OC Waited Until Day 38 to Address Erroneous TL in Equifax Dispute. What Action Should I Take Now?

[Anonymous]

I sent a certified letter with receipt requested to EQ, and the green card shows they received it on January 21. The online dispute information showed an estimate for investigation completion of February 24th, and as of today, it still shows as under investigation. So today, I received a credit monitoring alert stating that the OC in question just marked the account as consumer disputes - investigation in progress. 

So not only did they blow past the 30 day dispute period, but the OC is only now investigating. If EQ had not heard from the OC by day 30 they should have deleted per the FCRA, right? 

My gut is to file a complaint with the CFPB tonight. However, the last time this OC put a consumer disputes - investigation in progress on my file, the negative tradeline was gone the following day. I started out with 6 negative tradelines in December and I am down to three tonight. While I should be thrilled, I am not - mainly because these tradelines are peppered with the sloppiest of errors and have been for the past two years.

I am tired of going the snail mail route - my last batch of letters took two weeks to cross 5 states. If I can handle this situation with a complaint or phone call that would be preferred.

[RobertEG]

The furnisher (i.e.., creditor, in this case) has until the expiration of the (normally) 30-day reinvestigation period to complete its investigation and respond back to the CRA.  If/when they also post notice with the CRA that the information is under dispute does not relate specifically to date of compliance with their investigation and response mandate, so it is not an FCRA compliance issue.

If the furnisher does not reply back to the CRA by the end of the CRA reinvestigation period, FCRA 611(a)(5) still requires the CRA to complete its reinvestigation. If the CRA cannot verify or correct based on whatever info it has before it (i.e., without need for furnisher verification),the CRA is then required to delete.  However, if the CRA does determine that they can independently verify or correct, notwithstanding lack of furnisher verification or correction, they can simply do so under the FCRA without any requirement to delete soley based on lack of furnisher response.

" FCRA 611(a)(5)(A)   Treatment of Inaccurate or Unverifiable Information
In general. If, after any reinvestigation under paragraph (1) of any information disputed by a consumer, an item of the information is found to be inaccurate or incomplete or cannot be verified, the consumer reporting agency shall–

• promptly delete that item of information from the file of the consumer, or modify that item of information, as appropriate, based on the results of the reinvestigation; and
• promptly notify the furnisher of that information that the information has been modified or deleted from the file of the consumer.  "

As for expiration of more than 30 days since date of filing of the dispute, notice to the consumer is not required to be sent within 30 days.

The CRA must complete its reinvestigation by 30 days, but has an additonal 5 business days thereafter to mail its Notice of REsults.

Addtional mail time is then needed before it hits the consumer's mail box.

Give it at least 45 days before making any assertion of lack of compliance with the FCRA dispute periods.