Online Disputing - "Never judge a book by its cover!"

The Credit Bureaus dirty little secrets
Online Disputing – Don’t judge a book by its cover!

Written by Michael Parker
Vice President of GQcredit

The process of restoring credit can be a long grueling battle spanning months or even years! Writing endless letters to each of the credit bureaus, creditors, and collection agencies only to get back little or no results may hamper the majority from pursuing a complete accurate credit report.

With this in mind, the credit bureaus have made an “easy” online process to instantly dispute errors found on your credit report! An average consumer would much rather go to a website and dispute some items with a few clicks of the mouse.

Disputing online is the epitome of the quote “Don’t judge a book by its cover!” While the idea is not bad, it is deceiving; an easy instant online way to correct your report; while in all actuality this process was created to make it easier and more profitable for the credit bureaus, not the consumer.

Let’s take a closer look…

The FCRA (Fair Credit Reporting Act) is a federal law that states that the bureaus must have a reasonable process in place to ensure accuracy on all credit reports. In a nutshell all items must be accurate, verifiable and report timely. In the event an error is found (by the consumer, since the credit bureaus have no system in place to check for errors) the consumer has the right to dispute the information. By law, the credit bureaus must conduct a “reasonable investigation” to ensure that the information is in compliance. This investigation includes communicating with the parties involved as well as providing any documents/proof the consumer attaches to the dispute.

So why should I NOT dispute online?

Disputing online allows the bureaus to further automate the process. Automation allows the bureaus to process more disputes faster since it reduces or completely bypasses human interaction. By law the bureaus have approximately 30 days to respond to a dispute. If they do not report timely, then the account is to be deleted off the credit report. Therefore it would not be in the consumers’ best interest to make it easier for the bureaus.

Making it easier is one thing, but giving them consent NOT to comply with the FCRA is another thing!

FCRA section 611a(8) : Expeditious Dispute Resolution

Expeditious dispute resolution states that the bureaus shall not be required to comply with paragraphs 2, 6, and 7 in regards to the online dispute if they do not delete the trade line within 3 days.
Paragraph 2 requires the credit reporting agency (CRA) to forward your dispute and all related documents the consumer provides to the creditor. (Unfortunately the online dispute system does not have any means to attach a file to support your dispute.)
Paragraph 6 requires the CRA to provide the consumer with written results.
Paragraph 7 requires the CRA to provide the consumer with the method of verification on request from the consumer.

What the consumers don’t know will hurt them! For instance, the bureaus frequently delete information without contacting the creditors at all. In this case, since the creditors were never contacted the item that was deleted is commonly re-reported in the near future.

In conclusion, when fighting for your right for an accurate credit report, the decks are stacked against the consumers. Unfortunately the masses are subject to propaganda spread by the credit bureaus and other agencies to do it yourself, instead of leveling the playing field and hiring a competent representative to ensure the best results!

*Multiple sources and experts were used to ensure the information in this article is factual. The link to the FCRA is http://www.ftc.gov/os/statutes/031224fcra.pdf. We encourage you to see for yourself!*


You can get more FREE information from www.GQcredit.com.

Also feel free to contact:

Michael Parker
800-250-7047
info@GQcredit.com
www.GQcredit.com