If you spend some time on any credit monitoring site or looking at any literature printed by the credit bureaus, you will quickly find that they will encourage you to dispute, ONLINE, any possible errors you might have. The bureaus refer to this process as their “expedited dispute process”. The bureaus have cleverly negotiated a way to convince congress to meet them halfway by allowing any individual who disputes online, to forfeit a large portion of their rights provided to them under the FCRA.
For example Credit Bureaus are not required to notify the furnisher of information that the dispute is being processed. So if the bureaus decide to remove the item, next month, since the creditor was never notified, they are simply going to re-report the information again and BAM its right back on your report!
There is also the financial impact in the sense that it now costs the Credit Bureaus NOTHING to process the online dispute compared to the .57 cents they have to pay when you dispute in writing. You will also have a very difficult time proving your case if you end up needing to take legal action against the bureaus since you will not have the proper paper trail that you would have had if your dispute was in writing.
This is the last of the Credit Bureaus secrets that I will share with you. I encourage you to stay informed. The above information was provided by Credit 360 Consulting. For more helpful information and how to improve your credit, click on Credit 360 Consulting.