Many consumers were negatively effected by the credit
bureaus, but they had no way to correct or change their
credit information. The American consumer lay completely
at the mercy of the credit bureaus. The United States
Congress enacted the Fair Credit Reporting Act (FCRA) in
1971 to insure that the credit bureaus investigate the
credit items disputed by consumers. This federal law set
procedural guidelines which gave the consumer the right to
challenge the accuracy, validity, and verifiability of the
credit listings appearing in their consumer credit report.
It also required that the credit bureau repair any credit
listing if it was inaccurate or could not be verified.
In theory, the FCRA charges the credit bureaus with
responsibility to the consumer as well as the credit
grantor. In reality, the credit bureaus resist, resent,
and reject consumer disputes. The credit bureaus would
rather be left alone to make a profit. And, each time a
consumer challenges his credit, profit is lost.
The credit bureaus first defend their profits by erecting
walls of stall tactics, including requests for more
information, further clarification, and additional
identification. The vast majority of consumers give up
before they even receive copies of their credit reports.
If a consumer manages to get a credit report, decipher the
codified information, write a coherent dispute, and mail
it, the bureaus may still find some reason to disregard
the challenge. The entire dispute system is designed to
frustrate and discourage the consumer.
At HTDI Financial we are aware of the methods that are
used and have helped thousands of Americans repair their
reports by removing inaccurate, misleading, or
unverifiable items for them. From late payments to charge
offs to bankruptcies, we've challenged and
deleted items in the past and
average one of the highest fix/deletion rates in the industry in
just the first 45 days due to the high number of errors
found on credit reports today.
