Method of Verification

[Anonymous]

I have an account that was disputed with all three CB's (its reporting inaccurate) and they have all sent back results saying "verified". My understanding is per FCRA I have the right to request their method of verifcation (MOV) and they are obligated to reply to that request within 15 days. 

I have requested MOV and as of today have received two responses that were generic letters stating a procedure they follow. There is no information pertaining to the account in question, nothing specific to me at all. I have read that this is the norm when requesting MOV from CRA's but isn't this a violation of the FCRA?

What should my next step be? 

Thank you!

[RobertEG]

The dispute process requires the CRA to refer a copy of the dispute to the furnisher of the disputed information, and to receive a copy of the furnisher's investigation.

The consumer is then entitled, under FCRA 611(a)(7) to request a description of the procedure used by the CRA, which must include the name, address, and phone number, if available, of any furnisher to which the dispute was sent.  See FCRA 611(a)(6)(B)(iii).

There is no question that the CRA is explicitly required, at a minimum, to provide the name and address of all furnishers to which they referred the dispute.

A generic response that lacks at least that information is in violation of the FCRA.

I would send a formal complaint to the CFPB.

You are also entitled to bring civil action against the CRA for their violation.

[EDub357]

So, being that they must be explicit with their MOV, any suggestions on a letter to send detailing their requirements, and let them know what they are required to provide?  I'm trying to avoid they form letter response. 

[RobertEG]

I would simply cite the relevant portions of the statute:

FCRA 611(a)(6)(B(iii)  provides that a consumer may request
“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 con-nection with such information and the telephone number of such furnisher, if reasonably available.”

FCRA 611(a)(7) provides:
“ A consumer reporting agency shall provide to a 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. “

[Anonymous]

^^

Typically citing the statutes is enough to force them into dealing with the MOV properly without having some lawyer say they didn't know that's what you were asking for.

[Anonymous]

Do MOV's work to get innacurate information off your report?? EX keeps verifying a CO account that has incorrect information (dates of last payment, date of delinquency) and the information is remaining on my credit report for longer than I believe it legally should. The OC will not answer any of my questions about the account as it was sold to a CA but th CA is not reporting so I don't want to poke a sleeping bear. Unfortunately I did not save documentation from the OC as this was nearly 7 yrs ago, and yes I know it will age off soon (NOV 2017), but not soon enough.

[RobertEG]

No, an MOV request does not impose any requirment to remove or delete reporting based on their statement (or lack thereof) of the procedure they used to verify the accuracy.

It requires that they inform you of who they contacted in the dispute process.

That information might be basis for either a complaint to the CFPB or for initiation of civil action asserting an improper verification, but is not per se a violation that mandates deletion of reporting that was subject of the dispute.  It is legal disclosure that might be used in further challenge.