Credit Repair Disputes How You Can Improve Your Credit Score Here ph
Today I am going to help you understand what a credit reporting agency does after you submit your credit dispute to them, and why persistence and perseverance are so important for your credit repair success. Under the Fair Credit Reporting Act a credit reporting agency is required to research your dispute with the source of the information. The credit bureau should check the entire record of the account in question and compare it with what they reported. This would allow them to make the appropriate changes and return a corrected, accurate credit report to you, the consumer, within thirty days.
However, the credit bureaus never do this. What they actually do with your credit dispute is shoddy and shocking. They shrink each dispute to a two digit code called a consumer dispute verification. Often this CDV is sent to independent contractors located in third world countries all over the globe. Just picture such a verification process. Whether you get approved for a car loan, home financing, credit card, apartment, job or insurance now rests in the hands of an overworked, poorly paid, quota driven third world Joe using a two digit code 5,000 miles away from the original creditor. It’s absurd, outrageous and not proof of verification by any reasonable definition. Therefore when a credit reporting agency sends you notice that your disputed item has been verified and will not be changed do not accept it. Write back to the credit bureau and insist that they provide you with the name of the source person who verified it as well as documentation proving their claim. Never quit when faced with an obdurate, stubborn credit bureau. Continue disputing with the credit bureau and creditor until you receive an accurate credit report. There might be times when suing a credit bureau and creditor is your last resort. In future articles I will explain how to do this inexpensively using the small claims court. In your dealings with credit reporting agencies it will help you to understand their mindset. Credit bureaus are not government agencies. They are for profit corporations that view the creditor as their customer, not you, the consumer. Although required by law to do so, credit bureaus have very little incentive to correct credit reports. They get paid for a credit report whether it is accurate or not. Thoroughly investigating your dispute would cost them money they are not willing to spend. Their shoddy data handling procedures keep the profits rolling in and you, the consumer, out of the loop unless you are persistent and vigorous in your dealings with them. Please share your thoughts by leaving a comment and I'll send you a free gift.
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