Bad Credit Repair…The D.U. Technique.
D.U. stands for “date updated”. This technique is one of the reasons why the first step in bad credit repair is to get copies of your credit reports from the big 3 credit bureaus, Equifax, Experian, and Trans Union. The information on your credit report is the ammunition you will use to help get items removed from said report.
Each item on your report has a date that the bureau verified the information of from the creditor. This gets updated each time the bureau makes contact with the creditor in regards to your account. The credit bureaus don’t like investigations. They don’t make any money providing accurate information therefore they use tactics to avoid them.
One of the most common ways that they handle derogatory information dispute letters is to claim that you didn’t provide information to properly identify yourself, such as a copy of your drivers license or a utility bill. They may not even do the investigation at all. When you mail in a dispute letter the bureau should contact the creditor, the creditor responds with or with out the information in dispute, and the item either gets deleted, corrected, or they don’t change anything at all.
Since this is all done via computer, one thing will automatically happen if the bureau did in fact contact the creditor. The verification date on the credit report will be updated. If you dispute an account and the date does not change, then there is a good chance that the bureau did not do a complete investigation. A simple follow up letter pointing out this discrepancy should get the item removed because failure on their part to do a complete investigation is in violation of the law! Follow the link in this story to learn more little tidbits like this one.
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July 9th, 2007