Someone told me a credit trick, and it sounds too good to be true. Is it?
by Author on Tuesday, May 11th, 2010 | 4 Comments
I was recently told of a little "trick" for repairing your credit. Apparently, if you file a dispute letter, and the credit card company responds in the 30 days outlined in the Fair Credit Reporting Act, you can file another letter next month, and just keep doing this until they get tired of dealing with you and let it be taken off of your credit report. I just want to know if this is true or not.
Related Credit Card Sites
- How can FCRA Help Home Buyers? | Business Reviews
- » Blog Archive » This is How To Fix My Credit
- where and how can a business report bad debt accounts to a credit reporting agency?
If you enjoyed this post, make sure you subscribe to my RSS feed!
Too Good To Be True….
If you keep making "frivolous" disputes pretty soon the Credit Bureaus will reject all of your disputes, including the valid ones, because you have been flagged as somebody that disputes constantly and without a valid reason.
And no… your valid entries don’t go away… because your creditors will send in their validation info every time you try this game. Because if it is your debt… they want to make sure that it stays your debt.
It is NOT true at all. The agencies and credit card companies deal will MILLIONS of letters a month. The amount of letters that YOU write is insignificant. Each letter you submit is likely to be viewed by someone COMPLETELY different each time you send one.
"Someone" is uninformed.
The Credit Card Company has 30 days to respond to your dispute. If they do not respond in 30 days, thn the Credit Reporting Bureau has to delete it. It CAN be put back on your credit report at a later date, but most of the time isn’t.