Section 607(b) of the FCRA requires CRAs to "follow reasonable procedures to assure maximum possible accuracy of information" in their consumer reports. It is our view that a CRA that refuses to accept updated and corrected information from a furnisher on student loan accounts, if it still maintains that information in its database, does not have in place "reasonable procedures" to comply with this section with respect to such accounts. The opinions set forth in this informal staff letter are not binding on the Commission. Yours truly, David Medine hiding would you say that a CRA who violates this section could be held liable under another section?
actually can anyone give me input onthis section if the CRA fails to maintain reasonable procedures to report accurate information what law does it hold the CRA liable to the consumer. I understand a consumer has a recourse under 623b against a furnisher so would a CRA also be considered a furnisher?
Tell ya what Fun. I have a Template for a suit for Maximum Possible Accuracy, against both a DF and a CRA. http://www.awesomecredit.com/templates/maxpossaccuracy.htm If you go check it out I bet it would answer some questions for ya. .
wooooowwwwwwww so what was you actual outcome did it proceed as a jury trial or did the offer to settle? like I said I knew you had court experience and you are just playing innocent lol I need more time to read the laws I have been very successful in my disputes with the CA so far and was able to get 4 accts deleted no prob and 3 from the CRA for furnishers requesting or not answering. but I have the Cap 1 thing with the attorney and now I hate to ask the same atty about mbna as it would look bad. what do u think get 2 attys?
Here's the easy way to remember the liability sections of the FCRA... The CRA's are liable under virtually all of the FCRA. Including failing to investigate, failing to report the results of an investigation timely, failing to consider consumer provided documentation, failing to maintain adequite procedures to ensure the accuracy, etc... DF's are only liable for violations of 623 (both a and b for administrative enforcement actions and b for consumer inforcement.)
