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Hey everyone -
So I'm in the process of rebuilding my credit score. Recently I disputed two charges on CreditKarma through TransUnion. The first one (a legal item) was successfully disputed and taken off my TU report, but not Experian.
The second one (an old Collections Account) was actually taken off by Experian, but is still 'under investigation' by TU. So my question is, if TU removed the first dispute, and Experian the second, can I expect Experian to soon remove the first and TU the second as well?
Or do I have to contact the other agencies directly and say that 'This account was removed from TransUnion', and vice versa? Thanks for any advice!
Go to each CB and dispute the items on your credit report through their site. I just did that with all three CBs today myself. It takes a little time for each, but that's the best way to do it. The creditor has 30 days to resolve the dispute or rebuttle.
Thanks for the response! Just to be clear - if one account is taken off TransUnion, for instance, the other agencies won't remove the account until I manually dispute it as well? Or do they fall off eventually?
Removal by one CRA does not necessarily require removal by other CRAs. It depends upon the facts of what was disputed, and whether any removal by a CRA was as a result of a direct finding by that CRA that the accuracy of the specific information could not be verified.
When a furnisher receives a dispute filed with a given CRA, they are required to respond back to the CRA with either verification of the accuracy as reported, correction of any agreed inaccuracy, or deletion if they cannot verify.
The CRA then makes the final determination. If they receive either verification or correction from the furnisher, they will almost never delete, and their Notice of Resuts of Reinvestigation will inform the consumer of the outcome. If the CRA does not receive either verification of accuracy as reported or correction of an inaccuracy, they are requried to delete if they cannot verify without input from the furnisher or correct.
A furnisher can choose not to provide verification or correction in response to a given dispute, and thus permit deletion of the disputed information.
Howver, they can also choose to either verify or corrrect with any other CRA, and thus retain the disputed information.
A furnisher will rarely send a positive statement to a CRA that the information cannot be verified. If they do make a determination that information is inaccurate and cannot be corrected or verified, then the FCRA requires that they also provide deletion with all CRAs to which they have also reported the disputed information.
That avoids the need for a dispute with each CRA if the furnisher clearly finds it to be unverifiable.
However, lack of a statement of verification is not the same as a positive admission that information cannot be verified, and thus does not mandate deletion with all CRAs.
Removal by one CRA is rarely basis for requring removal by others.
You normally must obtain a separate finding by each CRA.
You need to dispute things on EACH CB. If you dispute on just one, then it only takes care of that one. Not everyone reports to just one CB, some report to TU others to EQ.. When I just went through my credit report I noticed my installment loans were only reporting on TU, but not EQ or EX. The CBs don't talk to one another, so you need to do reporting on each and make sure everything is correct on each report.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Each credit reporting agency is a business, and as such, is seperate from the others.
Lenders and collection agencies are the clientele of the credit reporting agencies.
It seems confusing but think of it like a resume. Your various jobs aren't aware of each other, but prospective employers need to verify information from each job. Calling to verify that you were employed at one of the employers on your resume doesn't trigger the other employers to notify the prospective employer that were also employed at those other jobs listed on your resume.
They are simply only connected via you, the businesses who retrieve and furnish information to their databases and any websites you use to aggregate the data into one convenient place.
This doesn't mean they all have the same information either. Some lenders and collection agencies subscribe to all three, some to two, some to one and some to none. These subscriptions can also change over time, and the timeliness of reporting can vary for a variety of reasons.
It's very important that you check the accuracy of all three reports for these reasons frequently.