Through the E-Oscar system created and utilized by the credit bureaus, dispute letters are basically processed by the machine, according to the OCR machine's interpretations, and then squeezed into 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 disputes about a particular credit item (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. So this also translates to the fact that you've wasted valuable time and energy on your letter, thus some of your information reported in the credit report may not get disputed.
Although, in the beginning, it seemed like automation would speed up all the work, and logically speed up processing our disputes, the truth still remains the same and that is ... these machines have limitations and faults too.
Here's a rather disturbing fact about this that will really blow your mind - were you aware that e-Oscar has a feature called "reply all" which actually allows the data furnish-er 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?! Is that not insane or what! What's 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.
So, what is a good credit score? Every lender and borrower is concerned about credit scores. You can check your credit score with your bank or creditor. In the US, credit scores range from a rock bottom 300 to a sky high 850. If you are well above the middle, then you have a good credit score. To be a little more specific in what is a good credit score, anything above a 700 is considered good credit score. A score tells a lot about your financial management skills.
The weighting system is used to determine credit scores. We shall not dwell much on the system because it is a scientific method that can only be understood by mathematicians. However, erratic payments are the main factor used in arriving at a credit score. If you have a history of erratic payments, you must improve your payment behavior.
Although, in the beginning, it seemed like automation would speed up all the work, and logically speed up processing our disputes, the truth still remains the same and that is ... these machines have limitations and faults too.
Here's a rather disturbing fact about this that will really blow your mind - were you aware that e-Oscar has a feature called "reply all" which actually allows the data furnish-er 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?! Is that not insane or what! What's 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.
So, what is a good credit score? Every lender and borrower is concerned about credit scores. You can check your credit score with your bank or creditor. In the US, credit scores range from a rock bottom 300 to a sky high 850. If you are well above the middle, then you have a good credit score. To be a little more specific in what is a good credit score, anything above a 700 is considered good credit score. A score tells a lot about your financial management skills.
The weighting system is used to determine credit scores. We shall not dwell much on the system because it is a scientific method that can only be understood by mathematicians. However, erratic payments are the main factor used in arriving at a credit score. If you have a history of erratic payments, you must improve your payment behavior.
1 comments:
Useful post, thanks for sharing. I want to share one more idea to increase your Credit Score. Refraining from making new applications for credit is a very important topic to strive to keep in mind. These types of new requests will bring about a large amount of needless activity on your account.
Thanks,
Professional Court Reporter
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