After you have mailed your credit dispute letter and supporting documentation to a credit reporting agency (CRA), the process typically results with your letter being
\noutsourced to another country like India, Costa Rica, Jamaica, or the Philippines
\nfor processing.\u00a0 Whether you disputed credit information with Equifax, Experian, Trans Union, or another CRA will ultimately determine the particular country in which your dispute is outsourced.\u00a0 When the CRA receives the credit dispute letter, it normally has the dispute letter with attachments scanned into its system.\u00a0 Next, the CRA\u00a0has the foreign-based processor review the letter and documentation to identify\u00a0your particular type of dispute and select a\u00a0code number that best describes your particluar dispute. At this point, the CRA must notify the furnisher of\u00a0your dispute.\u00a0The FCRA presently requires that the CRA must notify the furnisher of the dispute within five business days of receiving your credit dispute letter.\u00a0 The CRA will send notice of your dispute through an electronic system known as E-OSCAR via a form called an Automated Consumer Dispute Verification form or \u201cACDV\u201d.\u00a0 The furnisher of the disputed credit information will receive the ACDV and has a duty to conduct a reasonable investigation of the dispute.<\/p>\n
I think that it is helpful to imagine your credit dispute letter running on two parallel train tracks, one with the CRA and one with the furnisher of the information.\u00a0 When the CRA reviews your dispute, if it determines that the disputed information is inaccurate,
\nincomplete, or cannot be verified, it has to delete the item of information or change the information as appropriate given the results of its reinvestigation.\u00a0 The time required for a CRA to complete its investigation depends on certain factors and can be extended, but a good rule of thumb is that a CRA has about thirty days to complete the investigation of your credit dispute.\u00a0 In addition, the furnisher of the disputed credit information also has a responsibility to investigate your dispute.\u00a0 The furnisher should make a detailed inquiry into its records to assure that the information reported is full, complete, and accurate.\u00a0 Often times the furnisher will only check its computer records to determine if it has already made a decision regarding the disputed account and will not conduct the thorough analysis required.\u00a0 After the furnisher completes its investigation, it will send a response to back to the credit reporting agency.<\/p>\n
When the investigation of your credit dispute letter is concluded, the CRA must send you notice of the results of the reinvestigation.\u00a0The results of the reinvestigation will typically be mailed to you unless you have authorized some other method of notice.\u00a0 The notice of the results of the reinvestigation should also include notice that you may request a description of the procedure used to determine the accuracy of your disputed
\ninformation.\u00a0 It can be a good idea to request this information from a CRA if incorrect information remains on your credit file or if the source of the information is of dubious origin.\u00a0 You will also receive notice of the right to have previous users of your credit file notified of the disputed account.\u00a0 Finally, you also have the right to place a statement of dispute in your credit file describing why you believe a certain item of information is incorrect.\u00a0 As with the credit dispute letter you send, you will want to keep a copy of the results of the reinvestigation of your dispute letter.\u00a0If you have many disputes with multiple CRAs, you will probably want to purchase a multi-pocket file folder as your records will\u00a0become numerous. If your disputed credit report information remains on your credit report following the initial credit dispute letter, I would recommend that you contact an attorney that specializes in credit report litigation.<\/p>\n
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After you have mailed your credit dispute letter and supporting documentation to a credit reporting agency (CRA), the process typically results with your letter being outsourced to another country like India, Costa Rica, Jamaica, or the Philippines for processing.\u00a0 Whether you disputed credit information with Equifax, Experian, Trans Union, or another CRA will ultimately determine … Continue reading What happens after you send your credit dispute letter.<\/span>