In reading over the FCRA I noticed that CRAs are supposed to fix bad information as soon as they find out that it is bad. When I've filed more that one dispute at the same time, the CRAs bundle all existing disputes into one. Then they wait until all issues are resolved before updating the information in my file. The FCRA states "promptly." It does not say that the CRA can wait until all items currently being disputed are completely re-investigated. For example I dispute delinquincies in both CO A and B. CRA gets update from A in three days and B after three weeks. They wait for the three weeks beforwe updating CO A line item. Any comments before I forward this to the ftc?
Gersh, I think that might be bundling in case you use it in your letter to FTC. I am not positive though. What do I think? I don't know what to think yet. Maybe when I dispute someting I will have a better idea. I know it is suggested not to dispute more then 4 items at a time. And expect to give them up to 30 days which is considered prompt and without delay.
I'll draw fire for saying this, but I think you're splitting hairs. Since the maximum amount of time that a CRA can spend on a dispute is 30 days, the most that can happen in a hypothetical case you mention that you have to wait an extra three weeks for an update on a dispute that's already been resolved. I think most reasonable people would agree that this is not that long and that it doesn't violate the spirit of any law. It may very well be that it's easier for them (and more efficient) to update their files all at once than separately. I don't think you have much to write to the FTC about. 3 weeks is not that long and you'll actually wait longer than that in some private companies for your record to be updated. I think you're right, technically, but I think you're splitting hairs and there are more pressing problems with CRAs than whether they update immediately or 2-3 weeks later, when it's still within the 30 day limit.
The problem hits when I apply for credit and they (CRA) know the report they give is incorrect .. If they can determine something is incorrect I think 24 hours is plenty of time for them to fix the bad info.
it's pretty bad when someone can enter the information "This one will be deleted" and not just delete.
Do you actually know when they updated? I assume they would update it as they get it, but probably wouldn't send you the report until they're all done. Your score changes daily anyway (maybe hourly, who knows). It's the same as if I pay my credit card today but it doesn't update for several weeks. I think the courts would probably interpret 30 days as prompt. If you're applying for a mortgage, they can often get updates done much more quickly.
Sorry .. didn't answer your question last post. I currently have one CRA that has resolved one item and is waiting for the second before they update my account. Providian is, at this moment, asking for reviews. They lowered my credit line, about a month ago, because of bad information they received from TU. Between the time that they lowered and now I got my TU-FICO score from 524 up to 617. There is still bad information there. When all said and done I think I will be up to about 700. The bad scoring resulted from several OC accounts posting blatant false information. <grin> Ya think this might be a violation? </grin>
