The consumer credit dispute system was created to provide the consumer recourse when there is an inaccuracy on their credit report. The way the system has turned into an automated dispute process using systems like e-OSCAR and OCR is fundamentally flawed.
There are no real investigations, but rather an automated process of sending and receiving information between the financial institution and the credit reporting agencies. The process barely satisfies the FCRA regulations and frequently violates the law.
Now, here’s the big zig to online disputing, that’s hidden beneath the surface – The credit reporting agencies seem to be quite intuitive at finding hidden profit centers. Just when you thought they had all the angles covered, the deep truth of online disputing is exposed.
When consumers dispute online, there are no interactions with the humans needed to facilitate the dispute process, not even low-priced, foreign outsourced labor that they commonly use. Online disputes are truly 100% automated by computer systems, and the credit reporting agencies still charge the data furnishers for the errors. With this method, their profit on disputes is nearly 100% – wow!