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! ...
Seeing how the three main credit reporting agencies receive so many daily complaints - hundreds of thousands - they demanded a sufficient process to keep up with the disputes. And not only to keep track of them, they had to process the disputes as well. And since their response time is limited, they really needed a speedy route to respond to these consumers' disputes. As a result, they created 2 robotic ways to accomplish their goals.
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, however, was created to electronically handle those dispute letters. Designed and created by the credit bureaus themselves, both the e-Oscar and OCR technologies were created to speed the process in handling dispute letters. However, sadly stated, automated processes don't always work to the best benefit of the person it was allegedly designed for.
Once your letters have been opened with a letter opening machine, OCR steps in and is the 1st main computer system that your letters are subjected to when it reaches the credit bureaus. This rather advanced computerized scanning software literally looks at your letter, reads it, inspects it, & finally d! eciphers it. It immediately decides if it could be further pro! cessed t hrough e-Oscar to the creditor or deemed as frivolous and basically tossed into the garbage. If the OCR machine establishes that the dispute letter is unique enough to be processed, the next automated system takes over - e-OSCAR - but if not, you've simply thrown away your time and energy.
Upon reaching e-Oscar, the dispute letters are interpreted and then jammed in to a two character code. Furthermore, only one dispute can be entered at a time for each reporting item. So what this means is that if you have multiple issues within a single credit account (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 may actually be processed - usually the first one listed. This also means putting into waste everything you provided in the letter, thus some of your information reported in the credit report may not ! get disputed.
Although, at first sight, it might seem that this technology would speed up all the work, and logically speed up processing our disputes, the truth still remains the same and that is ... these machines have limitations and faults too. For example, consider this rather alarming fact - you probably didn't know that e-Oscar has a component called reply all which actually allows the data furnisher to respond back to the credit bureaus on a group of disputed files, all at once, as Verified without ever opening the file and investigating it?! Is that not insane or what! Whats even more disturbing is that the authorities are aware of this feature and it's not illegal at all so it's that much more important for you to look out for your own best interests when it comes to ensuring your credit reports are correct and thus your credit scores are accurate as well.
Your personal credit score is so important that we should not let computers do the proc! essing. That being said, the ultimate goal in credit repair is! to basi cally 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. - 23687
Seeing how the three main credit reporting agencies receive so many daily complaints - hundreds of thousands - they demanded a sufficient process to keep up with the disputes. And not only to keep track of them, they had to process the disputes as well. And since their response time is limited, they really needed a speedy route to respond to these consumers' disputes. As a result, they created 2 robotic ways to accomplish their goals.
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, however, was created to electronically handle those dispute letters. Designed and created by the credit bureaus themselves, both the e-Oscar and OCR technologies were created to speed the process in handling dispute letters. However, sadly stated, automated processes don't always work to the best benefit of the person it was allegedly designed for.
Once your letters have been opened with a letter opening machine, OCR steps in and is the 1st main computer system that your letters are subjected to when it reaches the credit bureaus. This rather advanced computerized scanning software literally looks at your letter, reads it, inspects it, & finally d! eciphers it. It immediately decides if it could be further pro! cessed t hrough e-Oscar to the creditor or deemed as frivolous and basically tossed into the garbage. If the OCR machine establishes that the dispute letter is unique enough to be processed, the next automated system takes over - e-OSCAR - but if not, you've simply thrown away your time and energy.
Upon reaching e-Oscar, the dispute letters are interpreted and then jammed in to a two character code. Furthermore, only one dispute can be entered at a time for each reporting item. So what this means is that if you have multiple issues within a single credit account (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 may actually be processed - usually the first one listed. This also means putting into waste everything you provided in the letter, thus some of your information reported in the credit report may not ! get disputed.
Although, at first sight, it might seem that this technology would speed up all the work, and logically speed up processing our disputes, the truth still remains the same and that is ... these machines have limitations and faults too. For example, consider this rather alarming fact - you probably didn't know that e-Oscar has a component called reply all which actually allows the data furnisher to respond back to the credit bureaus on a group of disputed files, all at once, as Verified without ever opening the file and investigating it?! Is that not insane or what! Whats even more disturbing is that the authorities are aware of this feature and it's not illegal at all so it's that much more important for you to look out for your own best interests when it comes to ensuring your credit reports are correct and thus your credit scores are accurate as well.
Your personal credit score is so important that we should not let computers do the proc! essing. That being said, the ultimate goal in credit repair is! to basi cally 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. - 23687
About the Author:
Yusheeka Davis is an advocate for protecting consumer credit reports & rights. She's authored many free articles. Her company, Start Fresh Credit Report Assistants, offers many free credit repair services including free credi! t report audits, identity theft assistance, & expert advice. For free credit assistance, you can visit Yusheeka's credit repair website today.
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