I have a variety of outstanding items totaling like 1700, many are bogus or insanely overblown. Are there companies that handle disputing stuff effectively an getting items removed from your report? 
They are useless unless you pay off your variety of outstanding items
No.
What happens if I dispute a genuinely bogus item on my credit report?
You need to have pretty solid proof that it's bogus
My friend/ sudent owns one and is legit. Many tr to upsell you with consolidation loans or financial planning services. He'll be straight up with you.
http://www.shamrockcreditrepair.com/
I new this guy from my bjj class who owned one of these companies. He is now retired at 40 (aside from running his own bjj school now which he loves to do and doesn't consider it work) and drives a fucking ferrari. He told me has was pulling in over 40k a week. That's all I know, whether they are legitimately there to help you or just a money making scheme to fuck you, i don't know.
TTT