Did you know that the Credit Bureaus are pushing hard to get you to use their online Credit Repair Dispute system? But their online dispute system has some serious drawbacks and pitfalls that you need to know about. Online credit repair disputes are bad and can actually cause more harm than they’re worth!
Why Online Credit Repair Disputes Are Bad
Under the Fair Credit Reporting Act (FCRA), you the consumer, can dispute any incomplete, inaccurate or unverifiable item on your Credit Report. The credit reporting agency is mandated to investigate all disputed errors, unless your disputes are false claims. Any information identified as inaccurate, incomplete, or unverifiable must be removed within 30 days of receipt of your claim. Any outdated negative information must also be deleted from the report if they can’t verity the validity of the item. The agency must also report those deletions back to the creditors that provided the data in the first place, so they can record your deletions in their data. The Fair Credit Reporting Act was put in place to help consumers from falling victim to the credit bureaus. But the law has some loopholes which credit bureaus will use to their advantage and if you don’t know about it, you might just make a big mistake that might hurt your credit. That’s why online credit repair disputes are bad for your credit improvement.
The Three Major Credit Bureaus; Equifax, Experian & Transunion created an automated online credit dispute system that supposedly “helps” the consumer dispute errors on their credit reports. Don’t be fooled, the online system is deceptive! You think it benefits you, because it’s free, when it actually undermines your efforts to improve or repair your credit. This automated system allows the consumer to log into the site to enter their disputes in a “seemingly” more expedited way. But beware, the credit bureaus make you agree to their very own terms of service, which takes away your rights under the FCRA. Using the automated system is preventing the creation of your paper trail which would allow you to track results and prove any agency non-compliance or even possibly ruin your chances at a lawsuit.
Online Disputes Designed For Consumer To Fail
The online credit dispute system was designed for the credit reporting agency to gain advantage over the consumer by exploiting loopholes in the FCRA. This more “expeditious” process enables the consumer reporting agency to avoid 3 rules that are crucial to consumer protection when disputing credit reports. The FCRA states that when the consumer uses the online dispute process, the credit reporting agency DOES NOT have to:
1) Forward your information to creditors.
2) Provide you with written responses to your disputes.
3) Provide you with the “method of verification” of the disputed item.
The online automated dispute process allows credit reporting agencies to “respond” quickly within the 30 day limit without conducting a full investigation of the disputed items, leaving you without recourse. Their terms of service also enables previously deleted items to re-report and allows re-insertion of those items into your report without notice to you. This means even if you do get items deleted through the credit bureaus online dispute process, they can come right back on your credit report the next month without warning.
How To Get Credit Repair Dispute Help
It is crucial that if you attempt to repair your own credit without using a Credit Repair Company, that you use hard copy methods and use snail mail that will leave a paper trail that can be tracked. You will want to send all your disputes certified mail with a return receipt, keep records of everything. Check all of your mail daily during the credit repair process, and keep it in a file in the order it was received. Our Credit Repair service offers a Free Credit Audit and Consultation. Every letter is tracked and every step of the way, the response letters from the Credit Bureaus and Creditors are reviewed by an Attorney for violations. You can visit our Credit Repair Website here or call Toll free 1-800-216-2725.
Link to Video: Online Credit Repair Disputes Are Bad
We are Cobalt Credit Services located in Seattle, WA. We’re 5 star reviewed online and have an A+ rating with the Better Business Bureau. We are the ONLY Credit Repair Company that has every single letter reviewed by an Attorney.
Have you ever had a bad experience with online disputes? Have you ever tried to clear something up with the credit bureaus or a creditor and felt like they were out to get you? Comment below and tell us your experience with a bank or credit bureau dispute. We’d love to hear from you.
