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Discussion in 'Credit Talk' started by Momof3, Aug 24, 2000.
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RE: you dispute , then how do
sorry this is so long, but I think its an important question that my impact alot of people.
I've seen this question on this an other boards but never really seen a definitive answer. If a creditor (or a CRA, for that matter) elects to "prove" something rather than "remove" it, what exactly would count as "proof." In other words, does a letter stating "our records show that the information that is currently reported is correct" suffice? I received a letter like this in response to a "prove it or remove it" letter that I sent to a creditor. This particular creditor was reporting three thirty day lates on a car loan that I used to have (okay, you twisted my arm it was GMAC.) The dates were not showing on the credit report, only that it was late 30 days three times. I called this creditor trying to get the dates of the lates that were reported and was told that they did not have the information available. I then wrote a letter stating I wanted to see the dates of these payments so that I could go through my cancelled checks and see when the payments were made, because its entirely possible that the payments were not late at all, I don't remember ever paying the account late. It was basically your "prove or remove it letter" like those referred to above. The letter I received back basically stated what I said above, without the dates. I guess I just don't see how something can be "verified" if the dated arent' there??? They didn't even refer to what they were reporting in the letter, just a blanket statement "what we are reporting is correct."
I am concerned about this for the following reasons: I had this car loan from 1992-1997. Its been paid off for three years. Without dates, how do I know 1) if the lates are more than 7 years old or not 2) how do i know that potential creditors won't just assume that these lates are more recent?
What kind of documentation do they need to give you to consider information "verified" or "proven?"
RE: you dispute , then how do
This is my current, for the last 3 months, situation. Experian has the most incompetent people on the face of this earth!
I have been disputing a re-aged credit card...nothing negative, but "closed by credit grantor." This account was closed in 1993 and I know this for a fact. For the last 3 months I have been trying to get this corrected. EACH REVISED CREDIT REPORT THEY SEND BACK TO ME HAS SOMETHING THAT I AM NOT DISPUTING CHANGED AND THE ONE ITEM THAT I AM DISPUTING IS "VERIFIED" WITH NO CHANGE. 2 months ago I received a revised report with 30 inquiries added in one month (non of these inquiries were listed on the previous months report), not to mention the first three digits of my ss# was changed. I then sent them another letter disputing all of these items with copies of SS#, Drivers License, and previous letters. I just received another report no change to any of the disputed items, but I now have a new date of birth and new employer. My thing is: WHY DO THEY KEEP TOUCHING UNDISPUTED ITEMS and not researching the items in dispute?
What should I do next?
How Creditors Verify
Mom (and others):
What youâ??re asking depends on the creditor, but Iâ??ll give you a general overview of how about 80 percent of them handle to a CRA disputeâ?¦
Firstly, every mainstream creditor or collection agents work from either an Interchange or close computer tracking system. This is where payment histories, interest, logs and event (such as contact) notes are entered and stored. The collectors, by the way, generally have no control to manipulate the systems other than input and data retrieval. Itâ??s important to know about these data systems and hereâ??s whyâ?¦
CRAs donâ??t submit individual disputes to creditors for verification, but rather transmits them via tape-to-tape, or in bulk via computerized relay mechanisms. The creditorâ??s computer system sifts through the dispute records sent by the CRA, and compares it with their Interchange or system records to flag the subject accounts. From here either a real person or computerized schema flag accounts as verified or â??cullâ? (depending on which is applicable), a cull account representing one that cannot be substantially verified as accurate.
After this process another tape-to-tape or transfer is prepared and sent back to the CRA, where results are filtered back into the reporting system.
Of course this is a simplification of the whole process but it does give you some idea of how mistakes can be made, whereas with computers: bad info in, bad info out. Truly, some creditors have variations on this system but all in all, they work under the same principle.
Keep The Faith,