Improvements In Solving Credit Disputes

Services for Real Estate Pros with Improve My Credit USA

As too many of us have seen first hand ,it is next to impossible to get your credit report corrected.  These reports can ruin lives but the credit bureaus do not seem to care if what they report is correct or not even when proof is sent to them.  Hopefully there is help on the way.

The Consumer Financial Bureau just released a bulletin stating that the companies furnishing customer data to credit bureaus have to follow-up on disputes.  This means they have to look at information sent to them backing up consumer claims, like proof of accounts having been paid off or that debt was assigned to the wrong person.  The system is now working to forward these documents to the furnishers for review.

“Given the importance of these reports, consumers need to know that their documents are being reviewed when they dispute what they believe is a mistake on a report,” CFPB Director Richard Cordray said.

Need to find out more?  Improve Your Credit USA can help!


Posted by

Joe orsak

Chief Marketing Officer

Improve My Credit USA

281.914.4116 Main

832.239.5206 Direct

Comments (2)

Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties

Joe, that's great news! So, have you found that when consumers dispute things and they don't hear from the companies furnishing the data, that the items are not being removed? I thought they had to be removed if the reporting company didn't respond.

Sep 19, 2013 06:08 AM
Joe Orsak
Improve My Credit USA - Humble, TX
Joe Orsak

Hey Pam,   Yes.  It's not the norm but it definitely happens.  Thankfully, our industry through organizations like NACSO (National Association of Credit Service Organizations) has been very active in Washington.  I personally met with the assistant deputy director of teh CFPB and several of his staff members for almost 3 hours about some of the issues consumers are facing.  It really seems like the CFPB has an interest ingetting some of these issues straightened out.  Lord knows, the credit bureaus have had serious issues for a while.  i don't want to be to harsh on the bureaus.  They do process millions of disputes (probably daily) and mistakes happen but there definitely needs to be some cleanup.  Too many consumers are getting no satisfaction on the dispute resolution process.

Sep 19, 2013 06:41 AM