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02-17-2013 07:45 AM
Is there a timeless requirement on a MOV, similiar to a DV?
For example, I disputed a few accounts well over a year ago, that were 'verified'. Is it just flat out too late to request a MOV at this point?
02-17-2013 07:58 AM
There is nothing in the FCRA that states when you can ask for a MOV, just the CRA is required to furnish the information to you within 15 days of your asking.
The problem is they are not required to keep dispute information forever and may not have a record of it now.
02-17-2013 09:18 AM
Great, TYVM for the info.
One more question, off topic but didnt see the need to start a new thread for it.
In the event you have to go through the whole DV>Dispute>MOV>(maybe even to ITS) with one CRA, say experian, and it gets resolved at MOV, that obviously takes care of experian. Would simply forwarding all the correspence to EQ and TU likely result in the same update/removal? I understand they wouldnt LEGALLY have to based on another CRA's investigation, just looking for the likelihood of the other two just following suit to save themselves the hassle. Would really blow to have to go through all that with all 3.....
02-17-2013 09:29 AM
02-17-2013 09:44 AM
right, i just typed that badly, i meant when it ended up being resolved through one CRA, not that all those steps were directed to the CRA.
thanks for the insight, Guiness.
02-17-2013 10:21 AM - edited 02-17-2013 10:35 AM
There is no statutory period after unfavorable resolution of a dispute for the consumer to request a description of the procedure used by the CRA to determine the accuracy and completeness of the information. There is a 15 day period imposed on a CRA to reply.
The complete statutory requriements:
"FCRA 611(6) Notice of Results of Reinvestigation
(A) In general. A consumer reporting agency shall provide written notice to a consumer of the results of a reinvestigation under this subsection not later than 5 business days after the completion of the reinvestigation, by mail, or, if authorized by the consumer for that purpose, by other means available to the agency.
(B) Contents. As part of, or in addition to, the notice under subsection (A), a consumer reporting agency shall provide to the consumer in writing before the expiration of the 5-day period referred to in subsection (A)
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(iii) a notice that, if requested by the consumer, a description of the procedure used to determine the accuracy and completeness of the information shall be provided to the consumer by the agency, including the business name and address of any furnisher of information contacted in connection with such information and the telephone number of such furnisher, if reasonably available.
FCRA 811(a)(7) Description of reinvestigation procedure. A consumer reporting agency shall provide to the consumer a description referred to in paragraph (6)(B)(iii) by not later than 15 days after receiving a request from the consumer for that description."
As for disputes filed with one CRA, each CRA makes its own reinvestigation and determination of accuracy of reporting made to them.
So if one CRA deletes based on a finding that the information cannot be verified, usually due to lack of response from the furnisher, they dont communicate that finding to the other CRAs,
However, if a furnisher, upon receiipt from a CRA of a dispute, finds that they cannot verify the accuracy of the information, and thus deletes on their own, they are required, under FCRA 623(b)(1)(D), to "report those results to all other consumer reporting agencies to which the person furnished the information..."
The burden is placed on the furnisher, not the CRAs, to notify the other CRAs.
Failure to have responded back to a CRA who referred the dispute is not the same as an affirmative finding and deletion by the furnisher, so if the CRA deletes due to lack of verification, that does not compel the furnisher to also delete with the other CRAs.
It only kicks in if they have made their own finding of inaccuracy and have deleted as a result of their finding, not as a result of deletion by a CRA.