Getting a loan removed when it doesn't belong.

[Anonymous]

I had pulled my credit report though myfico and disputed a loan that was on there.  The account is not mine and when the agency reported back they just updated it continue to state that the loan belongs to me.  I have called to speak to a representative about the loan and that the addresses listed on the account as well as the account itself was not made by me.  They stated they would investigate it, but it seems like it's just being thrown to the side.

My concern is that the credit agency is not willing to remove the loan off my account and I am unsure of what steps to take in order to show them that I am not the owner of that loan.

Message Edited by moneyhungry on 10-09-2009 04:34 PM

[BungalowMo]

You can try sending the loan office a dv letter.  Wait a while & if you get no response...send a letter to your AG's office.  Don't take that crap!

[Anonymous]

Does the agency have a certain amount of time to reply to the DV?  Or do they just sit on it?  It just kills me knowing that this is a bomb waiting to go off on my report and potentially harming it more then it already has.

[BungalowMo]

In your case, no.  Usually DV's are for collection accts.  They send a letter saying you owe...then you have 30 days to DV thm & so on.  In your case, they just stuck this loan on there, which is different.

Re-thinking this...since you just posted this, give it another day or so.  It's Friday evening & many people are busy.  Someone will drop in tomorrow who has seen this issue before.

It's not like I gave "bad" advice, but one of the members might have a better plan.  My brain is kinda tired...been up since 4 am!  

[RobertEG]

What you are seeing is the infamous automated E-OSCAR dispute process.  Your supporting documents are not forwarded to the creditor.  They simply send a form with a two digit code, and it is almost always verified by the creditor with no substantive investigation.

I would send them a request under FCRA 611(a)(6)(B)(iii) that they provide you full description of the procedure they used to determine the accuracy and completeness of the information being disputed, along with the business name and address of the creditor they contacted..  They must respond to this within 15 days.   FCRA 611(a)(7).

[BungalowMo]

There ya go!  Getting advice from one of the best here!!!! 

I bow to the FCRA master!  

[Anonymous]

Am I sending this request to the credit reporting agency or the loan agency that is throwing me to the back burner?

[RobertEG]

Send to the CRA.

Direct disputes with the creditor are not yet permitted.  While FCRA 623(a)(8) provides for direct dispute with the creditor, it is not effective until final rules are published, and that has not yet occured.So the only way to now dispute is through the CRA,