available at the back of the Annual Credit Report
Request brochure and mail it to Annual Credit Report Request Service, PO
Box 105281, Atlanta, GA 30348-5281

Ensure the scores are good and correct.

You must get your annual credit report and ensure that all the information
Updated there matches the reality.

Do’s and Dont's


1. Pay your bills on time
2. Use your credit cards so that you do not reach more than 50% of
Available credit limit any time
3. Check your credit limits regularly
4. Use old cards often and pay them off fully
5. Make a request in writing to a lender to do a goodwill adjustment for
You if you were a good customer but were late in paying just one of
Those payments
6. Regularly look for the statement of accounts on your credit report and
Make a request to the bureau for correction, if you find discrepancies.


1. Ask a credit to lower your credit limits
2. Make a late payment
3. Consolidate your accounts; it is better to have smaller balances of few
Cards than a big balance of one
4. Apply for new credit if you have many

If the balances on my credit report, is not update?

If you find after looking your credit report that the balances not updated even if you paid off for the full amount, you should:
1. Give a request to the lender in writing to send the updated information
To the bureau and ask for an acknowledgment of your request
2. Get a certificate from the lender specifically mentioning that all the
Outstanding amount has paid off in full and there is nothing
Outstanding on the said account
3. Send a copy of this certificate to the bureau requesting them to update
Your credit report balances.
4. Keep the copy of this certificate to defend you in cases where your
Credit worthiness is in question due to a non-updated balance on your
Credit report


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Meet the author

author avatar raman13
I am an Engineering student. I love to write and read all knowledgeable articles. Because I think every article has many new points. I find these points and learn these.

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author avatar drelayaraja
20th Jun 2010 (#)

Nice share.

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