Considering Credit Repair? Well If You Don't Read This First You Will Absolutely Fail!
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The Credit bureaus have created a way to speed the dispute process. Nonetheless, this system, in many ways, can potentially do you more harm than good. The shocking information unleashed in this article will completely blow your mind. Continue reading! ...
Because the three main credit reporting agencies receive so many written arguments on an every day basis - hundreds of thousands - they needed to come up with a method to keep up with the consumers written complaints. And not only to keep track of them, they had to process the disputes as well. And yet, seeing how their processing time is restricted only to 30-45 days (depending on how the consumer retrieved their credit reports), they needed a extremely speedy method to reply to these consumers' disputes. As a result, they devised two automatic strategies to serve this purpose.
OCR, which means 'Optical Character Recognition', is like a big scanner on steroids, as one wise credit expert put it. It was formulated to apprehend the words in your dispute letters and to even understand dispute letters as they come in. Additionally, it's also formulated to automatically save the data it reads as well as correlate dispute letters against the hundreds of thousands of other dispute letters that have already been processed through this system.
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.
In E-Oscar, dispute letters are crunched in to a two character code. Furthermore, only one dispute can be entered at a time for each reporting item. This boils down to the fact that if you have more than 1 dispute within that specific 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 might be entered in e-Oscar - usually the first one listed. Again, this also translates into wasted time and energy, thus some of your disputes may never be processed unless you continuously follow up.
Despite what it seemed like on the surface of things and despite the fact that everyone thought this technology would speed up all the work, and logically speed up processing our disputes, there's still the fact that these machines have limitations and faults too. For instance, here's a pretty discouraging fact that'll really make you wonder - did you know that e-Oscar has a specialty called reply all which actually allows the data furnisher to reply to a batch number of disputed files as Verified without ever even opening and investigating the file?! 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 "reply all" feature is not illegal so you can see why it's so important that we look out for our own best interests and good credit.
Your personal credit score is so important that we should not let computers do the processing. That being said, the ultimate goal in credit repair is to basically get around the computerized process in an effort to have your letters ultimately fall into the hands of a real person. We should affirm our desire to have real humans processing the information about our financial records and disputes because the computerized system can't really get a grip on the complexity of our individual circumstances. I'm sure you would agree that it's just completely cruel to consumers when these credit reporting agencies don't follow through on their responsibility to the people as required by law.
Article Source: Articlelogy.com
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