Letter approval/suggestions PLEASE

Discussion in 'Credit Talk' started by Melissap1, Sep 27, 2003.

  1. Melissap1

    Melissap1 Well-Known Member

    Please feel free to correct. I need to get this letter out in the next week. These loans are now in deferment. The duplicates are killing my scores. Any help or opinions are welcome and appreciated.


    Bank Address

    22 Sept 2003

    RE: Accounts #x0001, x0002, x0003, x050001,x050002,x050003

    To Whom It May Concern:

    I have had numerous problems with your bank and my accounts. x001, 2, and 3 were reporting as either discharged or included in bankruptcy with a $0 balance being owed to you. This was verified several times with Experian and Equifax. This is in violation of the FCRA (§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]). I am enclosing a copy of the 3 accounts listed in bankruptcy and verified as of 9/03 with Experian as an example. I am also enclosing a copy of how you are repoting to Equifax.

    Section 623(a)(2) of the FCRA addresses the duty to correct and update information by "furnishers," or persons who furnish information to consumer reporting agencies ("CRA") such as credit bureaus. In particular, this section requires a person that "has furnished to a consumer reporting agency information that the person determines is not complete or accurate" to "promptly notify the consumer reporting agency of that determination" and provide any information needed to make it complete and accurate.(1) Thus, on its face, this provision requires a furnisher to provide corrected or updated information to the consumer reporting agency that it had reported to originally. A furnisher that reports current information to a different CRA has done nothing to "correct and update information" with CRA that possess the information that the furnisher has now determined is incomplete or erroneous. This duty extends to all student loan accounts reported to CRAs, regardless of whether they were accurate at one point, because the section requires the furnisher both to "update" accounts as well as to "correct" those that were erroneous when submitted to the CRA.

    I made several attempts to talk with employees and supervisors who told me that I did owe the money, though your own systems were reporting a $0 balance because of the bankruptcy. I was told that I needed to prove that you included it in bankruptcy. I didnâ??t feel that it was my responsibility to acquire the bankruptcy paperwork that your bank apparently lost. I then said that I would pay the loans back, but for you to please correct my reports. They were not corrected. In fact, I have had duplicate accounts added to my credit reports (x050001, 2, and 3). I have 5 accounts listed on my credit reports for the 3 loans that I have. This is again in violation of the FCRA§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2].

    I ask that you remove the erroneous accounts from my credit reports and that the correct accounts reflect my deferments without late pays caused by correcting this situation. I was turned down for a refinance which would have lowered my mortgage payments and allowed me to take enough equity out to pay off these loans. I have also been denied a credit card and lower insurance rates. I would like to no longer suffer from your errors. Please correct the accounts with Experian and Equifax within the next 15 days.


  2. lbrown59

    lbrown59 Well-Known Member

    /suggestions PLEASE

    THE END ** *** ** LB 59
  3. jlynn

    jlynn Well-Known Member

    I don't understand this. Where is the violation?
  4. Melissap1

    Melissap1 Well-Known Member


    The accounts were open and in good standing. Butch suggested I try to get them to report as good vs. losing the lines all together.

    This was bumped after the letter was already sent. I now have a letter from the bank stating that I have 3 loans pays as agrees/never late. They also put in the letter that all this information will be at all 3 CRA's no later 17th of November. My disputes on these lines are due on the 21st. So if the CRA's report the incorrect information as verified, then I have proof against them.

    I basically had 3 lines that turned into 6, but none of them were 100% correct.

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