To dispute or not to dispute online?? Who really benefits from this? Consumer or Credit Bureau?
Most of us have been to one or more websites that market how easy it is to pull your credit report, review for accuracy, select the code/reasoning that applies and submit to the credit bureaus for reinvestigation. Seems easy enough, right? If disputing online is so easy, why would you ever think you might need to manually submit the request through the mail or possibly hire a reputable credit repair company to do this for you?
Here are a few reasons why you might want to rethink disputing online.
Paper Trail: If you are disputing online you have given up your consumer rights (per the FCRA) to submit any additional documentation that would support the reason behind your dispute.
Number of Dispute Reasons: Choosing a code from a pre-selected list of possible dispute reasons severly limits the consumer from being able to tell the true story behind the reasoning for the dispute.
Time: Even though you might think the credit bureaus are investigating the dispute you just submitted, in actuality, online disputes are tracked automatically and the data is sent directly to the furnisher by way of the E-Oscar computer software program. This allows the timeframe (30 days) set in the FCRA for the dispute to be investigated much easier for the furnisher to meet.
Expeditious Dispute Resolution: Per the Fair Credit Reporting Act section 611a(8)
changes the normal requirements that a credit reporting agency would have to follow.
Stated in the “Expeditious Dispute Resolution”, “then the agency shall not be required to comply with paragraphs (2) (6) (7) with respect to that dispute”
When the agency does not have to comply with paragraph 2, 6 and 7, the agencies then do not have to:
Paragraph 2: Provide notification (with in 5 business days) of the dispute to the creditor along with any relevant information (documentation) about the dispute
Paragraph 6: Provide you with written results of the deletion.
Paragraph 7: Provide you a description of the procedure used to determine the accuracy of the disputed item.
Bottom line is that although it may appear to be the quicker route, by disputing online you are willingly giving up a portion of your rights in the Fair Credit Reporting Act that were created to protect you. Exercise your rights! Take the time to submit a manual dispute request yourself or spend the time researching a reputable Credit Repair Company that knows the laws and will work on your behalf to make sure they are enforced.