Want to repair your credit but keep hitting a brick wall?
Did you know that according to the Federal Fair Credit Reporting Act or FCRA, 15 U.S.C. § 1681, when you dispute something on your credit reports such as Experian, Equifax and Transunion, the Credit Reporting Agency you’ve written to must investigate your dispute. That makes sense and is perfectly easy to understand. No problem so far.
However, the code section actually requires that the credit reporting agency, (usually Experian, Equifax and Trans Union) “shall, free of charge, conduct a reasonable reinvestigation” which of course means that you’re in luck, which means that there is even less than no problem so far.
So what if you dispute something and the credit reporting agency investigates the information, and the party who furnished the information to Experian, Equifax or Trans Union reports back to the credit reporting agency that the information is correct? If you believe that it is not correct, then you may send in another dispute of the same information outlining why you believe it is incorrect, and the credit reporting agency must “reinvestigate.”
So, I was trying to buy a house, ages ago, but I had loads of student loans on my credit files listed, in some cases, as many months late because it was shortly after graduating and passing the bar and for a long time I didn’t yet have a job or career to speak of, and so I got into some financial trouble. We did eventually flip a couple of houses and pay off all of my student loans, so I wasn’t a complete loser, but my credit was still shot from it all. And this last house, I didn’t want to flip, I just wanted a good interest rate and couldn’t get it. In retrospect I should have taken the bad interest rate, closed quickly and flipped it anyway.
So, I checked my credit reports and realized that almost all of my old student loans had been listed inaccurately. They were listed as most of them over 120 days late. Hahaha! But I knew better, most of them were over 180 days late. So I sent in a dispute. And month after month, Sallie Mae kept reporting that they were right and I was wrong.
However, at long last, after about six (6) disputes and ten (10) months later, suddenly all of them disappeared all at once from my Experian credit file. I can only guess what happened, either they finally agreed with me, or maybe the person who worked for Sallie Mae verifying information for credit reporting agencies must have been on vacation or maternity leave or died or something.