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#158406 - 02/09/04 09:29 PM Credit Disputes reported to the Bank (FCRA)
Anonymous
Unregistered

If a client calls you or writes you and disputes something they saw on their credit report affecting your bank, and you research and realize it is correct. What is the next step? I think we have to notify the customer and we do. What if the customer then says that is not correct and I dispute that. Do we have to accept that statement as being disputed again and not report tothe credit bureau until we are able to code or show it as "being in dispute? I don't think we can just refer them to the credit bureau because they notified us directly?? Any thoughts.

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#158407 - 02/09/04 09:37 PM Re: Credit Disputes reported to the Bank (FCRA)
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
The Q & A to FCRA addresses the issue of going to the creditor if the creditor is acting in the capacity of credit reporting agency. If the information is in error, it must be deleted.

If reinvestigation does not resolve the dispute with the consumer, he is entitled to file a brief statement setting forth the nature of the dispute. This statement may be limited to 100 words, if the financial institution provides the consumer with assistance in writing a clear summary of the dispute. Unless there are reasonable grounds to believe that the dispute is frivolous or irrelevant, all subsequent consumer reports containing the information in question must clearly note that it is disputed by the consumer, and provide either the consumer's statement or a clear and accurate codification of summary of it. ยง 611(b), (c)
Last edited by Jax; 02/09/04 10:34 PM.
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#158408 - 02/09/04 09:57 PM Re: Credit Disputes reported to the Bank (FCRA)
Anonymous
Unregistered

Thanks but it seems the Reg. says If the consumer notifies the bank directly, we must investigate and respond asap BUT if they contact the Credit Bureau, then the credit bureau has so many days (30) to complete the investigation and will send to the bank for help in research. But we were always under the belief that if the client called us directly about something we reported to thecredit bureau, we (as a user of infor.) had to resolve and get back to the client. But then there is another section that says "if the consumer continues to dispute the amount, etc. we report to the credit bureau, then we cannot continue to report unless we show as "Disputed by some code or something" Does anyone know about this????

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#158409 - 02/10/04 02:26 PM Re: Credit Disputes reported to the Bank (FCRA)
Anonymous
Unregistered

Thank you. But you mentioned the Q&A said if the bank was acting in the capacity as a credit reporting agency? What if we are just a user of info. or a furnisher of info. to the Credit Bureau. My question is "" If a consumer calls us and disputes what is on his credit report that is
a loan with our bank, we must I think investigate and resolve the complaint. If the consumer still believes we have reported something in error from our bank, Do we AS A BANK have to show this item in the future as disputed by the consumer with some type of code.???
I know there are different rules when the Credit Bureau contacts us directly but I am interested in what a bank's responsiblity or next step should be if we research and find nothing wrong but the consumer still says it is wrong?
Thanks.

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