I Get Frustrated When I Lose Trust

It's common to experience frustration when trying to clear your credit report. The unfortunate truth is that credit bureaus want to make you think it's impossible and refrain from removing inaccurate credit information from your report.

dispute process

When you file a credit dispute, you tell the credit bureau that you have filed a dispute and that there are inaccurate items on your report. You can dispute a dispute for a variety of reasons, including that it's not your account, the details are incorrect, the account balance is incorrect, or there is an error. You can do this by writing a letter yourself or by asking your creditor to do this for you. for you. This letter has been sent to all three offices, and upon receipt, we will immediately send a reply requesting further information. This is simply a delaying tactic, regardless of whether the credit bureaus require additional information. In 1970, Congress passed the Fair Credit Reporting Act. This law required the Bureau to investigate consumer disputes. However, due to what appeared to be aggressive lobbying by the three credit bureaus, Congress decided that the credit bureaus must deem the dispute legitimate before investigating.

This is the most absurd and illogical decision ever. If the credit bureau denies the investigation, saying you're just wasting money, there's no benefit to correcting inaccurate information. The time and money spent by the bureaus investigating and correcting inaccurate information about you is solely an administrative expense and is used solely to comply with federal regulations. In other words, the office has no commercial motive.

Credit reporting agencies are among the largest companies in America. There is a common misconception that they are somehow connected to or run by the government, but that is simply not true. Credit bureaus make money, just like Walmart, Target, Best Buy, and your local gas station. However, credit bureaus make even more money, reporting billions of dollars in revenue each year. Financial institutions make money by collecting information about you and selling it to potential lenders and creditors. The FTC has repeatedly cited all three credit reporting agencies for noncompliance with the Fair Credit Reporting Act of 1970. Still, Congress gives government agencies the power to decide which disputes to investigate and which not to investigate. In other words, Congress gave the government the power to either throw the money out the window or keep it. Under no circumstances should authorities have this power, as there is a direct economic interest in not investigating the dispute.

We believe that consumer ignorance is the reason Congress gave the agency this right. Unfortunately, many consumers do not know how our credit system works. Therefore, they are not aware of it and only realize it when they hit a wall dealing with the credit bureaus. For this reason, many people turn to professionals who specialize in consumer credit law and can help with this as well.

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