Credit Scoring

I found this under credit disputing at the yahoo site you posted Erica.

When a consumer disputes credit information on his or her credit report, the three major credit bureaus, Experian, formerly TRW, Equifax, and TransUnion, must notify each other of the reinvestigation. In the past, it was the consumer's responsibility to notify each bureau.
Under the updated law, credit bureaus are required to use information supplied by the consumer as well as the credit grantor when reinvestigating inaccurate credit information. This was not a requirement under the old law, and bureaus relied primarily on the credit grantor's version.

Now, if this is the case, why is it when 1 cra removes an unverifiable account the other 2 don't. Aren't they supposed to be advised it is unverifiable? I read this somewhere else at one time, but haven't found it in the FCRA.

 

Good idea! I'd be willing to bet that the info there is outdated.

 

LKH: I read that the CRA's report to each other too. I can't remember where either. I'll have to check it out some more. I think I have been reading too much lately because I usually remember where I get my info.

Happy New Year Everyone!

Bobbi

 

If that is the case and the cra's are supposed to report dispute results to each other, then there are some serious violations going on. We could start a class action suit and everybody that has ever disputed anything would be able to join in. Wouldn't that be a happy new year for the cra's?
LB - what do you think?

 

That's exactly what I was thinking, if I could only remember where I read that damn thing!

Bobbi

 

[bold](b) Duties of furnishers of information upon notice of dispute.

(1) In general. After receiving notice pursuant to section 611(a)(2) [§ 1681i] of a dispute with regard to the completeness or accuracy of any information provided by a person to a consumer reporting agency, the person shall

(A) conduct an investigation with respect to the disputed information;

(B) review all relevant information provided by the consumer reporting agency pursuant to section 611(a)(2) [§ 1681i];

(C) report the results of the investigation to the consumer reporting agency; and

(D) if the investigation finds that the information is incomplete or inaccurate, report those results to all other consumer reporting agencies to which the person furnished the information and that compile and maintain files on consumers on a nationwide basis.[/bold]

I think this is what we were looking for.

Bobbi

 

And obviously I don't know how to use the bold option

Bobbi

 

I read the same thing. It was in one of those credit repair books. Something about a new computerized system that was developed for CRA's to notify each other. It was abbreviated with four letters I believe, something like ACDS, well maybe not, but I do remember reading about it.

 

Reading this discussion reminded me of something weird that happened with my credit files recently. About 6 months ago I had disputed an account that still reported as open, even though the issuer (a dept. store) went out of business. I spoke with the creditor that was handling the collection accounts for the store and they did not have any record of my acct. (paid/never late) on file. I asked the bureaus simply to update the entry to closed.

Equifax updated it.
Experian verified it (LIARS!)
TransUnion deleted it.

I decided not to fight Experian about their non-verification, since it was for a positive trade anyway. Just recently, I pulled my EXP and EQF reports, and noticed that the account is gone. They didn't send me any notice of deletion; it just disappeared.

TransUnion must have notified them that the account was unverifiable. Too bad it wasn't a derog or I would have nailed Experian's a$$ to the wall.

So I guess they do communicate, but I bet they drag their feet on it a lot more when it's a derog!

 

No comment. I'm waiting for my sensor ship to dock.