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On average how long does it take oc to verify debt

amckee
Established Member

On average how long does it take oc to verify debt

I'm in the middle of a online dispute through transunion 

submitted February 1st and still says processing.  If the original creditor was to verify how long on average would it take ????

shouldn't they have responded by now if they even will?

 

 

2 REPLIES 2
LaHossBoss
Senior Contributor

Re: On average how long does it take oc to verify debt


@amckee wrote:

I'm in the middle of a online dispute through transunion 

submitted February 1st and still says processing.  If the original creditor was to verify how long on average would it take ????

shouldn't they have responded by now if they even will?

 

 


Average 2 weeks.

 

I still have one that is in dispute since 1/31 with TU. 

 

I think they definitely are not going to respond, though, at all, since they already removed the TLs from all 3Bs.

 

It is just annoyong to have to wait 30d until I can get a new CR pulled (they will not pull a new report while a dispute is active, sigh, so I cannot track any other changes.).

 

The creditor may take all 30d. You will just have to wait and see.




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Message 2 of 3
RobertEG
Legendary Contributor

Re: On average how long does it take oc to verify debt

The date, and thus period within which, a furnisher responds back to a CRA with the results of their investigation is not shown in your subsequent credit report, provided in the normal results of reinvestigation normally provided by the CRA to conclude the dispute, or otherwise presented in any convenient manner to the disuting consumer.  Thus, I know of no way to determine what the average response period by furnishers for disputes might be.

 

For reference below is a summary of the normal dispute periods under the FCRA:

1. The CRA has five business days from the filing date of the dispute to send a copy to the furnisher for their investigation.  See FCRA 611(a)(2)(A).

2. The furnisher then has up to the conclusion of the CRA reinvesigation period (normally 30 days from the date of filing of the dispute) to complete their required investigation and respond back to the CRA.  See FCRA 623(b)(2).

3. The CRA must, regardless of whether or not it receives the required response from the furnisher, send the formal Notice of Results of Reinvestigation to the consumer within five business days after complettion of the (normally 30-day) total period for their reinvestigation.

See FCRA 611(a)(6)(A).

 

The only way to formally determine the precise response period for a given dispute is to exercise your right, under FCRA 611(a)(7), to request from the CRA a statement of the procedure used in verification of the dispute, which includes who it was forwarded to and when they responded. 

The CRA is then under a 15 day period to provide that admin information, which is conventionnaly referred to as a Method of Verification (MOV) request.

Message 3 of 3
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