CREDIT ERROR? IT PAYS TO BE ON THE VIP LIST
An amazing article was written by Tara Siegel Bernard with the NY Times that was printed on May 14, 2011 concerning the bureaus’ (Equifax, Experian, and TransUnion) treatment of certain people in their system. According to the article, the bureaus use a two tiered system: one for the rich, the well-connected, the well-known and the powerful, and the other for everyone else.
At Master Credit Solutions, we've known this for years. Finally, research has backed this up.
“Disputes are herded into a largely automated system. Their complaints are often electronically ferried to a subcontractor overseas, where a worker spends, on average, about two minutes figuring out the gist of the matter, boiling it down to a one-to-three-digit computer code that signifies the problem - “account not his/hers,” for example - and sending a dispute form to the creditor to investigate. Many times, consumer advocates say, the investigation translates to a perfunctory check of its records.”
Let’s have a look at this:
1. Disputes are put into an automated system
2. Sent overseas
3. 2 minutes to process
4. A Perfunctory check of the records is performed.
There are laws that the bureaus should conduct meaningful research and analysis, which is almost never done.
David Szwak, a consumer lawyer, states that he has sworn testimony from former Experian employees that the VIP category exists!
Experian is the only bureau that handles its’ disputes in the United States, though most investigations wind their way through the same online system - unless the dispute involves a VIP. TransUnion and Equifax send their investigations overseas - unless the dispute involves a VIP. Then the dispute stays in country - and investigated here.
CONCLUSION
Just how does a normal, everyday citizen get on the VIP list? It is very simple:
1. If you are dealing with fraud
2. IF YOU ARE REPRESENTED BY A LAWYER.
At Master Credit Solutions, each of the Demand Letters are sent out through the utilization of our attorney, on Attorney letterhead, and signed by the Attorney. We specifically designed it this way because we KNEW the bureaus treat people with attorneys differently. We track our data and our data shows this. We have also received letters back from creditors (one of our challenges) stating they are going to remove the item from the credit report BECAUSE of the attorney. The creditor stopped fighting!
Most companies do not challenge trade lines the way we do. Why? Perhaps it is costlier for them to do it this way. For Master Credit Solutions, it is not. For most companies, credit repair is a just way to make some money. At Master Credit Solutions, it is all about customer satisfaction: Getting the best results we can for our clients.
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