Are you filing a credit dispute to challenge and remove incorrect information from your credit report, and wondering if you should file your dispute online, or with the old-fashion US postal mail? In short you should file your dispute through certified US postal mail.
You should do this because it will provide you documentation and evidence that you did send the credit bureau your dispute. We discourage you from filing your credit dispute online or by phone for a few reasons.
The first reason is because you have no proof or documentation that you even filed a credit report dispute. The second reason is because the credit bureaus have always had a less than dispute friendly policies. In other words we don’t trust that the credit bureaus will properly respond to an online dispute or if you file it by phone.
The Credit Bureaus Questionable History
Many consumers incorrectly believe that the credit bureaus are somehow part of our government or affiliated with the US government. The only relationship our government has with the credit bureaus is to regulate their behavior.
The reality is credit bureaus are private businesses (with stockholders) and they generate huge profits. Credit reporting is a massive industry with each of the major credit bureaus annually earning hundreds of millions of dollars.
The credit bureaus generate revenue by selling your credit report to lenders, insurance companies, employers… Every time someone checks your credit report the credit bureaus cash register rings.
However when the credit bureaus investigate a consumers credit report dispute they do not generate any money, and instead are only spending money. In other words it is not in the credit bureaus financial interest or their stockholders interest to investigate consumer credit report disputes.
The one and only reason the credit bureaus will investigate your dispute is out of fear that they will have to pay yet another fine to the FTC. Yes, that is correct the credit bureaus have been fined many times by the FTC, for not investigating and fixing credit mistakes.
The most outrageous of these violations is when the US government required the credit bureaus to set up 800 numbers, so consumers could call in and file a dispute. The bureaus complied and set up these 800 numbers and consumers began to call.
The missing key was our government did not require the credit bureaus to actually hire employees or even staff people to answer this 800 number. There are reports of individuals waiting exorbitant hold times and finally the FTC stepped in and assessed a fine to all three of the credit bureaus collectively, a total of $ 1 million dollars.
Congress passed the Fair Credit Reporting Act which regulates and governs the credit bureaus. This piece of federal law is what gives you and every US citizen the right to dispute any item that you believe is incorrect on your credit report.
This law was originally passed in 1970 as even at that time in history your credit report was a very important document. This law also says that the maximum amount of time an item can remain on your credit report is for 7 years. It also gives you one copy of your credit report from each credit bureau for free, every year.
However you choose to proceed with your credit dispute be it online, over the phone or following our suggestion and using certified mail, you can remove negative items on your credit report. Items get removed every single day and without just waiting 7 long years. If you experience any difficulty we encourage you to consider a credit repair attorney to help you succeed with your credit dispute and remove bad credit!