credit bureau dispute

Discussion in 'Credit Talk' started by varinia, Sep 10, 2003.

  1. varinia

    varinia Well-Known Member

    Am I mixing something up here? I'm quite sure, that the Credit Bureaus have to mark any disputed item in dispute within 5 working days of receiving the dispute. On another, not credit related board, I have someone else, who says he runs a credit counseling service, say, that that is not the case and they have no obligation to mark in dispute, just to investigate within 30 days. I called the FTC and the guy only read the paragraph and says, that he doesn't read any such requirement in the FCRA. Am I mixing this up?

  2. jlynn

    jlynn Well-Known Member

    The 5 days you are thinking of is probably the 5 days they have to send the dispute to the furnisher:

    2) Prompt notice of dispute to furnisher of information.

    (A) In general. Before the expiration of the 5-business-day period beginning on the date on which a consumer reporting agency receives notice of a dispute from any consumer in accordance with paragraph (1), the agency shall provide notification of the dispute to any person who provided any item of information in dispute, at the address and in the manner established with the person. The notice shall include all relevant information regarding the dispute that the agency has received from the consumer

    (f) Indication of dispute by consumer. If a consumer reporting agency is notified pursuant to section 623(a)(3) [§ 1681s-2] that information regarding a consumer who was furnished to the agency is disputed by the consumer, the agency shall indicate that fact in each consumer report that includes the disputed information.

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