14d โข ๐ Credit Education
Leverage the Fair Credit Reporting Act ๐
The FCRA is the bread and butter of disputing. Below are the most common violations commited by credit bureaus and furnishers:
๐ญ. ๐๐ฎ๐ถ๐น๐๐ฟ๐ฒ ๐๐ผ ๐๐๐๐๐ฟ๐ฒ "๐ ๐ฎ๐
๐ถ๐บ๐๐บ ๐ฃ๐ผ๐๐๐ถ๐ฏ๐น๐ฒ ๐๐ฐ๐ฐ๐๐ฟ๐ฎ๐ฐ๐" (๐ฆ๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ฌ๐ณ(๐ฏ))
This is perhaps the most fundamental violation. Whenever a consumer reporting agency (CRA) prepares a report, it is legally mandated to follow ๐ฟ๐ฒ๐ฎ๐๐ผ๐ป๐ฎ๐ฏ๐น๐ฒ ๐ฝ๐ฟ๐ผ๐ฐ๐ฒ๐ฑ๐๐ฟ๐ฒ๐ ๐๐ผ ๐ฎ๐๐๐๐ฟ๐ฒ ๐๐ต๐ฒ ๐บ๐ฎ๐
๐ถ๐บ๐๐บ ๐ฝ๐ผ๐๐๐ถ๐ฏ๐น๐ฒ ๐ฎ๐ฐ๐ฐ๐๐ฟ๐ฎ๐ฐ๐ of the information concerning the individual.
โข ๐๐ผ๐บ๐บ๐ผ๐ป ๐ฉ๐ถ๐ผ๐น๐ฎ๐๐ถ๐ผ๐ป: Bureaus often fail this standard by ๐บ๐ถ๐
๐ถ๐ป๐ด ๐ณ๐ถ๐น๐ฒ๐ of consumers with similar names, reporting ๐ถ๐ป๐ฎ๐ฐ๐ฐ๐๐ฟ๐ฎ๐๐ฒ ๐ฎ๐ฐ๐ฐ๐ผ๐๐ป๐ ๐ฏ๐ฎ๐น๐ฎ๐ป๐ฐ๐ฒ๐, or allowing "๐๐ฒ๐๐ต๐ฒ๐ฟ๐ฒ๐ฑ" ๐ฝ๐ฒ๐ฟ๐๐ผ๐ป๐ฎ๐น ๐ถ๐ป๐ณ๐ผ๐ฟ๐บ๐ฎ๐๐ถ๐ผ๐ป (like misspelled names or old addresses) to remain, which prevents old errors from being removed. As we discussed, reporting a collection trade line before an original creditor has even charged off the account is a clear factual inconsistency that violates this standard.
๐ฎ. ๐๐ฎ๐ถ๐น๐๐ฟ๐ฒ ๐๐ผ ๐๐ผ๐ป๐ฑ๐๐ฐ๐ ๐ฎ "๐ฅ๐ฒ๐ฎ๐๐ผ๐ป๐ฎ๐ฏ๐น๐ฒ ๐ฅ๐ฒ๐ถ๐ป๐๐ฒ๐๐๐ถ๐ด๐ฎ๐๐ถ๐ผ๐ป" (๐ฆ๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ญ๐ญ)
If you dispute the completeness or accuracy of an item, the bureau must conduct a ๐ฟ๐ฒ๐ฎ๐๐ผ๐ป๐ฎ๐ฏ๐น๐ฒ ๐ฟ๐ฒ๐ถ๐ป๐๐ฒ๐๐๐ถ๐ด๐ฎ๐๐ถ๐ผ๐ป to determine the current status of that information.
โข ๐๐ผ๐บ๐บ๐ผ๐ป ๐ฉ๐ถ๐ผ๐น๐ฎ๐๐ถ๐ผ๐ป: Agencies frequently violate this by ๐ถ๐ด๐ป๐ผ๐ฟ๐ถ๐ป๐ด ๐ฟ๐ฒ๐น๐ฒ๐๐ฎ๐ป๐ ๐ฒ๐๐ถ๐ฑ๐ฒ๐ป๐ฐ๐ฒ submitted by the consumer or by sending "๐๐๐ฎ๐น๐น ๐น๐ฒ๐๐๐ฒ๐ฟ๐" that claim a dispute is "frivolous" without providing the specific reasons or documentation required to proceed. Legally, the presence of contradictory information in your file is not enough for them to label your dispute as frivolous.
๐ฏ. ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐๐ถ๐ป๐ด ๐ข๐ฏ๐๐ผ๐น๐ฒ๐๐ฒ ๐๐ป๐ณ๐ผ๐ฟ๐บ๐ฎ๐๐ถ๐ผ๐ป (๐ฆ๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ฌ๐ฑ)
The FCRA generally prohibits CRAs from including negative information in a report that is too old.
โข ๐๐ผ๐บ๐บ๐ผ๐ป ๐ฉ๐ถ๐ผ๐น๐ฎ๐๐ถ๐ผ๐ป: This usually involves "๐ฟ๐ฒ-๐ฎ๐ด๐ถ๐ป๐ด" ๐ฑ๐ฒ๐ฏ๐๐, where a collector or bureau reports a delinquency date that is more recent than the actual date of the first delinquency. Most adverse information, including ๐ฐ๐ผ๐น๐น๐ฒ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ฎ๐ป๐ฑ ๐ฐ๐ต๐ฎ๐ฟ๐ด๐ฒ-๐ผ๐ณ๐ณ๐, must be removed after ๐๐ฒ๐๐ฒ๐ป ๐๐ฒ๐ฎ๐ฟ๐. Bankruptcies (specifically Chapter 7 or 11) have a longer limit of ๐ญ๐ฌ ๐๐ฒ๐ฎ๐ฟ๐.
๐ฐ. ๐๐๐ฟ๐ป๐ถ๐๐ต๐ถ๐ป๐ด ๐๐ป๐ฎ๐ฐ๐ฐ๐๐ฟ๐ฎ๐๐ฒ ๐๐ป๐ณ๐ผ๐ฟ๐บ๐ฎ๐๐ถ๐ผ๐ป (๐ฆ๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ฎ๐ฏ)
Furnishers (the creditors and collectors who send data to the bureaus) have their own set of duties under the law.
โข ๐๐ผ๐บ๐บ๐ผ๐ป ๐ฉ๐ถ๐ผ๐น๐ฎ๐๐ถ๐ผ๐ป: A furnisher violates the law if it reports information it ๐ธ๐ป๐ผ๐๐ ๐ผ๐ฟ ๐ต๐ฎ๐ ๐ฟ๐ฒ๐ฎ๐๐ผ๐ป๐ฎ๐ฏ๐น๐ฒ ๐ฐ๐ฎ๐๐๐ฒ ๐๐ผ ๐ฏ๐ฒ๐น๐ถ๐ฒ๐๐ฒ ๐ถ๐ ๐ถ๐ป๐ฎ๐ฐ๐ฐ๐๐ฟ๐ฎ๐๐ฒ. Additionally, if a consumer disputes an item directly with the furnisher, the furnisher is ๐ฝ๐ฟ๐ผ๐ต๐ถ๐ฏ๐ถ๐๐ฒ๐ฑ ๐ณ๐ฟ๐ผ๐บ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐๐ถ๐ป๐ด ๐๐ต๐ฎ๐ ๐ถ๐ป๐ณ๐ผ๐ฟ๐บ๐ฎ๐๐ถ๐ผ๐ป to a bureau without a ๐ป๐ผ๐๐ถ๐ฐ๐ฒ ๐ผ๐ณ ๐ฑ๐ถ๐๐ฝ๐๐๐ฒ. They also fail the law when they do not provide the correct ๐บ๐ผ๐ป๐๐ต ๐ฎ๐ป๐ฑ ๐๐ฒ๐ฎ๐ฟ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐ฐ๐ฒ๐บ๐ฒ๐ป๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฑ๐ฒ๐น๐ถ๐ป๐พ๐๐ฒ๐ป๐ฐ๐.
๐ฑ. ๐๐ฎ๐ฐ๐ธ ๐ผ๐ณ "๐ฃ๐ฒ๐ฟ๐บ๐ถ๐๐๐ถ๐ฏ๐น๐ฒ ๐ฃ๐๐ฟ๐ฝ๐ผ๐๐ฒ" (๐ฆ๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ฌ๐ฐ)
A CRA may only furnish a consumer report under very specific circumstances, such as for a credit transaction initiated by the consumer, for employment purposes, or in accordance with written instructions.
โข ๐๐ผ๐บ๐บ๐ผ๐ป ๐ฉ๐ถ๐ผ๐น๐ฎ๐๐ถ๐ผ๐ป: This is commonly violated through ๐๐ป๐ฎ๐๐๐ต๐ผ๐ฟ๐ถ๐๐ฒ๐ฑ ๐ต๐ฎ๐ฟ๐ฑ ๐ถ๐ป๐พ๐๐ถ๐ฟ๐ถ๐ฒ๐. Companies sometimes pull a consumer's credit report without a ๐น๐ฒ๐ด๐ถ๐๐ถ๐บ๐ฎ๐๐ฒ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ป๐ฒ๐ฒ๐ฑ or a specific application for credit being signed, which constitutes a violation of your privacy rights.
๐ฒ. ๐๐ฎ๐ถ๐น๐๐ฟ๐ฒ ๐๐ผ ๐ฃ๐ฟ๐ผ๐๐ถ๐ฑ๐ฒ ๐๐ฑ๐๐ฒ๐ฟ๐๐ฒ ๐๐ฐ๐๐ถ๐ผ๐ป ๐ก๐ผ๐๐ถ๐ฐ๐ฒ๐ (๐ฆ๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ญ๐ฑ)
If a user of a credit report (like a lender or employer) takes an "๐ฎ๐ฑ๐๐ฒ๐ฟ๐๐ฒ ๐ฎ๐ฐ๐๐ถ๐ผ๐ป" based on that reportโsuch as denying your application or increasing your interest rateโthey must notify you.
โข ๐๐ผ๐บ๐บ๐ผ๐ป ๐ฉ๐ถ๐ผ๐น๐ฎ๐๐ถ๐ผ๐ป: Lenders often fail to provide the required notice, which must include the ๐ป๐ฎ๐บ๐ฒ, ๐ฎ๐ฑ๐ฑ๐ฟ๐ฒ๐๐, ๐ฎ๐ป๐ฑ ๐๐ฒ๐น๐ฒ๐ฝ๐ต๐ผ๐ป๐ฒ ๐ป๐๐บ๐ฏ๐ฒ๐ฟ of the CRA that furnished the report and a statement that the bureau did not make the decision to take the adverse action. They must also inform you of your right to obtain a ๐ณ๐ฟ๐ฒ๐ฒ ๐ฐ๐ผ๐ฝ๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ within 60 days.
๐ณ. ๐ฅ๐ฒ๐ถ๐ป๐๐ฒ๐ฟ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐ฒ๐น๐ฒ๐๐ฒ๐ฑ ๐ ๐ฎ๐๐ฒ๐ฟ๐ถ๐ฎ๐น (๐ฆ๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ญ๐ญ(๐ฎ)(๐ฑ)(๐))
If a bureau deletes an item because it was found to be inaccurate or unverifiable, that information ๐ฐ๐ฎ๐ป๐ป๐ผ๐ ๐ฏ๐ฒ ๐ฟ๐ฒ๐ถ๐ป๐๐ฒ๐ฟ๐๐ฒ๐ฑ unless the person who furnished it certifies that the information is complete and accurate.
โข ๐๐ผ๐บ๐บ๐ผ๐ป ๐ฉ๐ถ๐ผ๐น๐ฎ๐๐ถ๐ผ๐ป: Bureaus often "soft-delete" items only to have them ๐ฟ๐ฒ๐ฎ๐ฝ๐ฝ๐ฒ๐ฎ๐ฟ ๐ผ๐ป ๐๐ต๐ฒ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐น๐ฎ๐๐ฒ๐ฟ without following the proper notification procedures. If an item is reinserted, the CRA must notify you in writing within ๐ณ๐ถ๐๐ฒ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ฑ๐ฎ๐๐ and provide the contact information of the furnisher.
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Leverage the Fair Credit Reporting Act ๐
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