differences between credit reporting agencies
Date: Wed, 03/04/2009 - 17:37
the first two are different form each other. why?
which one is the most friendly to consumers in regards to reporting only completely checked information?
thank you for your input:)
stevenaloha
Different creditors report to different bureaus, so you might ha
Different creditors report to different bureaus, so you might have some creditors on one report and not others, vice versa. For example, my company reports to Experian and Transunion, we don't report our accounts to Equifax.
Also when creditors send in their tapes every month, some bureaus are quicker to update than the others. So you might pull one credit report with this month's information, and another credit report hasn't updated yet and so you get last month's information.
No bureau reports "only completely checked information." The bureaus do nothing in regards to fact-checking. They trust that the creditors are reporting accurate info (pursuant to the FCRA), and so they'll report anything that a creditor tells them.
If you dispute your credit report, the bureaus still don't actually go and dig for the facts. All they do is forward your dispute to the creditor. Then, it's up to the creditor to modify/update the record, or else the creditor can simply say "it's accurate," and it will remain unchanged.
Quote:If you dispute your credit report, the bureaus still don't
Quote:
If you dispute your credit report, the bureaus still don't actually go and dig for the facts. All they do is forward your dispute to the creditor. |
That is why it is incumbent on you to gather all your data first, and send that along with your dispute. If they do only the above, and not take into account your provided data, then they are violating Section 611 (15 U.S.C. ?? 1681i) of the Fair Credit Reporting Act. And you should complain to the FTC. This section also states that the CRA has 30 days, which may be extended to 45 days. See 15 U.S.C. ?? 1681i(a)(4).
But, if you do not provide any information to defend your dispute, then yes, they would have no choice but to simply ask the creditor.
Hope this helps,
chrys
Also, About complaints to the FTC about disputes to CRAs, or
Also,
About complaints to the FTC about disputes to CRAs, or disputes being ignored or proof provided by consumer not taken into account, not only is the FTC listening, so is the National Consumer Law Council.
http :// ww w. consumerlaw.org/ issues/ credit_reporting/content/automated_injusticePR.pdf (remove spaces)
Don't let anyone rip you off, even a credit reporting agency.
chrys
I guarantee you that, even if you send the bureau a copy of a P-
I guarantee you that, even if you send the bureau a copy of a P-I-F letter, the bureau won't actually change your credit report. In all cases, they forward the dispute to the creditor/data furnisher who is reporting the information. This method of procedure is all that is required of them in the FCRA.
If the data furnisher is refusing to correct after you rightfully dispute, then you can sue the data furnisher. But all the bureaus need to prove is that they have a method in place of accepting and forwarding disputes.
Disputes to the Credit Reporting Agencies
Hi stevenaloha,
Do you have any updates to this situation?