No more 30 days to dispute!!!!! Federal Law!
Date: Fri, 03/12/2010 - 16:46
SEC. 312. PROCEDURES TO ENHANCE THE ACCURACY AND INTEGRITY
OF INFORMATION FURNISHED TO CONSUMER
REPORTING AGENCIES.
‘‘(D) SUBMITTING A NOTICE OF DISPUTE.—A consumer
who seeks to dispute the accuracy of information shall
provide a dispute notice directly to such person at the
address specified by the person for such notices that—
‘‘(i) identifies the specific information that is being
disputed;
‘‘(ii) explains the basis for the dispute; and
‘‘(iii) includes all supporting documentation
required by the furnisher to substantiate the basis
of the dispute.
‘‘(E) DUTY OF PERSON AFTER RECEIVING NOTICE OF DISPUTE.—
After receiving a notice of dispute from a consumer
pursuant to subparagraph (D), the person that provided
the information in dispute to a consumer reporting agency
shall—
‘‘(i) conduct an investigation with respect to the
disputed information;
‘‘(ii) review all relevant information providedby
the consumer with the notice;
‘‘(iii) complete such person’s investigation of the
dispute and report the results of the investigation to
the consumer before the expiration of the period under
section 611(a)(1) within which a consumer reporting
agency would be required to complete its action if
the consumer had elected to dispute the information
under that section; and
‘‘(iv) if the investigation finds that the information
reported was inaccurate, promptly notify each consumer
reporting agency to which the person furnished
the inaccurate information of that determination and
provide to the agency any correction to that information
that is necessary to make the information provided
by the person accurate.
So if I am reading this correctly I see nowhere that says people have to dispute something within 30 days and in fact states that the FURNISHER of the information HAS to work the dispute within the time frame that the CRAS do SO they would have to send you the info 30-45 days after getting it....no more ignoring a dispute letter!!
What do you guys think? It seems to be pretty clear to me.
Okay, if that means that the consumer can now choose to dispute
Okay, if that means that the consumer can now choose to dispute at his leisure, then it might be a good move but it may leave a room to argue that what could be allowed as a legitimate time limit for the customer to file his/her dispute.
However, I am glad if the collectors are now required to answer to the dispute letter within a time frame. Before they could continue ignoring your letter as long as they stop all the collection activities.
sorry, but I think youre confusing two different laws here. FAC
sorry, but I think youre confusing two different laws here. FACTA deals with credit reporting.....youre thinking of the FDCPA, which requires that a consumer notify the creditor within 30 days of initial contact that they dispute the debt. The old FCRA never had, as far as I can recall, a requirement that the consumer can only dispute within the first 30 days....think about it--people have always been able to dispute things over and over again with the CRA's, and it is then up to the CRAs to decide if your dispute is frivolous or not. This does not in any way change the requirement that a consumer must dispute the debt within the first 30 days after initial communication.
Quote:Originally Posted by SCOkay, if that means that the consum
Quote:
Originally Posted by SC Okay, if that means that the consumer can now choose to dispute at his leisure, then it might be a good move but it may leave a room to argue that what could be allowed as a legitimate time limit for the customer to file his/her dispute. However, I am glad if the collectors are now required to answer to the dispute letter within a time frame. Before they could continue ignoring your letter as long as they stop all the collection activities. |
Again, we're confusing two different laws here. This is not at all about the FDCPA. This doesnt change anything. Creditors have always had this limited time in which to respond when you dispute a debt with a credit reporting agency. And thats what this is talking about. FACTA is not the FDCPA, they are not interchangeable. The FDCPA puts no time limit on a creditor, and this law doesnt change that at all. The time limit is for when you dispute, for example, with Trans Union, about an account that is on your TU credit report. TU then notifies the creditor, and they have either 30 or 45 days in which to respond to the dispute notification, if they do not then TU must remove the entry from your report. Thats the way it already was within the law.
