1. Time Warp – you can’t hurry Mother Nature and you won’t hurry the credit bureaus! The credit repair industry has done so much damage to itself by trying to out do the competitor, promising things that truly are just to good to be true. “We can remove XYZ in 20 days!” That kind of crap. The Fair Credit Reporting Act is specific, a credit bureau has 30 to 45 days to investigate a dispute and they rarely if ever complete an investigation sooner. So if you really want to squander your money that badly, I suggest you go to a casino, at least you will enjoy it for a few moments before it is gone. Don’t get impatient! The credit repair process takes time as set up under the law. Unless you can change the law, credit repair happens in 30 to 45 day increments.
2. Don’t Dispute Online- As explained by a consumer attorney, the credit bureaus very much want you to dispute online as this saves them money. Who cares? We are talking about your credit. The online dispute process is very limited on your side, allowing for only a very small explanation and sometimes no backup documentation. It was purposely designed that way. It also leaves you no room for written proof that you took action, copies of letters, certified receipts, that kind of thing. Also, when you receive notification of results (the bureaus never actually send you the results because that would leave a paper trail) you have to go online and login to your account to view the results. If you miss this notification or do not save it, it will soon be deleted by the credit bureau, erasing all record of your actions.
An example of where this goes wrong for the consumer is when an item is actually corrected or deleted thru this process. But then 30 days later it is re-inserted into your credit report and you have received no notification that this was done. This is the number one reason to sue the credit bureaus and win every time! By law you must be notified if an item is to be re-inserted within 3 days of the occurrence AND the original creditor must provide the credit bureau with certification that the reporting as accurate, in this case proof. According to our attorney, it never happens. So be sure that your disputes are in written letter form and keep good records.
3. Don’t Believe That Just Because It’s True, It Can’t Be Removed From A Credit Report- It has always fascinated me that the Government allows the credit bureaus to report ANYTHING about a consumer without ever validating its accuracy. That’s right, everything on your credit report is collected and gathered information that is NEVER CHECKED until your request an investigation. What this means to you, is that when you dispute an item with the credit bureaus the first time, that item is actually unverified with the original creditor. And, as so often happens, the original creditor no longer reports that information to the credit bureau because they no longer have records. BINGO! Off drops that reporting. Even if the information was accurate, it can no longer be proven! You have the right to challenge EVERYTHING on your credit report as provided by law, whether it is accurate or not. Do it!
This does not mean that just because you challenge it, that it will be removed. If the original creditor does validate the information, it is going to stay on your credit report, PERIOD! It’s just part of the process. Section 611 of the FCRA is the basis for repairing bad credit. Start here and study hard.