FCRA 30 days--when does it start?

Discussion in 'Credit Talk' started by cariba, Sep 9, 2001.

  1. cariba

    cariba Well-Known Member

    I am so happy to have found out about this site! The information posted in here is great!

    I spoke with a rep at Equifax last week who told me that the 30 day clock for investigations starts running from the DATE THEY PROCESS THE INVESTIGATION REQUEST into their computer, NOT THE DATE I GET STAMPED ON THE RETURN RECEIPT CARD.

    This does not sound right to me. I have always calculated the date from the return receipt card. The way Equifax does it definitely works in there favor, not ours. This has to be wrong--it took them 8 DAYS to process my last request for investigation!
  2. keltexx

    keltexx Well-Known Member

    I would count the signed receipt basically as a way of proving that they indeed received the request for validation. And, further, their 30 day definition seems to be 30 business days, so I think that a 45 degree is more realistic. I am not saying that is right, but that is what to expect.

    Some CRAs will send you a letter telling you when they received it, and when they expect to have the investigation complete (end of 30 days). I haven't ever had to call anyone yet about the lateness of responses-although the CRAs can stretch it at times.

    I know it sucks-I have learned to just be patient, wait for the letters, watch for a response....really, I have had better luck w/my disputes when I handwrite and send by regular mail rather than send a detailed letter via certified.

    Good Luck.
  3. cariba

    cariba Well-Known Member

    Thank you for the response. I may try handwriting my next letter to Equifax. I just have one last item to get off with them. 2 more with TransUnion. Too many with Experian.

    Just wondered if the 30-day rule was a way to get them. The FCRA is very poorly written, as are most laws.
  4. roni

    roni Well-Known Member

    That's not the law or my experience. According to the CRAs, it is 30 days from when they start the investigation. By law it is 30 days from the time the sign for the RR, but no one has ever challenged it that I know of.... The CRAs have stepped up to the plate in the last couple of years. Prior they would drag their investigations out, but now they have automated systems that will delete and print an updated report at 30 days if no one has verified the information or reset the investigation clock.

    45 days are allowed if you supply additional infromation after the investigation is started.
  5. cariba

    cariba Well-Known Member

    Well, unless Equifax has a letter in my mailbox tomorrow, which I doubt, then my last item with them will have to drop off.

    I agree that 30 days should start with the date on the RR, and that is what I have always gone by. The law does not specifically state business days. Just days.

    I will be challenging Experian on this basis. They rarely respond to me within 30 days.

  6. roni

    roni Well-Known Member


    why wait for the mail? i'd call equifax and ask for an update on the telephone. they'll tell you when it was verified or if they deleted it.

    good luck!

  7. cariba

    cariba Well-Known Member

    I did call last week to find out --there was one item that was not deleted.

  8. G. Fisher

    G. Fisher Banned

    See if you can get their rule in writing; I could use some comedy. Even their hemming and hawing would be rich. Get a name. Post it.

    http://www.ftc.gov/os/statutes/fcra.htm#611 :

  9. cariba

    cariba Well-Known Member

    Thanks for that section. I received nothing today from EQ. Maybe tomorrow...In any event, the RR had 8-2-01 as received date, so they are way over. The letter is in the process of being drafted!

  10. lbrown59

    lbrown59 Well-Known Member

    In that case they would never have to investigate b/c all they have to do is never enter it in to the Computer.

  11. lbrown59

    lbrown59 Well-Known Member

    Why 30 to 45 days when it could be done in 5 to 7 days- so I feel 15 days is a very generous time frame to give them:

  12. G. Fisher

    G. Fisher Banned

    Why wait 5 days?

    The industry calls it the Rapid Credit Dispute, and according to this credit report preparation service, "Usually within 24 to 72 hours the Bureaus will update the credit file" for mortgage loan applications.

    The big question is: What makes a mortgage loan sacred? Aren't car loans, credit cards and insurance important?
  13. lbrown59

    lbrown59 Well-Known Member

    Bigger question why should one be overcharged for any loan or insurance when reports can be corrected in a week or less???

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