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! ...
Since credit reporting agencies get so many dispute letters every single day - hundreds of thousands - they had to find a way to keep up with the disputes. But not only to keep up the pace on all those incoming letters, but a solid method to handle those consumers' disputes too. Because their response time is restricted only to 30-45 days (depending on how the consumer retrieved their credit reports), they needed a speedy route to answer to these consumers' disputes. And then came the birth of two streamlined processes to serve this purpose.
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, though was put together to electronically handle those disputes. Designed and created by the credit bureaus themselves, both the e-Oscar and OCR machinery were put together to speed the process in getting back to consumers about their dispute letters. But disturbingly enough, automated mechanisms don't always work to the best benefit of the customer.
OCR is the 1st computerized mechanism your letters meet with when it reaches each credit reporting agency. This rather advanced computerized scanning software literally looks at your letter, comprehends it, inspects it, & then proceeds to translating it for e-Oscar. Right away, OCR decides if it could be further processed through e-Oscar to the company reporting the incorrect data or put down as senseless and basically hurled 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 only wasted your time and energy.
In E-Oscar, dispute letters are interpreted and then jammed in to a two character code. Even worse, the system is only capable of adding one individual dispute at a time to each reporting item. This means that if you have more than 1 dispute within that specific credit item (such as the balance owed, the dates opened or closed, the alleged credit limit, late payments reporting, and so forth), only one of your disputes may be put into the system - usually the first one listed. This also means putting into waste everything you provided in the letter, thus some of your challenged items may not be disputed.
Despite what it seemed like on the surface of things and despite the fact that everyone thought this technology would speed up all the work, and logically speed up processing our disputes, there's still the fact that these machines have limitations and faults too. For instance, here's a pretty discouraging fact that'll really make you wonder - did you know that e-Oscar has a specialty called reply all which actually allows the data furnisher to reply to a batch number of disputed files as Verified without ever even opening and investigating the file?! Personally, I call that a sham and every consumer should know about it as it affects all our credit ratings! Whats even more disturbing is that this "reply all" feature is not illegal so you can see why it's so important that we look out for our own best interests and good credit.
Our individual credit ratings are so important that we must take a stand against our disputes being electronically processed in error. And therefore, your main goal in credit repair is to devise a plan to get around the computerized system so that your letters ultimately fall into the hands of a real human being. We need to make it known that we want human beings processing this information about our financial records and disputes because the machine cannot grasp the complexities of our real life. Most would agree that it's totally cruel to consumers when credit agencies do not follow through on their liabilities to consumers as called for by law.
Since credit reporting agencies get so many dispute letters every single day - hundreds of thousands - they had to find a way to keep up with the disputes. But not only to keep up the pace on all those incoming letters, but a solid method to handle those consumers' disputes too. Because their response time is restricted only to 30-45 days (depending on how the consumer retrieved their credit reports), they needed a speedy route to answer to these consumers' disputes. And then came the birth of two streamlined processes to serve this purpose.
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, though was put together to electronically handle those disputes. Designed and created by the credit bureaus themselves, both the e-Oscar and OCR machinery were put together to speed the process in getting back to consumers about their dispute letters. But disturbingly enough, automated mechanisms don't always work to the best benefit of the customer.
OCR is the 1st computerized mechanism your letters meet with when it reaches each credit reporting agency. This rather advanced computerized scanning software literally looks at your letter, comprehends it, inspects it, & then proceeds to translating it for e-Oscar. Right away, OCR decides if it could be further processed through e-Oscar to the company reporting the incorrect data or put down as senseless and basically hurled 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 only wasted your time and energy.
In E-Oscar, dispute letters are interpreted and then jammed in to a two character code. Even worse, the system is only capable of adding one individual dispute at a time to each reporting item. This means that if you have more than 1 dispute within that specific credit item (such as the balance owed, the dates opened or closed, the alleged credit limit, late payments reporting, and so forth), only one of your disputes may be put into the system - usually the first one listed. This also means putting into waste everything you provided in the letter, thus some of your challenged items may not be disputed.
Despite what it seemed like on the surface of things and despite the fact that everyone thought this technology would speed up all the work, and logically speed up processing our disputes, there's still the fact that these machines have limitations and faults too. For instance, here's a pretty discouraging fact that'll really make you wonder - did you know that e-Oscar has a specialty called reply all which actually allows the data furnisher to reply to a batch number of disputed files as Verified without ever even opening and investigating the file?! Personally, I call that a sham and every consumer should know about it as it affects all our credit ratings! Whats even more disturbing is that this "reply all" feature is not illegal so you can see why it's so important that we look out for our own best interests and good credit.
Our individual credit ratings are so important that we must take a stand against our disputes being electronically processed in error. And therefore, your main goal in credit repair is to devise a plan to get around the computerized system so that your letters ultimately fall into the hands of a real human being. We need to make it known that we want human beings processing this information about our financial records and disputes because the machine cannot grasp the complexities of our real life. Most would agree that it's totally cruel to consumers when credit agencies do not follow through on their liabilities to consumers as called for by law.
About the Author:
Yusheeka Davis is an advocate for protecting consumer credit reports & rights. She's written many free articles. Her company, Start Fresh Credit Report Assistants, offers many free credit repair services including free credit report audits, identity theft assistance, & expert advice. For free credit assistance, feel free to visit Yusheeka's credit repair website today.
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