Quote Originally Posted by Joshua
Gary, can you clarify something please? It seems you're saying that when the CRA receives a dispute they go ahead and remove it from the report for 30 days. I thought it stayed there and the creditor had 30 days to respond or it would be removed. If they go ahead and remove it temporarily couldn't I just go online and dispute every single item and then run down to the boat shop and get a good interest rate? That seems a bit open to abuse.
No, that's how the disreputable credit "repair" companies work. You will see an immediate improvement in your scores after the dispute is filed with the bureau, but if it isn't removed by the creditor it just comes back again when the creditor files its next statement the following month.

Please remember that the its up to you to prove a derogatory has been reported incorrectly, not the creditor. Its up to you to convince the creditor that they were incorrect within 30 days, not the other way around. The bureau does not act as an intermediary between you and the creditor.

Once you get your credit cleaned up there are some pretty decent online services that will notify you anytime a derogatory is reported. They are fairly cheap considering what a derogatory can cost you in terms of increased credit costs. I think they are about $15/yr. Its better to deal with a derogatory right away when you have your records readily accessed then to deal with it years later when it becomes a bigger issue. The real problem is that creditors can do just about anything they want to. Most consumers don't challenge their reports and the creditors have gotten just a little too comfortable with the way things have gotten.