In preparation to begin repairing my credit I have been reading most of the posts on here daily, posted questions of my own, and have read through the Credit Net library. I have learned a great deal but I am still very confused on many of the finer points. Various recommendations in the library appear to be in conflict with what many posters to this forum appear to be doing. I have copied several of them here and am hoping that I could get some feedback, do you agree or disagree with these statements and what do you think the preferred coarse of action should be. I realize that this is probably old hat to many of you but please bear with a new guy and give me the benefit of your experience. From the CreditNet Library If the credit bureaus do not complete their investigation within the specified 30 days, there is unfortunately little recourse the consumer has. Many consumers think that the bureaus must delete all disputed credit if they are unable to complete their investigation in the required time period. This is incorrect. Frankly, they can take as long as they like. The only recourse a consumer might have is to initiate a class-action lawsuit for taking too long. From the CreditNet Library If you have not heard back from the bureau within 52 days, it is safe to assume your letter was ignored. There isn't much you can do except draft another dispute From the CreditNet Library A letter confirming an investigation has begun. Trans Union uses this response as a way of extending their 30-day investigation period. You have no choice but to accept their timetable. File the letter and watch closely for their response Have I not read that most of you begin taking action after 30 days? From the CreditNet Library Here is a big one: don't submit more than one dispute every 90 days. Sending them more than one will have your letters returned to you before you have had time to lick your next round of stamps. From the CreditNet Library We mentioned earlier that you should space your dispute letters 90 days apart. If you don't you will get a rejection letter. From the CreditNet Library There is no need to wait on sending your disputes. Send them as you get them done, provided that at least 90 days have passed since your last dispute to the bureau. Include original copies of the respective credit report with your letter. It seems that I have read posts where people mention sending 3 or 4 at a time. I apologize for the long post but to me, a guy who by training and nature thinks in very concert terms, credit repair is a maze. I would be very grateful to anyone who could help straighten me out.
I am certainly NOT the expert here and hope someone will jump in and answer this for you...but I was under the impression they had 30 days to verify or delete. That is why I filed my small claims lawsuit today. If not........I'm in BIG trouble too. Good questions and that is how to learn and keep reading. You will be on your way to recovery along with the rest of us
§ 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i] (a) Reinvestigations of disputed information. (1) Reinvestigation required. (A) In general. If the completeness or accuracy of any item of information contained in a consumer's file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly of such dispute, the agency shall reinvestigate free of charge and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer. (B) Extension of period to reinvestigate. Except as provided in subparagraph (C), the 30-day period described in subparagraph (A) may be extended for not more than 15 additional days if the consumer reporting agency receives information from the consumer during that 30-day period that is relevant to the reinvestigation. (C) Limitations on extension of period to reinvestigate. Subparagraph (B) shall not apply to any reinvestigation in which, during the 30-day period described in subparagraph (A), the information that is the subject of the reinvestigation is found to be inaccurate or incomplete or the consumer reporting agency deter mines that the information cannot be verified. (5) Treatment of inaccurate or unverifiable information. (A) In general. If, after any reinvestigation under paragraph (1) of any information disputed by a consumer, an item of the information is found to be inaccurate or incomplete or cannot be verified, the consumer reporting agency shall promptly delete that item of information from the consumer's file or modify that item of information, as appropriate, based on the results of the reinvestigation. I disagree completely with the 90 day stuff. Send out your disputes with 3 -4 accounts on each. Wait for the updated report to come back showing results, and immediately send out more.
Are you saying one dispute per letter, and send 3 or 4 at a time, or can I dispute that many items in one letter?
On the subject of disputes. When disputing possible/probable accurate reports what is the best, or perhaps most common basis to dispute on? Should I dispute them as "not mine" or look for inconsistencies in the credit report to base dispute on?
Depends on what exactly you are refering to as far as inconsistencies. If an acct. says 30 days late and you never were late, you dispute as never late. If it's a charge off, of course it isn't yours. LOL
