Original creditor verification proof/timeline

[seanpaul]

What must an OC give me in response to my verification request? I assume they have to give me the same info a CA would, i.e., original paper work, etc? Does the OC have 30 days to respond with this proof, or is it 60 days?

[four20nik]

OC isnt bound by anthing to respond.

 

IF you use the FCBA, I believe they have 60 days to investigate and report results...

[clr_mycredit]

But if you initiate a dispute with a CRA regarding a tradeline by an OC and it gets verified, you can demand verification of that information by the OC. Correct? And they'll have 30 days plus 5 days for postal mail to respond?

[seanpaul]

So if I send the OC a verification request today , get the green card back dated 4/12...The OC has until 6/12 t( 60 days) o provide me with verification?

[TeeSharice]

So if I send the OC a verification request today , get the green card back dated 4/12...The OC has until 6/12 t( 60 days) o provide me with verification?

 

NOT AT ALL....OCs dont EVER have to verify!!

For that matter, there is no timeline in which a CA must validate either

[LKH]

So if I send the OC a verification request today , get the green card back dated 4/12...The OC has until 6/12 t( 60 days) o provide me with verification?

 

No. Nothing in the FCRA says they need to supply you with anything or even respond to you.l

 

If you notify an oc that you dispute an acct listing, they must report that the account is disputed by the consumer. Here is the section of the FCRA that applies.

 

 

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

 

(a) Duty of furnishers of information to provide accurate information.

 

(1) Prohibition.

 

(A) Reporting information with actual knowledge of errors. A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or consciously avoids knowing that the information is inaccurate.

 

( Reporting information after notice and confirmation of errors. A person shall not furnish information relating to a consumer to any consumer reporting agency if

(i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and

 

(ii) the information is, in fact, inaccurate.

 

© No address requirement. A person who clearly and conspicuously specifies to the consumer an address for notices referred to in subparagraph ( shall not be subject to subparagraph (A); however, nothing in subparagraph ( shall require a person to specify such an address.

 

(2) Duty to correct and update information. A person who

 

(A) regularly and in the ordinary course of business furnishes information to one or more consumer reporting agencies about the person's transactions or experiences with any consumer; and

 

( has furnished to a consumer reporting agency information that the person determines is not complete or accurate, shall promptly notify the consumer reporting agency of that determination and provide to the agency any corrections to that information, or any additional information, that is necessary to make the information provided by the person to the agency complete and accurate, and shall not thereafter furnish to the agency any of the information that remains not complete or accurate.

 

(3) Duty to provide notice of dispute. If the completeness or accuracy of any information furnished by any person to any consumer reporting agency is disputed to such person by a consumer, the person may not furnish the information to any consumer reporting agency without notice that such information is disputed by the consumer.

 

(4) Duty to provide notice of closed accounts. A person who regularly and in the ordinary course of business furnishes information to a consumer reporting agency regarding a consumer who has a credit account with that person shall notify the agency of the voluntary closure of the account by the consumer, in information regularly furnished for the period in which the account is closed.

 

(5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.

( Duties of furnishers of information upon notice of dispute.

 

(1) In general. After receiving notice pursuant to section 611(a)(2) [§ 1681i] of a dispute with regard to the completeness or accuracy of any information provided by a person to a consumer reporting agency, the person shall

 

(A) conduct an investigation with respect to the disputed information;

 

( review all relevant information provided by the consumer reporting agency pursuant to section 611(a)(2) [§ 1681i];

 

© report the results of the investigation to the consumer reporting agency; and

 

(D) if the investigation finds that the information is incomplete or inaccurate, report those results to all other consumer reporting agencies to which the person furnished the information and that compile and maintain files on consumers on a nationwide basis.

 

(2) Deadline. A person shall complete all investigations, reviews, and reports required under paragraph (1) regarding information provided by the person to a consumer reporting agency, before the expiration of the period under section 611(a)(1) [§ 1681i] within which the consumer reporting agency is required to complete actions required by that section regarding that information.

© Limitation on liability. Sections 616 and 617 [§§ 1681n and 1681o] do not apply to any failure to comply with subsection (a), except as provided in section 621©(1)( [§ 1681s].

 

 

(d) Limitation on enforcement. Subsection (a) shall be enforced exclusively under section 621 [§ 1681s] by the Federal agencies and officials and the State officials identified in that section.

[seanpaul]

Thanks! Since the OC isn't required to respond to my verification request, if I never get a response, what is a reasonable time period to wait before I follow up with them and the CRA? Also, it sounds like the OC has little liability under the FCBA/FCRA, all they must do is mark the TL as "in dispute". So there's not much I can use against the OC if I wanted to sue them for any violations...plse correct me if I am wrong.

[foshizzle]

Well, here's what you can do:

 

Check in the letters forum under the thread "only OCs left, what now?".

 

The best method seems to be this:

-dispute with CRAs

-When verified, put pressure on OC about how they could have verified it

-get verification procedures from CRA

 

Essentially, you're putting pressure on them to just remove it after having messed up (ie, not followed the appropriate procedures).

[anti-something]

:shock:

 

anyone know what laws apply?

[foshizzle]

It's called a lawsuit.

 

If you take them to court, or if they take you to court, they have to prove the amt owed.

[anti-something]

ok, so you take them to court.. under what law?

[foshizzle]

Well, all those statutes that LKH posted might be a good start.

[anti-something]

thanks, where would i find those? tried searching.. couldnt find them