What Really Happens When You Dispute an Item on Your Credit ??? You may be suprised to learn what actually happens when you dispute an item on your credit report through one of the three major credit reporting Bureaus (Experian, Transunion, Equifax). When an item on your credit report is disputed with one of the three bureaus they send all of your information to an hourly employee who reduces your dispute information to a two digit code and forwards it to the company you owe the debt to. The company you owe is the furnisher of the information the bureau uses to verify the debt. But how does the furnisher even know what the basis of your dispute is if all they get is a 2 digit code from the bureau. Even if you send a cancelled check to show you paid the debt off the bureau does not forward that to the furnisher to validate your dispute. By the way the employees for the bureaus are required to process each claim in a mater of around 5 minutes or less. Nobody ever digs through the primary documents. As you may already know, what you typically get back as debt verification when you dispute a debt is just an account history. But, often the very thing you are disputing is your liability on the debt in the first place. An account history is utterly useless in proving your liability on the debt. Understanding the realities of the process can help you make practical decisions. We worK hard to educate and guide our clients thru this tediuous process.
Posted on: Wed, 05 Mar 2014 14:47:59 +0000
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