I wrote a letter to my prior mortgage company requesting that they remove the 30 day lates on my report. They really are not accurate. I sent the letter on May 27 and got a letter back dated June 3rd that they got the letter and will reasearch my inquiry. I still have not gotten anything back (30 days tomorrow). Do the same rules apply here that apply with collection accounts ect (30 days to validate)?
OC's are not subject to validating as per the FDCPA because the FDCPA doesn't apply to oc's. So, no, they do not need to respond withing 30 nor do they actually need to respond at all to validation requests. Per the FCRA rule 623 you can dispute the correctness of the info they are reporting.
So thats it? They can report what they want and we just have to accept that they report wrong info? Thanks for responding LKH
I did read that. I did not send a validation letter. I simply sent them a letter stating that I was not EVER 30 days late and they were not reporting this account correctly. Again, I still do not know what the next step should be here guys. Oh and the FCRA DOES state that they have 30 days. (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. (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.
Both rules that you quoted relate to investigations when you dispute to the cra. The cra notifies the reporter of the info. The reporter of the info then must respond to the cra within 30 days or the cra must delet the item. This has nothing to do with when you direct a dispute directly to the reporter of the info.
Here is what the FCRA says. I interpret it to mean, if you dispute the acct itself, then the whole item should be deleted. If you only dispute a part of the info regarding an acct, then it shoulc be updated. But, TU rather than say, remove a late you disputed, will remove the whole tradeline. Or, if you only disputed the credit limit, TU will delete everything, whereas Exp. and Equ. will update it. 611 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.
Well . . . that sucks. I disputed late pays on a tradeline - no names (KeyAuto) - my second (or third) dispute since 08/01 on this tradeline and EQ deleted entirely. My score dropped with the deletion.
LKH: What legal route can one take when you have "disputed the accuracy" of an account with the OC and the OC ignores your dispute?
This explains why my Mervyns and Belk accounts show status R9 with no derogs on EQ. They updated the info according to my results and wondered I what changed because the status sure didn't. Now it really looks odd having two charge off accounts that were never late. Ambitious
If they are reporting the info that you dispute, then I would write a letter to them spelling out their violations of rule 623 of the FCRA. which is below. Then, if they still ignore you and don't proceed as the law says, you have then set them up for any legal action or demands you may want to take. § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2] (a) Duty of furnishers of information to provide accurate information. (1) Prohibition. (A) Reporting information with actual knowledge of errors. A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or consciously avoids knowing that the information is inaccurate. (B) Reporting information after notice and confirmation of errors. A person shall not furnish information relating to a consumer to any consumer reporting agency if (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate. (C) No address requirement. A person who clearly and conspicuously specifies to the consumer an address for notices referred to in subparagraph (B) shall not be subject to subparagraph (A); however, nothing in subparagraph (B) shall require a person to specify such an address. (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. (3) Duty to provide notice of dispute. If the completeness or accuracy of any information furnished by any person to any consumer reporting agency is disputed to such person by a consumer, the person may not furnish the information to any consumer reporting agency without notice that such information is disputed by the consumer. (4) Duty to provide notice of closed accounts. A person who regularly and in the ordinary course of business furnishes information to a consumer reporting agency regarding a consumer who has a credit account with that person shall notify the agency of the voluntary closure of the account by the consumer, in information regularly furnished for the period in which the account is closed. (5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.
