What specific Requirements does the CRA's must follow?
Date: Thu, 12/01/2011 - 12:24
Perhaps I've missed it, but reading through the FCRA I don't see exactly what is required of CRA's when they investigate a dispute.
It clearly says they must investigate, but it doesn't say what is required to be a valid debt/valid bad debt reporting.
For instance, I want to write and say "Hello, I'm disputing, please verify X, Y, and Z." Instead of "...disputing."
If they're going to report something negative on my credit, what are they required by law to know/look at before posting it on my credit file?
If they respond back to a dispute with "No, we find that the negative reporting is accurate", what specifics can I hold them to the fire with?
Again, I may have missed it in the FCRA. Or possibly it's in some other source?
Thanks in advance.
Welcome joshtck, Check out the following link to know about th
Welcome joshtck,
Check out the following link to know about the FCRA in details:
"www.ftc.gov/os/statutes/031224fcra.pdf"
Check this thread from to time to know what the forum experts have to say about this.
Again, specific requirements CRA's must conform to - not found i
Thanks for the response.
However, in no way did that address my question.
As I said in the original question, I've read through the FCRA. It does not contain the information I'm looking for.
Perhaps I phrased my question poorly. I'll try again.
In regards to putting negative credit on a credit report, what 'proof' is a CRA required to have/check before adding a negative report?
When disputing a negative, the CRA's surely must have certain data other than 'the creditor told me it was a valid debt'.
Where might these rules be found? Unless I'm missing something, it's NOT in the FCRA.
You have just discovered what is in my opinion one of the major
You have just discovered what is in my opinion one of the major fallacies of the credit reporting system. The Credit Reporting Agencies have zero responsibility for any inaccuracies that are reported. All responsibility is shifted to those that are making the reports, collecting and verifying their data via the FCRA and the FDCPA. Basically the way it works is you make a dispute to the CRA. The CRA asks the company if the data is correct. If the company says yes then the CRA does nothing more. It is up to the company to fix any of the inaccuracies within the reporting and resubmit to the CRA. The CRA???s have no obligation to conduct any type of real investigation including looking at any documentation you may have that proves there are inaccuracies in the reporting.