How do disputes update?

[Anonymous]

Do diputes update indiviually? I have noticed at EXP they will show you what has transpired, but in the end really wondering if what I have disputed with all three bureas will update when the 1st hits or will they update individually? EXP seems to do so, but the others are less clear... My lenders are repulling my scores on the 1st so I am hoping they will update even though the entire process isn't finished. I have 1 credit limit updated, 2 accounts deleted and 2 more still in the works.

[Anonymous]

Not entirely sure what you are asking.

Each CRA has 30 days to complete a dispute.  It could take the entire 30 days or be done in a few days. 

They are done individually by each CRA.

[Anonymous]

Wondering if I put in a 5 item disputes, 3 of those have surfaced, 2 are still in the works.

When the bureaus report on the 1st will it take the 3 that have been worked on into consideration when rounding up a newly factored score?

[Shogun]

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@Anonymous wrote:

Wondering if I put in a 5 item disputes, 3 of those have surfaced, 2 are still in the works.

When the bureaus report on the 1st will it take the 3 that have been worked on into consideration when rounding up a newly factored score?

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I'm a little confused about what your asking, but I'll try to answer.

When you place a TL in dispute, if it's from an OC, then certain aspects of that TL are excluded from the FICO scoring process.  As far as scores, it would depend on where you get your scores.  Is it a FAKO, FICO?

The bureaus don't update at the first of the month.  Your CR is a snapshot of what is on your report when you pull it.  It has no memory.  As soon as a creditor updates to them, that information is placed on your CR.

[Anonymous]

Each dispute is worked individually and each is given a 30 day period for resolution.

If the disputes are completed, yes, the score will reflect that.

[Anonymous]

Well shoot, I really thought they updated at the first of the month.... 

I have pulled from EQ, EX & TU websites all of my reports.... I was waiting on the 1st of the month to pull my FICO here since I thought it would update?

[Anonymous]

Thank you!

[RobertEG]

The problem is that the CRAs are notorious for not timely updating the dispute flag code once the dispute has been concluded.

The mailing of their Notice of Results of Reinvetigation, which must be done no later than 5 business days after expiration of their 30-day reinvestigation period, formally terminates a dispute.  Once no disputes remain pending, the CRAs should immediately update that code as a simple adminstrative procedure.  But they often fail to do so, requring the consumer to bug them.

While the pending status remains in place, FICO ignores certain OC account information in its scoring.  Thus, creditors cannot use the score as a true measure of the consumer's current risk analysis until the CRAs have updated the dispute flag to show that it has been concluded.

Proper resulution is not to dispute the accuracy of the dispute status, as that will result in a new dispute being properly recorded.  A catch-22.

I would send the CRA a formal complaint of their failure to meet their statutory obligation to maintain the current accuracy of their files.

[takeshi74]

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@Anonymous wrote:

Well shoot, I really thought they updated at the first of the month.... 

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What gave you that impression?  They update as updates come in and are processed.  Updating only once a month really wouldn't make any sense.  Now, your card issuer reports balances once a month.  Disputes are handled individually.  Not sure how you'd expect them to force an update if a dispute is still pending investigation.

[Anonymous]

I thought credit reports updated at the first of the month... Not sure why I thought that, there's a bunch of new question for a beginner. Sorry.