Considering Credit Repair? Well If You Don’t Read This First You Will Absolutely Fail!
The credit reporting agencies have concocted a method to speed the dispute process. However, this system, in more ways than one, can actually do more harm to your credit repair efforts than good. These exposing secrets will completely blow you away. Check this out!
Since credit reporting agencies get so many dispute letters every single day – hundreds of thousands – they had to find a way to keep up with the disputes. But not only to keep up the pace on all those incoming letters, but a solid method to handle those consumers’ disputes too. Because their response time is restricted only to 30-45 days (depending on how the consumer retrieved their credit reports), they needed a speedy route to answer to these consumers’ disputes. And then came the birth of two streamlined processes to serve this purpose.
OCR, which means ‘Optical Character Recognition’, is much like a scanner on steroids, as a wise man once said. It’s design is so powerful, that it has the ability to apprehend the words in your dispute letters and to even translate into meaning, the dispute letters as they come in. Moreover, it’s also designed to database and correlate dispute letters against the hundreds of thousands of other dispute letters that have already been saved in their system and fulfilled.
E-Oscar, though was put together to electronically handle those disputes. Designed and created by the credit bureaus themselves, both the e-Oscar and OCR machinery were put together to speed the process in getting back to consumers about their dispute letters. But disturbingly enough, automated mechanisms don’t always work to the best benefit of the customer.
After being opened by one machine and put on a conveyer belt, the Optical Character Recognition device is the first primary tool that your letters incur when it reaches the credit bureaus. This smart software looks into your scanned dispute letter, gathers the data from it, investigates it, & then proceeds to translating it for e-Oscar. It immediately decides if it could be further processed through e-Oscar to the company reporting the incorrect data or deemed as frivolous and basically hurled into the garbage. If the OCR machine concludes that your dispute letter is, in fact, unique enough to be processed, the next automated machine kicks in – e-OSCAR – but if not, you’ve just wasted your time and energy.
Upon reaching e-Oscar, the dispute letters are interpreted and then jammed in to a two character code. Furthermore, only one dispute can be entered at a time for each reporting item. So what this means is that if you have multiple issues within a single credit account (for example, the dates the account was opened or the last date of activity on it, the actual balance on that account, late payments if any, or even the reporting credit limit, and so forth), only one of your disputes may actually be processed – usually the first one listed. This also means putting into waste everything you provided in the letter, thus some of your information reported in the credit report may not get disputed.
Although at first glance, it would seem that this technology would speed up all the work, and reasonably increase the processing time of our disputes, the fact still remains that these machines have limitations and faults too. Heres a rather disturbing fact about this thatll really blow your mind – you probably didn’t know that e-Oscar has a characteristic called reply all which actually allows the data furnisher to respond to a collection of disputed files all at once as Verified without ever really completing a “reasonable” investigation as required by law – instead just hitting “reply all” to verify 20, 50, or even 100’s of disputes, sent to them in a batch file from the credit bureaus’ e-Oscar system, without ever even looking at them?! Personally, I call that a sham and every consumer should know about it as it affects all our credit ratings! Whats even more disturbing is that this is perfectly legal so that being said, it’s just that much more important that you do all you can to ensure your credit reports – all three – are accurate and thus, so are your credit scores.
Our individual credit ratings are so important that we must take a stand against our disputes being electronically processed in error. And therefore, your main goal in credit repair is to devise a plan to get around the computerized system so that your letters ultimately fall into the hands of a real human being. We need to make it known that we want human beings processing this information about our financial records and disputes because the machine cannot grasp the complexities of our real life. Most would agree that it’s totally cruel to consumers when credit agencies do not follow through on their liabilities to consumers as called for by law.
