Credit Report Update Inquiry

[TrueGeminiNC]

Hi All,

It has been a while since I last posted here on the Rebuilding Your Credit forum.  Notably,  I am attempting to solicit some opinions.  After consistently working to dispute negative informaiton on my Experian report - I was finally successful.  

I have a mortgage with Beneficial/HFC (investment property).  Beneficial/HFC closed all of their branches and no longer originates mortgages.  Loan servicing is terrible and as you can imagine - it has been a difficult battle correcting errors on my report.  However, during my most recent dispute - all negative history was removed from my Experian report.  

When creditors respond to disputes - how are these responses generally transmitted and/or processed.  Do creditors typically update their computer systems and push updated information to all CRAs or do they respond to CRAs manually with no update to their internal system.  

Conversely - I now want to initiate disputes with Equifax & TransUnion, however I don't wan't to push the envelope and risk the negative info being re-added to my Experian report.  I have decided to wait until the first of the year to determine if the creditor will automatically update my Equifax & TransUnion reports.  

However - if these reports are not updated, how would you guys proceed?  Is the reward worth the risk?

Thanks.

[RobertEG]

If you file a dispute with a CRA, they are required (providing the dispute is not frivolous or irrelevant) to forward a copy of your dispute along with your supporting documentation to the furnisher of the disputed information.  The furnisher is then required to conduct a reasonable investigation, and report the results of their investigastion back to the CRA prior to the expiration of the CRA's reinvestigation period.

The furnisher can either (1) verify that the information is accurate as reported, (2) correct any inaccuracy to which the agree, or (3) delete the information from your credit report thus rendering the dispute moot.

The CRA, upon receipt of the results from the furnisher, then makes the final decision on the dispute.  Their reinvestigation can similarly either (1) find the information accurate as reported, (2) correct so as to overcome an inaccuracy, or (3) if they can do neither !1) nor (2), they must delete the disputed information.

If the furnisher's investigation concurs that the information is inaccurate, it is not sufficient for them to correct or delete with only the CRA thru which you filed your dispute.

They are required to also report the correction or deletion to each CRA to which they have also reported the disputed information.  The intent is to avoid the need for a consumer to file a dispute with each CRA if the furnisher concurs that the information requires correction or updating.

If that is your situation, then make an informal call to the furnisher and remind them of their obligation to also correct with each CRA to which the information has also been reported.

[TrueGeminiNC]

Thanks for the info.  The challenging part is actually being able to reach someone who can assist.  Alot of their calls are handeled off-shore  which in itself creates a problem considering the language barrier.  

From your info  - I will stick with my initial plan to wait until after the first of the year and thereafter determine if the information has been corrected wiht the remaining CRAs.  

[TrueGeminiNC]

**UPDATE**

The creditor sucesfully updated all of my CRA reports without having to dispute the account individually with each of the remaining CRAs.  This has been a big win and I am satisfied.