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| Beyond The Normal Disputing Process |
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The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission (FTC),
is designed to promote accuracy and ensure the privacy of the information used in
consumer reports. Recent amendments to the Act expand your rights and place
additional requirements on credit bureaus. According to the FCRA, a credit bureau
has 30 days to investigate a dispute raised by a consumer regarding possible
inaccuracies on his or her credit report. The credit bureau must then give you
the written results and a free copy of your report if the dispute results in a change.
If an item is changed or removed, the credit bureau cannot put the disputed information
back in your file unless the information provider (the creditor or lender) verifies its
accuracy and completeness, and the credit bureau gives you a written notice that includes
the name, address, and phone number of the provider.
Although you can request a reinvestigation, such a procedure may not resolve your dispute.
If that's the case, you can ask the bureau(s) involved to include your statement of the
dispute in your file and in future reports. If you request it, the credit bureau(s) in
question must also provide your statement to anyone who received a copy of the old report
in the recent past. (One thing to be aware of: this statement will remain in the report
for seven years from the time you add it. If the item in question is already a few years
old, the dispute statement could remain on your report longer than the item itself unless
you request that it be removed earlier, calling attention to a past problem.)
If all else fails, you may sue a credit bureau in state or federal court for most
violations of the FCRA. If you win, the credit bureau will have to pay damages and
reimburse you for attorney fees to the extent ordered by the court.
You may also wish to contact the FTC to file complaints against the non-cooperative credit
bureau(s) if, after continued attempts, you still get no response. Although the FTC
can't act as your lawyer in private disputes, information about your experiences and
concerns is vital to the enforcement of the Fair Credit Reporting Act. You may send
your questions and/or complaints to:
Consumer Response Center
FCRA
Federal Trade Commission
Washington, D.C. 20580
You may also visit the FTC online at http://www.ftc.gov.
Copyright © 2000, CreditMatters.com
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