FACTA 6 312! This is HUGE for Credit Repair!

Wow!! This is GREAT news!

So many times the credit reporting agencies take forever to respond or do not respond at all! Especially Equifax! This should help a great deal!

when you say that when the creditor caint validated your credit report they half to remove the negtive item on your report and when you say creditor are you talking abuot equifax or collector please answer me on this new act

Very exciting! Thanks for this information and we only have to hang in there for less than two weeks before this goes into effect. :)

Michael1963, I am referring to either the original creditor or the collection agency depending upon who repoted it to the bureaus. You can dispute it with whoever reported it and they must substantiate or remove!
MMOK! That is correct!

I thought I would bump this as it is important news!

Fabulous news. Thanks, Frogster.

You're welcome! I thought so!

Is there a link to this so that I can read the language of adopted change?

I will try to get it for you! It may take a day or too as I am busy trying to get a life! LOL

I thoght I would keep this bumped up as it is important for those who are trying to clean up their credit! Please scroll to the beginning! Ooops! I forgot to get the link! I will try to find it!

What documentation must the CA send to you for a debt to be properly validated? I sent a DV letter to a CA and am awaiting their response with proper documentation.

I am sorry Froggy but I spent a lot of time to find out this info in the various *.gov sites but couldn't find any update on it. Please provide the link so that we can go through it.

I thought this was the law already, no?

More information can be found here:

http://www.ftc.gov/opa/2009/07/facta.shtm

"The Direct Dispute Rules and FDCPA Advisory Opinion

The Agencies also have issued final rules requiring furnishers in most cases to investigate disputes that consumers submit directly to them regarding the accuracy of information that the furnishers reported to a credit reporting agency. Previously, the law encouraged consumers to submit their disputes through a credit reporting agency, rather than directly to a furnisher. The final rules add an additional avenue for consumers to dispute possible credit report inaccuracies, but do not remove or change consumers??? existing right to file a dispute through a credit reporting agency.

In an action related to the direct dispute rule, the Commission is issuing an advisory opinion concluding that a debt collector does not violate the Fair Debt Collection Practices Act by responding to a direct dispute via a communication whose sole purpose is to comply with the direct dispute rule by stating either the results of the investigation or the collector???s belief that the communication is frivolous or irrelevant. Section 805(c) of the Act provides that, if a consumer has notified a debt collector in writing to stop communicating with the consumer, the collector must stop communicating with the consumer about the debt. The advisory opinion clarifies that, even if a consumer has asked a debt collector to stop communicating about a debt, the debt collector must still respond to the consumer???s direct dispute, as required by the new rules.

The final rules and guidelines, which will be published soon in the Federal Register, are attached. The Commission vote to issue the rules and guidelines was 4-0."

Here is more information confirming the effective date of July 1,2010:

http://www.ftc.gov/opa/2010/03/facta.shtm

An excerpt:

"Furnisher Rules: These rules call on companies that furnish information to consumer reporting agencies to improve the accuracy of information they provide. They also give consumers the right to dispute errors in their credit reports directly with the furnishers of the information, in addition to disputing errors with consumer reporting agencies. The rules take effect July 1, 2010."