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Santander old auto loan question

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Santander old auto loan question

I had an auto loan for a free years with Santander. All was good but it shows 4 alleged late payments in 2011. However, they are not being reported as late by all CRA's. I was overseas all year, but am sure these were paid on time. Should I dispute this directly with Santander or just file a dispute with each CB? What is the best option? I know it is old and will fall off next year, but it is hurting my auto score and should not be, 

Message 1 of 4
3 REPLIES 3
Legendary Contributor

Re: Santander old auto loan question

The FCRA provides two alternate dispute paths:  disputing via a CRA, or filing a direct dispute with the furnisher.

 

Filing with the CRA (FCRA 611(a)) provides the ability to have the CRA handle the admin procedures of referring the dispute to the furnisher of the reported information for their investigation and return of their finding to the CRA for the final CRA determination of the results ("reinvestigation").  A problem with filing via a CRA has, for decades, been the CRA policy of not referring all documentation and comments provided by the consumer in support of their dispute.  The CRAs have previously reduced most disputes to a three-digit code,and not sent all supporting documentation to the furnisher.  However, in view of decades of criticism, in view of recent policy statements by the CFPB and a recent consent agreement reached with the AGs of 31 states, the CRAs have agreed to change their policy and amend their e-Oscar referral system to include all supporting documentation submitted by the consumer.  Only time will tell whether they have fully implemented the agreed procedures.

 

Filing a direct dispute (FCRA 623(a)(8)) removes the CRA entirely from the process, and the consumer sends their dispute directly to the furnisher.  The direct dispute process was implemented in 2011, and ensures that all supporting documentation and arguments are received by the furnisher.  However, it requires the consumer to administer their own dispute, and removes the CRA from providing their reinvestigation.

 

If your dispute involves substantial supporting documention, I would, for the time being, opt to use the direct dispute process to ensure that the furnisher receives all of your supporting documentation.  However, if convenience is desired, or if you feel that CRA input is desired, then file with the CRA and obtain their review.

Your choice.  However you choose one or the other.  A second dispute using the alternate process can be dismissed without any need for consideration on the merits if the consumre has previously filed the same dispute using the other process.

Message 2 of 4
Legendary Contributor

Re: Santander old auto loan question

The FCRA provides two alternate dispute paths:  disputing via a CRA, or filing a direct dispute with the furnisher.

 

Filing with the CRA (FCRA 611(a)) provides the ability to have the CRA handle the admin procedures of referring the dispute to the furnisher of the reported information for their investigation and return of their finding to the CRA for the final CRA determination of the results ("reinvestigation").  A problem with filing via a CRA has, for decades, been the CRA policy of not referring all documentation and comments provided by the consumer in support of their dispute.  The CRAs have previously reduced most disputes to a three-digit code,and not sent all supporting documentation to the furnisher.  However, in view of decades of criticism, in view of recent policy statements by the CFPB and a recent consent agreement reached with the AGs of 31 states, the CRAs have agreed to change their policy and amend their e-Oscar referral system to include all supporting documentation submitted by the consumer.  Only time will tell whether they have fully implemented the agreed procedures.

 

Filing a direct dispute (FCRA 623(a)(8)) removes the CRA entirely from the process, and the consumer sends their dispute directly to the furnisher.  The direct dispute process was implemented in 2011, and ensures that all supporting documentation and arguments are received by the furnisher.  However, it requires the consumer to administer their own dispute, and removes the CRA from providing their reinvestigation.

 

If your dispute involves substantial supporting documention, I would, for the time being, opt to use the direct dispute process to ensure that the furnisher receives all of your supporting documentation.  However, if convenience is desired, or if you feel that CRA input is desired, then file with the CRA and obtain their review.

Your choice.  However you choose one or the other.  A second dispute using the alternate process can be dismissed without any need for consideration on the merits if the consumre has previously filed the same dispute using the other process.

Message 3 of 4
Valued Member

Re: Santander old auto loan question

Thanks Robert, that was very helpful!

Message 4 of 4
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