The FCRA allows consumers to add an up to 100-word statement after the credit bureaus refused to correct / delete accounts as per the consumers disputes.
The credit bureaus encourage consumers to submit these statements in their investigation results, but they do NOT disclose that just about no creditor reviews the credit reports because they are using credit scores and the “magic number” determines decline, approval and terms of credit offered.
FICO scores IGNORE consumer statements.
Since credit scores do NOT rate these statements and almost all creditors use credit scores, adding a consumer statement to the credit report is a complete waste of time.
It’s a lot like demonstrating at a political convention. The protesters have to remain in a “free speech” zone where nobody hears and sees them. Similarly, these “statements” are your right to free speech on your credit report, cleverly designed to be ignored. You’re wasting your time and resources.
Additionally, there can be negative side effects.
The late payments you’re apologizing for might drop off and the statement remains. It could be embarrassing and/or could cost you an apartment or job.
Now if we could only get Congress to get a clue and realize that credit scores don’t rate statements and REMOVE this fake and completely useless consumer “right”.