I Need To Know What Something Means
hello I have been working on my credit and I recieved a letter from one of the companys that said that the account has been reported as disputed to the credit bureaus . what does that mean I an so confused please any one please help
michelle
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The letter simply means that your credit report will now show, to anyone that looks at it, that you have contested some of the information contained therein because you believe it to be mistaken. You cannot outright change the information, but you can dispute it. You can – and it sounds as if you have – initiate an investigation that may lead to it’s eventual dismissal.
Quinn
do you beleive that this helps your credit score or hurts or does nothing??????
Back in the day it supposedly helped... Lenders have gotten wise to the trick of disputing everything bad and then applying for credit, though. I can't speak for every lender out there, but I'd guess it's not affecting you one way or another.
The dispute in and of itself in no way effects your FICO score, unless the items disputed are found to be incorrect and subsequently removed. The only thing that will increase your score otherwise is good behavior over length of time. There is no overnight solution, even though credit fixit agencies advocate disputing everything in sight – which, incidentally, you can do on your own, easily, without hiring someone else.
If you’re starting from scratch... get a secured credit card(s), make your timely payments, be patient. Then move up to the next rung. At first this may seem daunting and insurmountable, but you know the adages about that first step...
Quinn
thank you for all your help and I know about working on my own I just started working on cleaning all the negitive stuff a month ago I have actully had some progress and I am dealing dierectly with the ones who have reported I have allready had two deletions and I am very patient and will not give up untill they are all removed and have letters showing me this I have already started to reastablis credit with two cards that I use a little and then either pay off or make a couple of payments to a month things are looking up