I've got a 2 year old auto loan in dispute with TU that's due back in 3 days. I disputed it as never late (it's showing 1 30-day last year). I just called TU and they said the entire tradeline will be deleted if they fail to respond and that it is the law. I thought they just updated the tradeline to show what you claim? What to do?
They are full of sh#$. If you dispute a tradeline as never late, and the creditor doesn't respond, they must remove the late notations only. The only way it can be deleted is if the creditor tells them to or, you disputed as not mine and the did not respond. Tell them to read the FCRA.
I just quoted them section 611 of FCRA on the phone and they said they would be in compliance by completely deleting the tradeline. Bastards....
I guess the next question becomes - do I lose points when this gets deleted or does it help since it was showing up in the "derogatory" section of the report? I guess I could call the creditor and have it reinserted then try to nail TU when I don't get the 5 days notice.
Per § 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i] (5) Treatment of inaccurate or unverifiable information. (A) In general. If, after any reinvestigation under paragraph (1) of any information disputed by a consumer, an item of the information is found to be inaccurate or incomplete or cannot be verified, the consumer reporting agency shall promptly delete that item of information from the consumer's file or modify that item of information, as appropriate, based on the results of the reinvestigation. They must do what is most appropriate, which is delete the late notation!
What is their problem? Why are they choosing to just delete the thing? I do not understand their logic.
They claim that since the creditor didn't respond, the account validity is now in question. That being the case, they will completely delete the tradeline.
An item of information is a reported late pay, a date of charge off, a balance, a credit limit... BUT NOT AN ENTIRE ACCOUNT! Find FTC opinion letters that make reference to 'items' and that in the context of the letter mean late pays, open dates, etc.
Excerpt from a FTC opinion letter: ...commencement-of-delinquency date mandated by Section 605(c)(1) on an account where the chargeoff or collection ("item of information") was first reported to the CRA ("added to the ... file") prior to that date... Check this link to an FTC opinion letter. Does this hold water?
I agree, it is spiteful and I may very well threaten a suit. How good are they at giving the 5 days when it is reinserted?
My, my we sure are a litigious group, aren't we? LMBO! I've been working on the draft of a Complaint for my own next lawsuit...lol. L
Well, although my TU access is blocked, I just pulled an ELOAN score. Before the auto loan was deleted, it was 577. The auto loan was deleted today and the eloan score is 588. My TU score was 646 yesterday so I guess it went up as well. Guess I won't complain about the deletion.
