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Credit Bureau Response Part IIWhy wouldn't a creditor want to verify negative information? Usually because creditors are very profit minded and verification of your item costs time and money. While reporting an account to the bureau is an automatic electronic process, verification of an item is not. Verification requires the work of an employee to document the entry and respond to the bureau. The bureau must notify you in writing that the item is being reinserted on your report, and they must give you the name and address of the person that is verifying the information. Typically, however, a "soft delete" doesn't come back on your report. According to the Fair Credit Report Act, a credit reporting bureau does not have to investigate a disputed report if they feel your request is "frivolous or irrelevant." They are advised against using this as an excuse, unless they have reasons that would stand up in court. This is why they rarely turn down a request to investigate disputed information. Agencies will not investigate a dispute where the consumer's argument is based on personal circumstances, such as illness, termination or relocation. They may also choose not to investigate if you have given them sufficient information for their investigation in your request. If you can provide sufficient evidence to support your claims, you may not have to reach the verification process. Likewise if you don't provide them with sufficient information, such as account numbers or the specific item you are disputing, they may also choose not to further investigate. It will not help your case if you become angry or argumentative. Stay calm, and present yourself in a pleasant way. Refrain from using foul language, as this will only hurt your case. Keep in mind that if the negative information is true, there is little a credit bureau can do to eliminate the reports from your record. Even if it is removed because the creditor didn't verify the information, the entry can be returned to your report if the information eventually is verified. When doing so, the credit agency is required to notify you in writing that the item is being returned to your report, and provide the name and contact information of the person that provided the verification. Although this is possible, it rarely happens. Generally creditors report by updating the agencies with new activity, not providing the full credit history each month. Creditors rarely take the time to verify the historical accounts. However, the original creditor that provided the information can! They reported the negative information, and they can change it! And they will if it is in their best interest. |
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