My Credit Report File
Question: I recently settled a debt with a credit card company by offering to settle the debt for 50%. The reason I could no longer continue with the regular payments was because I has an accident and I am now on CPP disability reducing my income by 60%.
I received a small lump sum from my insurance. This was were I got the money to cover the settlement amount.
How can I add a qualifying statement to my credit file to explain the circumstances surrounding the negative information in my file?
Answer: You can contact the credit bureaus directly to update your file. For example, you can complete the Equifax credit report update form to add additional information to your file.