Should I Report An Error To Both My Creditor And The Furnisher?

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When it comes to credit reporting, there is the furnisher, who is the company that provides the information to the credit reporting agency, and the credit reporting agency (usually Trans Union, Experian and Equifax). In order to trigger the protections under the Fair Credit Reporting Act, it is the credit reporting agency that must receive the dispute. It can be helpful if the furnisher receives the dispute, but the credit reporting agency is the key recipient of the information.

What Is The Credit Bureau’s Dispute Protocol?

When a credit reporting agency receives a dispute, first they will review the dispute to determine whether there is enough information for them to be able to conduct an investigation. If the dispute passes that baseline analysis of sufficiency, the credit reporting agency will then turn the dispute over to the furnisher for verification.

Are Credit Reporting Agencies Required To Investigate Your Credit Report Dispute?

Credit reporting agencies are required to investigate a credit report dispute. Credit reporting agencies are regulated under the Fair Credit Reporting Act, which gives specific instructions on the protocols that the credit reporting agencies are required to undertake to ensure the accuracy of information given out to third parties.

What About Furnishers That Supply Your information To The Credit Bureaus?

Furnishers are required to supply accurate information, and they report that information to the credit reporting agencies. Furnishers do not have private liability, meaning that they can’t be sued by individual consumers, unless the consumer has provided a sufficient dispute for the credit reporting agency to investigate the validity of the information being reported.

How Do I Know If They Are Doing A Substantial Review Of My Dispute? Can I File A Lawsuit?

Most of the information that is readily accessible about the substance of the review comes in the form of the response that the credit reporting agency provides after a dispute has been logged. The response typically doesn’t set out the exact steps that were taken in the review of the dispute, but it will indicate what changes, if any, were made to the credit report based on the dispute. Often it is not possible to identify the steps that were taken, unless a lawsuit has been started. That information can then be obtained through the legal discovery process.

What Are The Most Common Errors Made on Credit Reports?

There are a number of common mistakes that are made on credit reports. Erroneous accounts can be placed on the report, account balances might be inaccurate, or there can be erroneous public records that can lead to credit report mix-ups.

When Would I File A Complaint Against The Consumer Financial Protection Bureau?

The Consumer Financial Protection Bureau, or Bureau of Consumer Financial Protection, can help to facilitate the resolution of credit reporting errors. There is an opportunity on their website to request the correction of a credit report.

For more information on Reporting An Error To Creditor & Furnisher, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (727) 538-4188 today.