Create your own data mining strategy

Whenever creditors call you—for whatever reason, good or bad—they are keeping record of almost everything.  They record the date and time, what you say, what they say, your tone and temperament, etc.  Likewise, they know when you log onto their web sites to make a payment or to check a balance.  In addition to information pulled from your credit report or account history, companies have a comprehensive dossier on you.  You should do the same.

I document every encounter I have with a customer service representative or a company, as if I am a spy.  In the same way a customer service representative may ask me to verify my mother’s birthday, I ask the representative to give me his or her name, employee identification number, and location. (It’s important to do this before things could get heated. Representatives tend to withhold information during a confrontation.)  I have a digital dossier for each company going back years.  It has been my holy grail, enabling me to enforce promises, correct errors, track down employees, etc.  In fact, many times I have found that my information is more accurate than theirs. 

Here are just a few data points that will help you to create your own records: date, time, employee identification number, employee title, department, call center location, phone number, phone extension, reason for call, general conversation notes, and length of call.  Also, if something is changed or done, especially as a courtesy, make sure you document who authorized it.  This is a good start, but more than anything, get into a habit of documenting these data.  Before you call anyone, grab a pen and paper or get on your computer to record everything. 

Intrusive data mining has become a controversial topic lately because of the extremes to which some credit card companies go to understand you and your thought processes.  But how much information do you know about the companies and your interaction with them?  To a large extent, this industry is built on asymmetrical information—the companies having more or better information than you do.  As a customer, you must empower yourself and know what is going on at all times and hold companies accountable.  A proactive, perceptive customer is a much happier customer. 

Coming up: Five things you should never say while on the phone with a creditor

Comments

[Alex]

Good stuff. Lot's of people don't realize how important it is to take notes or record customer service communication. The only way that you can win a dispute process is to document everything. Creditors have all the technology and personnel on their side, so why not develop our own system to combat?

[Viretta]

I have always kept records of who, when and why I've called a CC company (or anyone else I think has a shadiness factor) but I will start keeping a journal of when I'm looking at my balances, etc. online.

[Kumar]

Thanks for the advice, I would have never thought of it.

[Sylvia]

Great post!