The Fair Credit Reporting Act (FCRA) is administered by the Federal Trade Commission. In the 84 page Act there are provisions to address the issue of erroneous information listed in a consumers credit report. Basically what it says is that a credit bureau must verify the information a creditor reported to them if a consumer disputes that information. This should make one realize that information in a consumers credit report, whether it be from Transunion, Equifax or Experian, is not verified before it is inputted in a consumer credit file.
By virtue of the language in the Fair Credit Reporting Act a consumer can dispute any item on their credit report whether they know if it is erroneous or not and thus make the creditor prove the accuracy of what they originally reported.
There is a timeline involved in which the creditor has 30 days respond to a dispute. If they do not respond within that time period the item in dispute must be deleted from the consumers credit report.
A Creditor’s Timeline Outlined in the Fair Credit Reporting Act
- Dispute from consumer to credit bureau (Transunion, Equifax, Experian)
- Credit bureau has 5 days upon receipt to notify creditor of the dispute
- Creditor has 30 days upon receipt to respond with findings to the credit bureau
- Credit bureau has 5 days upon receipt to update the consumers credit report and respond to the consumer
A total 0f 40 days
Taking Advantage of The Timeline To Fix Your Credit
Whether it’s considered a loophole or not consumers can have accurate items removed as well if the creditor does not respond to a dispute by the consumer. But to do this (whether erroneous or accurate) a consumer must have knowledge of the proper procedure to follow, the language to include in the dispute and, in some cases, know what dispute code to use relating to their particular dispute.
That is where a reputable credit repair company that charges a reasonably fee can be helpful. The company should have the expertise to continue the dispute process beyond just the initial dispute, give the consumer online access to the progress of their dispute process, and offer a guarantee for their service. To dispute information on your credit report affordably visit ERA Credit Services Credit Repair or call:
619-492-3040 San Diego