Generally, a CRA must conduct a reasonable “reinvestigation” of your dispute within 30 days of receiving your dispute. But if you send additional information within the 30 day period, the CRA gets an additional 15 days to respond to your dispute. If your dispute is based on a free annual credit report, the CRA has 45 days to respond to your dispute.
Depending on the nature of your dispute, the CRA may be required to contact the furnisher of information such as the bank, collection agency, or other entity that is reporting the information to the CRAs and inform that furnisher of your dispute. Similar to the CRA, the furnisher must also conduct a reasonable “investigation” of your dispute, and report back to the CRA the results of its investigation. The CRA must then report back to you the results of its reinvestigation.
If you are disputing information in your credit report provided to you by a “reseller” (these reports are often sold to mortgage lenders and contain the combined credit information from Equifax, Experian and Trans Union), the reseller has different reinvestigation requirements. But, similar to the CRA, the reseller must still provide you with results of its reinvestigation.
Once you receive your results, the CRA should tell you what it did in response to your dispute. If inaccurate or incomplete information continues to be reported such as, a false account you requested to be deleted or continued reporting of the inaccurate late payment, you may have a claim against the CRA and/or the furnisher.
You may also have claims under the FCRA if you never receive results to your dispute, you did not receive your results within the required time period, or you received a letter saying the CRA or reseller will not conduct a reinvestigation of your dispute.
If you have disputed inaccurate or incomplete information and you believe the CRA or other entity has violated the law, please contact us for a free consultation.