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How long to update?

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Anonymous
Not applicable

How long to update?

I think I have found a way to get PRA to delete their tradelines on my reports!  I have one collection showing up as two separate occurences (the Equifax reporting is separate for some reason), with different account numbers, different opening dates, and different closing dates (by almost three months).  I'm trying to make my case for a deletion as strong as possible here, so how long do they have to update the account information?  I paid them 12/8/16 and the $0 balance was reported on 12/18/16 on Experian, 3/8/17, for Transunion, and Equifax has no dates at all!  Thoughts?  Chance of deletion?

Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: How long to update?

Deletion only becomes a requirement if the disputed information cannot either be updated to correct the asserted inaccuracy, or they do not verify the accuracy as reported.

Thus, the debt collector always has the opportunity to correct without any issue of required deletion.

 

In the case of information that is a required element of reporting, such as the currrent balance, an assertion of inaccuracy would not result in the deletion of a currrent balance.

Absent any verification, the CRA would corrrect in the manner asserted by the consumer in the dispute as accurate.

 

As for how long a furnisher has to update reporting, FCRA 623(a)(2) requires any information to "promptly" be updated as it becomes necessary to reflect its current accuracy.

The statute does not set a specific period in terms of days, weeks, or months.  When any provision of statute is subject to interpretation, a reasonableness standard is usually applied by the court.

A reasonable period would be in their next regular reporting cycle.  Thus, one would likely have an argument that any lack of update longer than two months is prima facie unreasonable, and thus not "prompt" under the standard of section 623(a)(2).

That would provide possible basis for complaint to the CFPB or possible civil action on the part of the consumer, but such a violation would not itself mandate deletion of the information.

Message 2 of 3
Anonymous
Not applicable

Re: How long to update?

Checked my reports this morning and the tradelines is completely gone from all three reports!  So excited!!!  Still have only received the standard response from them, but it looks like they are gone!

Message 3 of 3
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