Hello, Can someone help me interpret the following extract of the Keller-Cohan Opinion Paper? http://www.ftc.gov/os/statutes/fcra/cohan2.htm Specifically, the following verbiage... --------------------------- 5. When a re-seller furnishes a consumer report to a lender, and subsequently both the lender and the consumer claim that the request for the report was initiated in error by the lender, is the national repository that reports the "inquiry" permitted to remove the inquiry from its file at the request of the re-seller? No. If a CRA supplies a consumer report, it may reflect that event by an inquiry notation. There is no legal or policy requirement to display the inquiry (other than to the consumer in connection with disclosure pursuant to Section 609(a)(3)). The fact that a consumer report was requested "in error" does not nullify the fact that the report was furnished; that information must be retained by the CRA so that it can comply with Sections 609(a)(3) and 611(d), among other reasons. --------------------------- I just want to know if the CRAs have some basis for their justification regarding NOT investigating inquiries. Believe me...I'm also sick of those Glenn King form letters... TIA, Ted
Re: Help with FTC Opinion - Inquiri Not by a long shot. We do not dispute the fact that a report was pulled. We dispute the fact that an inquiry was made for a permissible purpose under FCRA. Listing or coding such inquiries as "hard" (or "above the line"), falsely represents that they were made for permissible purpose. Since the CRA keeps no records pertaining to the permissibility of the the inquirer's purpose, they cannot legitimately claim that it is an "a matter of record". Thus, by refusing investigation of INQs, the CRAs are in gross, wilfull violation of FCRA. The reason they persist is because, to this day, no consumer has ever sought a class-action remedy to rectify the situation. Saar
Any other successful options? ...besides lawsuits & persistence with a local affiliate (ie. CSC with occassional success). I agree that only drastic actions are the only means to make them (TU & EFX) budge on the inquiry dispute. I see that the FTC route may also lead to a brick wall... http://consumers.creditnet.com/stra...tid=127306&highlight=EQU+inquiries#post127306 What about this "group project" with the FTC thread? Was there another thread which discussed any follow-up that I missed? http://consumers.creditnet.com/stra...threadid=10598&perpage=20&pgnum=&pagenumber=1 TIA, Ted
Addendum - just me venting I won't insult your intelligences by stating the obvious regarding Hard Inquiries and its affect on your score.... I just wish that the freakin' FICO, BEACON, Empirica, and CreditXpert scores would be revised to only decrease your score if a hard inquiry was pulled AND it is associated with a grant of credit...in the worst case. Ideally, I don't think there should be any affect on your score. Don't freakin' penalize someone for shopping around or you had a loan/mortgage broker who, without any further consultation with you, went ballistic by submitting your application to 20 lenders (yes, I've heard about the 14 and/or 30 day rule...I think it's crock since I've noticed a 2-point increase for each single inquiry being deleted from 30-day period search). ...just venting...and dreamin' for greener pastures.. TIA, Ted
Re: Any other successful options? Bump... Regarding the June '01 Mass-FTC Group Complaint...Were there any further responses/actions taken by the FTC or TU/EFX??? ...just curious. P.S. - Sorry about the "signature" thing in previous messages...I finally figured out how to automatically include my signature without typing it after each message.
