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Quick question. If I dispute something that I know for fact is wrong on my credit report and it comes back "Verified", what should be my next course of action? Should I request from the CRA their verification process? Or bypass that and go further? Thanks!
@andersk08 wrote:Quick question. If I dispute something that I know for fact is wrong on my credit report and it comes back "Verified", what should be my next course of action? Should I request from the CRA their verification process? Or bypass that and go further? Thanks!
Duty to Correct and Update Information
If at any time a person who regularly and in the ordinary course of business furnishes information to one
or more CRAs determines that the information provided is not complete or accurate, the furnisher must
provide complete and accurate information to the CRA. In addition, the furnisher must notify all CRAs
that received the information of any corrections, and must thereafter report only the complete and
accurate information. Section 623(a)(2).
Duties After Notice of Dispute from Consumer
If a consumer notifies a furnisher, at an address specified by the furnisher for such notices, that specific
information is inaccurate, and the information is, in fact, inaccurate, the furnisher must thereafter report
the correct information to CRAs. Section 623(a)(1)(B).
If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any
information reported by the furnisher, the furnisher may not subsequently report that information to a CRA
without providing notice of the dispute. Section 623(a)(3).
Furnishers must comply with federal regulations that identify when an information furnisher must
investigate a dispute made directly to the furnisher by a consumer. Under these regulations, furnishers
must complete an investigation within 30 days (or 45 days, if the consumer later provides relevant
additional information) unless the dispute is frivolous or irrelevant or comes from a "credit repair
organization." Section 623(a)(8). Federal regulations are available at www.consumerfinance.gov.
Section 623(a)(8).
Long story short.... See if you can apply a MOV 623 letter to this situation, and hopefully you have older records/proof that the stated information is incorrect.
Excellent. ThankYou