Reply
Member
jcmaroon
Posts: 29
Registered: ‎01-15-2013

Re: Dispute success chances?

The lien is the last baddie, yes. I just had the two. I didn't used to monitor closely enough to catch that stuff when it occurred.

 

I always thought that my debt utilization - which was as high as 90 percent - was weighing down my score. But I guess it was the baddies, as well. I knew they were a little bit, but not that much.

 

Still good to lower it, though, I think, for when I go mortgage shopping for DTI purposes.

Mega Contributor
RobertEG
Posts: 17,251
Registered: ‎03-19-2007

Re: Dispute success chances?

[ Edited ]

The FCRA, in recognition that anyone can assert that they have no recollection of an account, establishes specific requirements to support such an assertion.

The consumer must put that assertion into a sworn statement before a law enforcement agency, which carries criminal penalities for knowingly false statements.

 

The FCRA then imposes requirements on the CRA to block the information from the consumer's credit report (section 605B) and on the furnisher to provide all business records pertaining to the alleged account (section 609(e)).  Both processes require supplying a copy of the police report as basis for their acceptance.

 

With the form of documentation for such assertions clearly specified in the statute, a dispute that simply contests "account not mine" lacks adequate supporting documentation.  By providing a block of the information from the consumer's credit report, the FCRA essentially treats the matter outside of any dispute process.

The dispute process does not really work for such issues, as the OC can simply verify the accuracy based on their records.  They have no way of knowing if their records resulted from identity theft, and the dispute processes dont require proof in order to verify accuracy.  The FCRA identity theft process of CR blocking addresses that catch-22 dilemma without first having to decide the facts.  The consumer's sworn statement is sufficient.

Established Contributor
electra
Posts: 573
Registered: ‎10-21-2012

Re: Dispute success chances?

Are your tax liens federal or state?



Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+