New FACTA Rule took effect Julky 1, 2010

[chasmith]

The rule giving us the right to require an investigation by the "furnisher" of information to CRAs took effect July 1.  I'm thinking of using this before doing an MOV letter to Transunion.  This is so new I'm not sure what others think about this approach.

Thje situation is that I have four creditors who reported my TLs as IIB (I filed Chapter 7 8/2009 with discharge 11/2009) with status dates as recent as last month.  I sent a dispute letter CMRRR to Transunion with a copy of my discharge, TU came back with all four "verified, no change".

the result is that my score report from MyFICO for TU says I have delinquencies 1 month ago (not true) because of the status or other date in the TU report, while Experian and Equifax have corrected things so that, on EQ the FICO score report says I had a delinquency 10 months ago.  Since EXP only sells Vantage scores I can only llok at the 650 Vantage score from them, but they actually did the most accurate job setting the dates correctly.

From the FTC Rule:

§ 660.4 Direct disputes.

(a) provided in this section, a furnisher must conduct a reasonable investigation of a direct dispute if it relates to:

(1) The consumer’s liability for a credit account or other debt with the furnisher, such as direct disputes relating to whether there is or has been

identity theft or fraud against the consumer, whether there is individual or joint liability on an account, or whether the consumer is an authorized

user of a credit account;

(2) The terms of a credit account or other debt with the furnisher, such as direct disputes relating to the type of account, principal balance, scheduled

payment amount on an account, or the amount of the credit limit on an openend account;

(3) The consumer’s performance or other conduct concerning an account or other relationship with the furnisher, such as direct disputes relating to the current payment status, high balance, date a payment was made, the amount of a payment made, or the date an account was opened or closed; or

(4) Any other information contained in a consumer report regarding an account or other relationship with the furnisher that bears on the consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of  living.