When approval does happen you will be forced to pay exuberant interest rates or make a hefty down payment. This is how lenders penalize people when they are incapable of making their payments.

The system does not allow for unexpected events. Sometimes these events will force a good person to choose between repaying a debt and providing for their family.

Credit bureaus have caused a false belief that when a charge off happens there is no recourse for the individual. That person will have to pay the high interest rates and large deposits for 7 or more years. This is not true.

Fair Credit Reporting Act says that any unverifiable or inaccurate credit listing must be removed by the credit bureau. Typically lenders will not spend the money or time to verify an uncollectible debt.

Thus, when an investigation is granted the negative listing is often deleted regardless of accuracy. The difficulty we hear of comes in getting the investigation started.

This happens because the credit bureaus only motive to conduct an investigation is to be compliant to the Fair Credit Reporting Act. The bureaus don't earn any extra money from conducting an investigation and instead spend money that would otherwise be profit.

Credit bureaus are notorious for using stall tactics, this is done to discourage and frustrate the individual. The goal of the credit bureaus is to force the individual into giving up on the dispute process. Many people have frequently found it more effective to hire a professional firm to deal with the credit bureaus on their behalf.