I have a question... I have a collection account that the original creditor finally noted as "in dispute". How long do they have to provide the validation? They can't of course. It's been since early March and they have not responded to me at all. If they have 30 days, are the CRAs responsible for deleting the information if it remains more than 30 days? In the event that after 30 days, it still remains, who can I hold accountable. Thanks in advance, SweetnSas bka Shantel
The OC has 30 days beginning on the date of notice from you. From the FCRA: § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2] subection (b) (2): (2) Deadline. A person shall complete all investigations, reviews, and reports required under paragraph (1) regarding information provided by the person to a consumer reporting agency, before the expiration of the period under section 611(a)(1) [§ 1681i] within which the consumer reporting agency is required to complete actions required by that section regarding that information. Here's section 611 (a)(1), which explains the timeframe the credtior has to investigate/respond: § 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i] (a) Reinvestigations of disputed information. (1) Reinvestigation required. (A) In general. If the completeness or accuracy of any item of information contained in a consumer's file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly of such dispute, the agency shall reinvestigate free of charge and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer. According to the following section of the FCRA, it is the creditors responsibility to update the account, not the CRA; so you would be holding the OC responsible. From the FCRA: § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2] (2) Duty to correct and update information. A person who (A) regularly and in the ordinary course of business furnishes information to one or more consumer reporting agencies about the person's transactions or experiences with any consumer; and (B) has furnished to a consumer reporting agency information that the person determines is not complete or accurate, shall promptly notify the consumer reporting agency of that determination and provide to the agency any corrections to that information, or any additional information, that is necessary to make the information provided by the person to the agency complete and accurate, and shall not thereafter furnish to the agency any of the information that remains not complete or accurate. The CRA would be held responsible if this were the case: § 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i] (a) Reinvestigations of disputed information. (1) Reinvestigation required. (A) In general. If the completeness or accuracy of any item of information contained in a consumer's file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly of such dispute, the agency shall reinvestigate free of charge and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer.
