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Bank Of America ignored my 623 letter.

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gbfan10
Valued Member

Bank Of America ignored my 623 letter.

 

I sent them a 623 letter asking for an investigation into why I owe a specific amount.  I used a template I found online.   US Bank ignored it and it has been over 30 days now.   I have a mail receipt proving this.   I know they are now susceptible to a $1000 fine, but I am not sure how to proceed.   I just wanted them to explain or remove the bad info from my report.

Any thoughts?

 

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1 REPLY 1
RobertEG
Legendary Contributor

Re: Bank Of America ignored my 623 letter.

Unless you provide some showing that you assert the balance to be inaccurate, you dont have a legitimate dispute.

You would have a request that they provide you information.

I am thus unsure as to whether they will dismiss your direct dispute without investigation.

 

Regardless, FCRA 623(a)(8) requires that they either conduct a reasonable investigation and provide you notice of results, or else they dismiss the direct dispute.

If they dismiss, they must send notice to you that they have not investigated as a dispute, and the reason why the dispute was lacking.

 

The statute does not require that you receive their notice of results or of their dismissal within 30 days of filing.

It requires that they comply with the same periods that are imposed on a CRA if you had disputed via the CRA.

Those periods are 30 days from filing to complete their investigation, and up to 5 business days thereafter to put their notice of results in the mail.

Those  periods, plus postal delivery time to you, provides a normal receipt of around 40-45 days from filing, not 30 days.

 

I would wait at least 45 days before pursuing any allegation of lack of timely response.

If and when you wish to allege violation of the response period, you should first send a formal complaint to the CFPB.

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