Generating results

The results you receive from the credit bureau may not lead to a quick deletion or a change to perfect standing. The results that your dispute generates will largely depend on how your claim is handled by the credit bureau. There are several procedures that credit bureaus undertake, and each of them leads to a different result. Below is a list of these, and what you need to do in order to counteract the credit bureau's decision.

Result #1: Your dispute was not investigated at all, because you may not have been 100% clear in your first letter as to what you want the credit bureau to do. As well, the credit bureau may have chosen to ignore your letter, leaving the onus on you to re-submit another dispute letter. This you should do immediately after waiting 60 days.

Result #2: Your dispute was investigated and verified as being true and accurate. You have the right to challenge the same entry again. Again you should wait 60 days after you receive this notice from the credit bureau, and begin afresh. Remember, the credit bureau is obliged to look deeper into a dispute than merely asking the lenders to check their computer records about your account.

Result #3: Your dispute was investigated to determine the correctness of the information contained in the entry, and the investigation found that the entries were indeed inaccurate or unverifiable. The negative listing will now be perfected to a positive listing, and the credit bureau will send you a new credit report showing this change.

Result #4: Your dispute was investigated and the negative entries themselves were found to be inaccurate, or were unverifiable. The credit bureau will delete these entries permanently and send you a new credit report showing this change.

Result #5: Your dispute was erased using "soft delete". Eventually, the disputed entries were verified by the lender as being correct, and they were re-instated on your credit record. If this occurs, you must begin the process again, and vigorously ask for a thorough investigation. But you should wait a period of 60 days before restarting, otherwise the credit bureau will mark you down as a time-waster and choose to ignore you completely.

Keep in mind that the entire process is very time-consuming, so you must not get discouraged at the first onslaught of disappointing news. And you will get lots. Keep at it, however.

Be persistent. Be dogged. Be thick-skinned. And always allow a period of 60 days before beginning again. If you do not give up, you will get results. To have any measure of success in our society, you need to have good credit - so a hard fight is well worth it.

Breathing Space :
Let's take some time to review what you have learned and done so far. In this entire process, it is very important to take time to reflect and plan new strategies. Let's summarize:
 

• A credit bureau is a body that is working for lenders; it is not responsible to you.
• Despite this hindrance, it is possible to remove derogatory listings from your credit file, despite the fact that you still owe money.
• There is no federal law in effect that forces derogatory listings to stay on your file for seven to ten years. The law merely states that a negative listing may remain in your file for up to seven to ten years.
• You have the right to dispute incomplete or inaccurate information. You are not breaking any law by instigating such a dispute. Do not let anyone tell you otherwise.
• You do not have to lie when disputing your negative listings. You are merely disputing their accuracy.
• Credit reports are often full of errors, in that the information is either incomplete or inaccurate.
• You have a right to dispute such incomplete and inaccurate information, even though that information is partially correct.
• You may also dispute on the basis that the information is "questionable". Such information may be a small collection account that is several years old.
• Always dispute one negative entry at a time.
• Make sure you keep an accurate record of your own activities.Specially, make sure to keep a track of the 30-day time limit that you give always give the credit bureau.
• Never use the research request form that credit bureaus always enclose with each copy of your credit report. Write a separate letter for your dispute.
• When the disputed information is changed or modified, it is the first credit bureau's responsibility to notify the other credit bureaus so that the information is uniform.
• At times, you may have to take up the dispute directly with the lender. In that case, make the lender supply you with the full evidence that supports the derogatory information. Despite computerization, the number of mistakes, inaccuracies and errors are amazingly high - all because of human error and laziness.
• If you have not seen results up to this point, then you can negotiate your account. Go directly to the collection agency or lender, and simply state tat you will be willing to settle for less than what you owe. Offer 60% of what you owe. Simply tell the collector/lender to take it or leave it, or to leave you alone, otherwise.
• Never negotiate on the telephone, or come to an oral agreement. Always put everything in a clear, simple letter. Time is on your side. Wait until you are contacted, and then take your time replying.
• Always keep in mind that all unsecured debt is fully negotiable. Use this to your full benefit.
• When you do pay the collection or charge-off, never sign anything that the collection agent gives you. Simply pay and move on. Remember, the check you give the collection agent is your receipt. It will bear all the markings of the bank where it was deposited, along with the date. You do not need any more to prove that you paid.
• If you settle your debt for less that what you owe, you could incur a federal tax liability. You may want to get a 1099 form from the collection agent or lender, stating how much you have to add to your income tax return. If you filed for bankruptcy, however, you are under no tax obligations.
• Do not take the "File Segregation" route. Stay away from misrepresenting yourself. Many credit repair companies may offer to give you a new identity by using an Employer Identification Number (which are assigned by the IRS for businesses). Do not substitute your Social Security Number with an Employer Identification Number. Simply put, it is illegal. It is best to use legal, proper means to repair your credit. Often it is people who have recently filed bankruptcy that are targeted by this scam. Keep well away. You have more in your arsenal than scamming.
• If you are still not happy with the results, then it may be time to lodge an official complaint against the credit bureau. Make sure to let the credit bureau know that you are complaining. If you are really unhappy, you may want to sue the credit bureau. That is best done with the advice of an attorney.

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