topic Re: If you REALLY want to know how a CRA deals with your dispute..... in General Credit Topics

If you REALLY want to know how a CRA deals with your dispute.....

MidnightVoice — Mon, 31 Dec 2007 21:46:57 GMT

edit: I remembered this post when there was some discussion about whether disputes ever really do get investigated. MV kindly dug it up, and I've bumped it up for all to ponder. Interesting, depressing, enlightening, and infuriating all at once. --hauling

.....

http://financialservices.house.gov/media/pdf/060403lb.pdf

start reading on page 6.

Message Edited by haulingthescoreup on 12-31-2007 01:46 PM

Re: If you REALLY want to know how a CRA deals with your dispute.....

newFICOwatcher — Sat, 24 Nov 2007 01:49:26 GMT

I wish I could say I was shocked, but this is just more proof of the entire financial industry scratching each other's back.

Re: If you REALLY want to know how a CRA deals with your dispute.....

haulingthescoreup — Sat, 24 Nov 2007 02:10:01 GMT

Sure does explain my latest round of pretzel logic with EQ.

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Sat, 24 Nov 2007 15:53:28 GMT

BRILLANT! LOL

Re: If you REALLY want to know how a CRA deals with your dispute.....

Red1Blue — Sat, 24 Nov 2007 16:10:10 GMT

Very good post. Thank you for the information.

Re: If you REALLY want to know how a CRA deals with your dispute.....

HA2007 — Sun, 25 Nov 2007 01:56:03 GMT

Thanks for the info. Great Great!!!!

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Sun, 25 Nov 2007 02:06:54 GMT

I didn't know that all they put in was a code, but I did know that they rarely almost never call and just send it via computer and it almost always comes back verified.

I also know that is also how some disputes do not come back verified- because they send it via computer that is how some do get deleted.

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Sun, 25 Nov 2007 02:31:27 GMT

Very nice report - sadly it was presented to Congress in 2003 and, yet, here we sit

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Sun, 25 Nov 2007 05:39:43 GMT

This is SAD It's almost like they don't care. Why have a dispute option/process for consumer's if you're going to ignore it. How can they say "make the information in our system look like yours", that statement is fraudulent in itself. And these are the people that have our entire "credit" future in their hands..... Something have to be done!

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Sun, 25 Nov 2007 07:39:13 GMT

**bleep**! If it is the way they still do the handling of dispute, then I guess, I have made a lot of unnecessary typing. LOL

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Sun, 25 Nov 2007 20:27:46 GMT

Wow! That was very interesting................

Thanks for sharing

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Sun, 25 Nov 2007 22:04:25 GMT

None of this should be a surprise as we have experienced an anti-consumer administration for the last 6 years. It's going to take a lot of political capital to haul banks and cra's into court and sue them. As long as the credit system is allowed to operate as big business's private fiefdom nothing will change.

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Mon, 26 Nov 2007 01:02:05 GMT

yup, they really pulled one over on us!!

Re: If you REALLY want to know how a CRA deals with your dispute.....

Dawn — Mon, 26 Nov 2007 02:13:37 GMT

Considering that the automated dispute verification system is inadequate for many situations, has anyone actually gotten past this short-cut and forced the CRAs to provide all documentation to the data furnishers and forced the data furnishers to dig a little deeper into their resources to truly verify the data they are reporting?

Am I misinterpreting the FCRA when I think that it states that all the information the consumer provides has to be provided to the data furnisher?

Re: If you REALLY want to know how a CRA deals with your dispute.....

haulingthescoreup — Mon, 31 Dec 2007 21:48:25 GMT

bumped, as this is endlessly relevant, I'm afraid...

Re: If you REALLY want to know how a CRA deals with your dispute.....

braznyc — Mon, 31 Dec 2007 22:00:36 GMT

Wow, my jaw actually dropped when I started on page six! This is just insane and from what I gather this report says initiating a letter with the creditor is perilous? That's crazy. It makes me very afraid in the situation I'm in, where this junk loan buyer re-aged my account, I really do think I'm going to have to take him/them to court. I'm so going to print and pass this information along to the folks at the law school. I love picking their brains.

I don't understand why there is no fact checking system done, but then again after reading this I know why. I use to wonder why people who had their identities stolen had such a hard time getting that crap off their credit reports, now I really know why.

Re: If you REALLY want to know how a CRA deals with your dispute.....

haulingthescoreup — Mon, 31 Dec 2007 23:00:21 GMT

As always, we have to remember: we are not their customers. The creditors are.

Unless screwed-up credit histories somehow have a negative effect on the lenders, there is NO impetus on the CRA's to do much of anything, other than a law which is hardly rigorously enforced.

Re: If you REALLY want to know how a CRA deals with your dispute.....

braznyc — Mon, 31 Dec 2007 23:16:26 GMT

Oh I agree @ Haulingthescoreup, it's still just sad. What's the purpose of these laws to help and protect consumers, if the consumer remains at the mercy of the CRA. One would think that they'd want a better system, so their clients are better served, but of course I'm digressing here.

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Tue, 01 Jan 2008 01:50:21 GMT

No big surprise there. You would think the recent lawsuits against Transunion for money in the millions would have helped. Though Transunion seems to move on SOME of the things the other two don't but of course they don't do inquiries. It's like the one positive one has will be matched with a hard negative..

Re: If you REALLY want to know how a CRA deals with your dispute.....

Anonymous — Tue, 01 Jan 2008 06:43:28 GMT

First, as we use services to try to dispute our credit reports - we often generate more profit for them. They profit from the inaccuracies.

Second, the service level of American companies is pretty bad, so this should be of no surprise. In the future, other countries are going to move past us in innovation, technology and eventually economy. China and Middle Eastern companies are now buying big chunks of our banks. Our banking system is a huge mess, look at the housing bubble whereby brokers encouraged borrowers to often lie on their loan applications about their income. I wouldn't be surprised if it all crumbled.