The first and foremost thing that any bankrupt or low-on-credit person asks is what the information about disputing the credit bureaus is? Whenever you see an inaccuracy on your credit report, you need to check the and submit a dispute with credit bureaus. But there are some legal steps of bettering your credit history.
You might occasionally find an item that does not belong to you, it might be an overstatement, a paid off debt might still appear or a duplication might be there.
No matter what the situation is, the first step would be to identify either the misstatement exists. Then comes the identification of nature of the error. Detection is a crucial step which will make it easier for you to fill your dispute.
Will the credit bureau investigate your matter?
Yes! They will do it. They are required by law to handle the disputes of credit customers. A matter that stands between you and dispute resolution is whether your case is frivolous or not.
Once you send them the letter, they will check the validity of your claim which will derive the answers to your problems on their motive.
Understanding how the disputes are investigated:
Understanding the method of investigation works might help you to assess whether your application will get processed or not. More often you will put immense effort in filing the dispute, but the bureau will reject the matter or will not make any effort at all.
The reason behind straight rejection is that the investigation is initiated by a computerized system named e-OSCAR. Three of the credit bureaus have this system to handle your applications. Running an automated system does not make it errorless. It often overlooks for no reason.
Garbage in: Garbage out
It relates to the computerized system. The problem is usually twofold. Firstly, it cannot make it sure that the application is valid. Secondly, the information that is bad and comes from some other source might get added to your report. This will for sure, worsen the situation for you.
The real method:
We are not living in an ideal(utopian) world. Everything is imperfect here. Even though there are some faults in the computerized system, but the major problem lies somewhere else. The biggest problem is that the employees working in the bureaus overlook the matter and certify the claim as correct. They do not bother reviewing the case in detail.
Reasons for not resolving the matter:
The reasons behind the bureau to not settle your claim are different:
- The applications are verified from the originator of the item.
- Your dispute was frivolous.
- The information provided by you was incomplete.
- The investigation officers were reluctant to investigate the matter due to their laziness.
The information about disputing the credit bureau includes giving you the resolutions regarding the problems addressed above:
- You can ask the bureau to add a statement of your claim to further credit reports.
- You can request the bureau to investigate your matter further and find out the reasons behind misstatements.
- You can also ask for a verification of how the process went on and the conclusion was reached.
- And last but not the least, a legal proceeding against the bureau can be initiated.