Responses from the credit bureaus:
I've been doing this for over 10 years and have process over 20k files and know all of the responses that can be sent to you and why they are sent. I don't even need to ask you what they sent for me to send this email to you to address the responses. I am an expert at what I do, and it's my job to know everything they can possibly send out and how to address it.
Here are the most frequently asked questions and answers regarding dispute responses, as well as a few points for you to remember:
This is a 6 round program. That's the length of time to achieve maximum deletions and the average length of time to obtain the desired results. Some files do pass 6 rounds and that's obviously because negative items were never supposed to be removed from your credit report to begin with, as the bureaus' job is to keep you in the sub-prime market because it makes them the most money. Other companies keep you for an average of 2 years.
I do not send out templates - each and every dispute letter sent out is unique and created based upon the needs of your credit file. Other companies send out blanket disputes and templates.
I dispute ALL negative items every round. Other companies dispute 1-3 items per month.
These are the responses from the bureaus:
Items are accurate and verified: This is what they say until the negative items are removed. They must legally prove that the negative items are in fact accurate or legally verified. They must obtain the information directly from the credit furnisher and be able to physically furnish this information and documentation to you. The truth behind it is that all they are doing is putting the letter into scanner, which then reads the dispute letter and automatically exports to eOscar and it sends a 2-digit code over to the creditor. The creditor then states: "yes, this is what we have, it's correct" and the bureaus then repeat that information back to you. They do not actually perform an independent investigation.
We need more information:
The bureaus have many, many stall tactics and one of them is that they state they do not have enough information to determine the reason for dispute. Stall tactics are exactly that: they do not want to deal with you. They lose money when they remove negative information. This is a data industry, not a credit industry and your negative items = money for the bureaus. If you take a look at the disputes that I sent out, they are in plain English. The dispute reasons are easily understood. You must realize that even if it goes to a live human, they must process 6-10 disputes (consumers) per hour, so they spend approximately 4 mins per letter. If they had actually ready the disputes, they would have understood the reasons and because I used factual information disputes, they decided that they would rather not deal with it and sent out a stall letter.
Here are the stall letters that are sent out:
We need more information
Accounts are accurate
You did not send in identification - each dispute letter and each complaint made is sent with all identification - ID, SSN and proof of address. A back up round is also faxed with the same identification. It's impossible that they would not receive the required documentation
We think you're working with a credit repair agency
We will not reinvestigate your dispute
We do not understand the reason for your dispute
*There are 7 more stall letters and each of them are to keep you from sending in more disputes because time is money. This is what you need to understand about the process. You will get stall letters. You will get letters that sound scary. You will get letters that say items are verified or accurate. You will get letters stating that you need to reach out to the creditors.
This is all normal and all you have to do is forward the responses from the bureaus. This is the regular process and if it gets you feel like giving up, it's exactly what they want you to feel! See the logic?
Please understand that this is the way that it goes for each and every client and that this is not an easy process. One needs to know what to dispute, when to dispute, how to dispute, who to dispute with, whether to make a complaint, who to make the complaint with and when to give up. If it were as simple as sending in a letter to get rid of years of damage, then we would all run up our credit cards, not pay and then do this all over again. There would be no credit repair industry.
For each issue, there's a resolution and that's why I'm here to help you.