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CreditDrama85 wrote:I recently disputed approx 5 accounts with all 3 cr agencies.Experian immediately replied saying they already investigated, no change.EQ and TU list accounts as: consumer disputes, reinvestigation in progress.It has been 30 days since the reinvesigation was listed on my cr. but eq and tu have not replied or made any changes.should i send them certified mail request that these accounts be deleted since they were not verified? or do they still have more time?what are the rules on reinvestigating a previously disputed accounts? thanks for all the help!
I sent a request to 3 lenders to confirm. When I did myFico showed a 16 reduction in my credit score.
The description of the alert was:
Consumer Disputes - Reinvestigation In Progress Consumer Disputes This Account Information ChargeCharge
.
I didn't know that disputing a record could trigger a reduction in credit score, does that sound right?
Yes, I reinvestigated a old student loan payment that was 90 days late and I took a hit on my score. The reason I was told is this becomes a brand new debt as far as credit reporting goes. I am currently using an attorney and they are awesome getting my credit cleaned up,even cleaning up old lates with current debt ie car payment. Hope this helps
The terminolgy "reinvestigation"as it relates for disputes filed under FCRA 611 via a CRA does not pertain to re-investigation of a previous dispute.
It refers to their investigation subsequent to obtaining the results of investigation from the furnisher of the disputed information.
The CRA must refer disputes of information to the party who reported the information to the CRA. That party must conduct a reasonable investigation and report the results back to the CRA. The CRA then makes the final decision based on the results reported to them and any other information in their possession.
That is the "reinvestigation.
A second dispute filed with a CRA that is substantially the same as a prior dispute can be dismissed without reinvestigation by a CRA as being "frivoulous or irrelevant".
They have no obligation to reinvestigate unless a second dispute contains substantially new information supporting the dispute.
CRAs have 30 days from the date of receipt of a dispute to complete their reinvestigation. They then have 5 business days to mail the Notice of Results to the consumer.
Thirty days plus 5-7 days plus mailing time equals approx. 45 days.
I would not assert violation by the CRA until at least 45 dys from filing. If you wish to assert a violation, you can either file a complaint with the CFPB or bring your own civil action against the CRA.
What is an MOV and CMRRR?
MOV = Method of Verification & CMRRR = Certified Mail Return Receipt Requested