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CREDIT LOOPHOLE
The New "DU Technique"-
and how it can get negative items
deleted with a single letter!
First, there is an interesting thing that happens when consumers dispute derogatory information on their credit report. The credit bureaus don't make money on providing accurate information, so they look for ways to avoid investigations.
The most common is claiming you didn't send in any identifying information (copy of your Drivers' License, utility bill, etc.), even when you did. Another common thing the bureaus do is not do a complete investigation.
Here's how it should work: You mail in a dispute. An employee at the bureau pulls up your file, and enters in some codes, which are electronically sent to the creditor. The creditor responds back. The item either gets corrected, deleted, or no change at all is made.
Does this entire process always take place? I don't think so. It's my guess that sometimes the bureaus don't even contact the creditor, but instead just skip over the verification process.
How can you tell when this happens? Pull out a copy of all three of your credit reports.
On your Experian report, the 'Item As of Date Reported' should always match the month and year the bureau verified the account. After all, if the creditor verified the account, then that date would change and be current.
On your Equifax report, the 'Date of Status' should reflect the same month and year an item was verified by the creditor. On your Transunion report, they keep it simple and call it the 'Date Updated'.
If you dispute an account and these dates do not change, it is my opinion the bureau did not do a complete investigation. A simple follow up letter, pointing out this discrepancy, can get the item deleted. Remember, if the bureaus don't do a complete investigation, then they are violating the law.
This is the "DU (date updated) technique", and it can only be found in the Credit Secrets Bible. Why? Because it was invented by one of our credit gurus in Texas.
If you purchase the Credit Secrets Bible, you will find many other loopholes and secrets like this one.
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