this stupid company. Just wondering if I have gorunds to do so. Hi All, I am wondering if we have an action against a company we had our loan through. The account is paid in full as of 2/03...never late and 0 balance. It was a joint account. On my credit report, it shows good standing, paid never late and 0 balance. On hubby's reports (all 3) it shows he filed chapter 13. Some of you may remember who this company is. Hubby has never filed any form of bk and this is the only derog on his reports. Apparently, in contacting the oc, there were a "handful" of accounts that were mistakedly transmitted to the cra's with this info. After many run-arounds over the phone, I finally got someone to admit the mistake. We were sent a letter stating the mistake and that hubby indeed had no evidence of bk. We were told it could take 45 days to correct. It hasn't been 45 days yet, but info is still there. I called last night and they didn't know what I was talking about. I know that in previously reading FCRA, there was a clause in there that indicated that incorrect information MUST be deleted within 5 days of acknowledging that it is wrong. Trying to figure out if this only applies to cra's. In TX, OC's fall under CA's as well. It seems hard to beleive and is hard to accept that a mistake made on their behalf that occurs instantly can take nearly 2 months to be corrected. It is ridiculous and I am aware that the chances of recovering all his fico points once the item is deleted is slim...we all know fico doesnt work that way. Anyhow, this company also did a hard inq on hubby and my reports. We did not apply for credit through them. I tried ot find out information directly through them and I was told "well maybe it was from when you bought your car". We bought it in May 02 and the inq was March 21 03. I said "Try again". I asked for their legal department address. She says "Please hold" then comes back on the line and says that they don't have a legal department. I said "I bet ya DO...that's okay, I can get your agent of service throught he Secretary of State" I am SOOO pissed at this company. I am trying to figure out if I have a cause of action against them for 1) false reporting and negligent noncompliance and 2) non pp. Any interpretations out there that may be of help? I am really trying to see if I can nail these people. Like I said, hubby's credit is clean...except for this FUBAR. Thanks guys!!
Here's what I found: Fed FCRA: § 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. (b) Duties of furnishers of information upon notice of dispute. (1) In general. After receiving notice pursuant to section 611(a)(2) [§ 1681i] of a dispute with regard to the completeness or accuracy of any information provided by a person to a consumer reporting agency, the person shall (A) conduct an investigation with respect to the disputed information; (B) review all relevant information provided by the consumer reporting agency pursuant to section 611(a)(2) [§ 1681i]; (C) report the results of the investigation to the consumer reporting agency; and (D) if the investigation finds that the information is incomplete or inaccurate, report those results to all other consumer reporting agencies to which the person furnished the information and that compile and maintain files on consumers on a nationwide basis. (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. (c) Limitation on liability. Sections 616 and 617 [§§ 1681n and 1681o] do not apply to any failure to comply with subsection (a), except as provided in section 621(c)(1)(B) [§ 1681s]. (d) Limitation on enforcement. Subsection (a) shall be enforced exclusively under section 621 [§ 1681s] by the Federal agencies and officials and the State officials identified in that section. ANd...the state laws: TITLE 5. PROTECTION OF CONSUMERS OF FINANCIAL SERVICES CHAPTER 391. FURNISHING FALSE CREDIT INFORMATION §391.001. DEFINITION. In this chapter, "credit reporting bureau" means a person who engages in the practice of assembling or reporting credit information about individuals for the purpose of furnishing the information to a third party. §391.002. FURNISHING FALSE INFORMATION; PENALTY. (a) A person commits an offense if the person knowingly furnishes false information about another person's creditworthiness, credit standing, or credit capacity to a credit reporting bureau. (b) A credit reporting bureau commits an offense if the credit reporting bureau knowingly furnishes false information about a person's creditworthiness, credit standing, or credit capacity to a third party. (c) An offense under this section is a misdemeanor punishable by a fine of not more than $200. (V.A.C.S. Art. 9016, Secs. 2, 3.) Thanks guys!
TX requires it to be deleted in 10 days after you win a lawsuit, and this pertains to CRAs. I've had many tell me they "have up to 45 days" for the life of me, I would like to know where they are getting this. This sounds like no PP, but take it up separately. Now, do you really want money, or do you want the BK gone? Have you disputed with the CRA's to move it along? If you have did the OC mark it in dispute? IMHO, I think you need to work thru the CRAs at the same time. The FCRA gives OC's the time frame of "promptly". What in Hades is that? And that is under 623(a). I think you are going to have to dispute with the CRAs before you do anything else. ...my .02 cents
Although 623(a) is not supposed to be actionable by an individual, others have quoted case law that says differently. Bottom line, and if I have this correct in my head, you still have to go thru the proper channels first (dispute with the CRAs). Devils Advocate in supplying false information. IMHO the keyword here is "knowingly".
Thanks jlynn... Its so hard not to get so extremely pissed at what they have done. It is total BS!! I guess there are a couple things I can do. Hubby IS entitled to deletion of the bk notation and to have the account returned to positive status. I am hesitatn in disputing with cra's because of their willingness to just delete the account. I guess what plays out plays out. On the pp question...did you ever post your its /demand letter? Thanks jlynn...you have helped sooo much!!! Actually have gained 60 points back on tu.
Actually posted the whole series just a few days ago for someone. Try a search on permissable AND Foleys. Might find it pretty easily. Breathe deep, and give it time - its not worth losing the good account to go balls to the walls.
