The use of e-Oscar has been an ongoing issue for well over a decade.
The CFPB issued a press release approx a year ago, indicating they were in the process of changing the way it is used, and requiring the CRAs to forward all information provided by the consumer to the furnisher when handling disputes.
As previously implemented, the CRAs took the position that the statutory requirment that they forward all relevant information to the furnisher of the disputed information gave them the right to determine what was or was not relevant, and they thus reduced the consumer dispute to a standard form, checking a box and providing a small area for entry of only a brief summary by the CRA clerk When the furnisher responded, they basically rubber-stamped the recommendation of the furnisher.
The CFPB has since been working with the CRAs to make modifications to the e-Oscar process to ensure that consumer documentation is referred. Those changes have not, in ny release I am aware of, stated that the electronic e-Oscar referral and response system was being abandoned. There is no reason to believe so.
No details of how it will be modified have yet been provided.
The new process also involves hiring by the CRAs of skilled personnel to review the response of the furnisher as part of the CRA's reinvestigation of the results of the furnisher's investigation. Again, the details of the degree of that reinvestigation have yet to be publicly released.
The credit report exclusion periods are statutory, and thus are not part of the administrative reviews being spearheaded by the CFPB.
The new procedures also involve the withholding of reporting of medically related collections for 120 days after delinquency.
Again, no implementation deteails have yet been released.
