How to Effectively Communicate with Creditors

Whether you need to request a credit limit increase, adjust your payment date, or discuss hardship programs, at some point everyone will need to communicate with their creditors. There are several things you can do to help ensure these calls go smoothly and yield the results you’re hoping for. Here are 5 tips you can use to communicate with creditors.

Have a Plan

You’ll want to have your ducks in a row before you call, so you’re ready to go. Be sure to have your account number and latest statement ready and be clear about the reason you’re calling. Start with the basics and don’t add unnecessary details that can slow down the call. If the person helping you needs additional information, they’ll ask for it.

Ask for a Decision Maker

Depending on your reason for calling, you may need to speak with more than one person before reaching someone who can give you definitive answers and make the decision. If you feel your call is not proceeding as expected or your contact seems confused, ask them if they have the authority to help you. If they don’t, ask to be transferred to someone who does.

Be Honest About Your Situation

If you’re calling a creditor to discuss past-due payments and arrange to make an account current, be honest about your situation. If you agree to a new payment schedule and are still unable to meet those obligations, you may become ineligible for hardship arrangements.

Exercise Patience

Make the call at a time when you can focus without distractions. It might take longer than you expect, so prepare to be on the phone for a while. Remember that the folks you’re speaking with are limited by certain policies and regulations. They may not be able to give you everything you’re looking for. If you start feeling anxious or angry, offer to get off the phone and call back later.

Document the Call

Make notes about the date and time of your call, the name of the person you speak to, what you talk about, and the outcome. If what you agreed upon doesn’t happen, you’ll be able to call back and offer specific details. Most creditor calls are recorded, so having this information will help them locate the recording and review it for accuracy.

Struggling with Credit Card Debt?

A debt management plan can help:

Consolidate monthly payments
Lower interest rates
Eliminate collection calls

Get Debt Help

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