When you listen to the Credit Bureaus talk about how easy it is to dispute inaccurate information on your credit report you are left with the idea that they quite possibly actually care about the accuracy of their reports.
Here is what TransUnion has to say on their website:
Check credit report dispute status
When TransUnion receives your dispute request, we will contact the data provider or information source. That source has 30 days – in some cases, up to 45 days – to investigate whether the information reported is accurate. If the data provider or source does not respond within the required timeframe, TransUnion will remove the information from your credit report. If the company that provided the information to us verifies the record, it will remain on your credit report.
Doesn’t that sound official?
Doesn’t that sound reasonable?
If they in fact did this it would be.
The Reality Is Shockingly Different
According to court testimony from a former TransUnion worker it turns out that what really happens is this:
Using a computerized system (the ACDV) to communicate between bureau and data provider the bureau converts every dispute into a 2 digit code and sends it to the data provider.
This is done, to meet quota, at a rate of between 30 and 45 disputes per hour by a person who otherwise would have a job asking “would you like fries with that?”
Note that while the code is transmitted from the bureau to the data provider the supporting documentation and the context of the dispute is not. You know that letter you slaved over and receipts you dug up? They mean NOTHING to these people!
Meanwhile, at the receiving end there is a person, with similar qualification and quotas, whose sole job is to confirm that the last piece of data in their system matches what is being disputed. In other words – did they send your name and record to the bureau?
If there is a match then they call it verified and move on to the next.
The credit bureau now lets you know that the dispute has been verified and the item remains.
This could not be more wrong.
Where in this process is it possible to uncover identity theft?
Where in this process does TransUnion actually do any real investigation?
The answer is: NOWHERE.
Do you really want to know why identity theft works? It works because the bureaus are in business to provide a return to their shareholders and not in business to protect the rights of the consumer.
I am not big on victim mentality but this is truly a case of the system’s bankruptcy simply running roughshod over the rights of the consumer.
By now it should be perfectly clear why they would have you believe that disputing the inaccurate information on your credit report is easy and that you don’t need any help to get mistakes removed, i.e. it costs them more money to get it right than it does to simply pass off more garbage.
The Only Thing You Need To Remember:
Unless you force them to do the right thing they will not.
In the game of getting your credit right YOU are the only one who has any vested interest in the accuracy of your reports. Arm yourself – you are going to war!
If you want any help in your battle please feel free to call me.