Equifax Dispute

[MrTom]

What doI do in this case:

7xxxx2xxxx

PENDING

03/05/2017

04/04/2017(Estimated)

-

I filed a dispute 2 months ago, and it is still showing as pending.  Its my understanding that it should be completed in 30 days.  32 days seams too long for processing the results.

[RobertEG]

The statutory requirement under the FCRA is not that the consumer receive the results within 30 days.

It is that the CRA (or funisher, in the case of a direct dispute) complete their reinvestigation no later than 30 days from the date of filing of the dispute.

They then have an additional 5 business days to send the Notice of Results to the consumer.  If mailed, then additional mailing time must be added.

It can take more than 40 days for a typical dispute.

Additionally, if the consumer submits additional information during the pendency period, the reinvestigation period is extended from 30 to 45 days.

[MrTom]

What do you do if the investigation is not completed in your timeline explained?

I am sitting on day 62.

[RobertEG]

I would first contact the CRA and make an informal inquiry.

If they have no explanation, then you can file a complaint with the CFPB.

Theoretically, if the CRA cannot verify or correct by completion of their reinvestigation period, they must delete.

However, deletion based on lack of verification is never absolute.  If they later obtain verification or correction, they can reinsert provided the reporting is accompanied by a certiication of accuracy.  Thus, to require temp deletion if they also received a later correction or verification would serve no practical purpose.  That is why I recommend contacting the CRA for an explanation before complaint to the CFPB.

[MrTom]

Thank you.

On a sidenote,what do you do if you filed a dispute directly with the furnisher?  example rather then dispute to a CRA, I disuputed directly to the creditor. What would happen after the 30 day period plus mailing time?

[RobertEG]

The direct dispute rules at 16 CFR 660.4 et seq define the dispute period as being the same as that provided to a CRA for reinvestigation of a dispute filed via a CRA.

Thus, the furnisher has the same 30-day period to complete their reinvestigation, and the same 5 business days to mail their notice of results.

The FCRA does not explicitly provide for violation of the periods, and thus it would fall under the umbrella of any furnisher violation of conditions under the FCRA.

You could file a complaint with the CFPB, or even initiate your own civil action.  However, unless intentional or repeated, I would not advise such escalation with an existing creditor.