RedDog Posted March 18, 2005 Report Share Posted March 18, 2005 BoA charged off an account back in May 2002 and sold it. No updates to account since Jun '02. I have been letting it ride until SOL (3yrs last Jan). I disputed the high balance with EX and asked for removal of TL. I just noticed on PG that they updated the account by deleting the High Balance, re-aged the account by adding 2+ yrs of history and moved the CO date from May '02 to Mar '05. Also the account is listed as OPEN on EQ(waiting for results).This is the OC.My question is: Can an OC continue to report, update the account and move the CO date after they have sold the account? If so what statutes are they violating.Thanks,RedDog Link to comment Share on other sites More sharing options...
LadynRed Posted March 18, 2005 Report Share Posted March 18, 2005 What they've done is a violation of the FCRA. Those dates shouldn't be moving targets - ever. EX is very bad for changing the date of status to the date of your dispute, several people over at creditboards were fighting this practice. EX insists they're not doing in anything wrong, but even an exec at FICO says its wrong !The new FACT Act now allows us to dispute directly with the OC - might be time to take the bull by the horns. Link to comment Share on other sites More sharing options...
aints68 Posted March 22, 2005 Report Share Posted March 22, 2005 Could you explain what those rights are under the new act. BH has a similar problem with MBNA reaging an account with all 3 cra's. We need to get this fixed but are not sure where to start. Link to comment Share on other sites More sharing options...
Lorian Posted March 23, 2005 Report Share Posted March 23, 2005 It's my understanding that FACT doesn't provide for consumers civil actions against the OC (isn't Congress nice to us..>snort<) - your leverage comes from complaining and reporting the OC and their violations to the FTC, state AG, etc.I'm pretty new at this, so someone correct me if I am in error here. Link to comment Share on other sites More sharing options...
aints68 Posted March 24, 2005 Report Share Posted March 24, 2005 My problem is not having all of the proof I need to back up my claim. I need to contact OC first, but not sure what to say or threaten in my letter Link to comment Share on other sites More sharing options...
aints68 Posted March 25, 2005 Report Share Posted March 25, 2005 bump Link to comment Share on other sites More sharing options...
admin Posted March 25, 2005 Report Share Posted March 25, 2005 It's my understanding that FACT doesn't provide for consumers civil actions against the OC (isn't Congress nice to us..>snort<) - your leverage comes from complaining and reporting the OC and their violations to the FTC, state AG, etc.I'm pretty new at this, so someone correct me if I am in error here.No, you are incorrect, FACTA does provide an avenue to go to the creditors directly...§ FCRA 623 (a) ( 8 ) Ability of Consumer to Dispute Information Directly with Furnisher(A) In general. The Federal banking agencies, the National Credit Union Administration, and the Commission shall jointly prescribe regulations that shall identify the circumstances under which a furnisher shall be required to reinvestigate a dispute concerning the accuracy of information contained in a consumer report on the consumer, based on a direct request of a consumer.( Considerations. In prescribing regulations under subparagraph (A), the agencies shall weigh--(i) the benefits to consumers with the costs on furnishers and the credit reporting system;(ii) the impact on the overall accuracy and integrity of consumer reports of any such requirements;(iii) whether direct contact by the consumer with the furnisher would likely result in the most expeditious resolution of any such dispute; and(iv) the potential impact on the credit reporting process if credit repair organizations, as defined in section 403(3), including entities that would be a credit repair organization, but for section 403(3)((i), are able to circumvent the prohibition in subparagraph (G).© Applicability. Subparagraphs (D) through (G) shall apply in any circumstance identified under the regulations promulgated under subparagraph (A).(D) Submitting a notice of dispute- A consumer who seeks to dispute the accuracy of information shall provide a dispute notice directly to such person at the address specified by the person for such notices that--(i) identifies the specific information that is being disputed;(ii) explains the basis for the dispute; and(iii) includes all supporting documentation required by the furnisher to substantiate the basis of the dispute.(E) Duty of person after receiving notice of dispute. After receiving a notice of dispute from a consumer pursuant to subparagraph (D), the person that provided the information in dispute to a consumer reporting agency shall--(i) conduct an investigation with respect to the disputed information;(ii) review all relevant information provided by the consumer with the notice;(iii) complete such person's investigation of the dispute and report the results of the investigation to the consumer before the expiration of the period under section 611(a)(1) within which a consumer reporting agency would be required to complete its action if the consumer had elected to dispute the information under that section; and(iv) if the investigation finds that the information reported was inaccurate, promptly notify each consumer reporting agency to which the person furnished the inaccurate information of that determination and provide to the agency any correction to that information that is necessary to make the information provided by the person accurate.(F) Frivolous or Irrelevant Dispute(i) In general. This paragraph shall not apply if the person receiving a notice of a dispute from a consumer reasonably determines that the dispute is frivolous or irrelevant, including--(I) by reason of the failure of a consumer to provide sufficient information to investigate the disputed information; or(II) the submission by a consumer of a dispute that is substantially the same as a dispute previously submitted by or for the consumer, either directly to the person or through a consumer reporting agency under subsection (, with respect to which the person has already performed the person's duties under this paragraph or subsection (, as applicable.(ii) Notice of determination. Upon making any determination under clause (i) that a dispute is frivolous or irrelevant, the person shall notify the consumer of such determination not later than 5 business days after making such determination, by mail or, if authorized by the consumer for that purpose, by any other means available to the person.(iii) Contents of notice. A notice under clause (ii) shall include--(I) the reasons for the determination under clause (i); and(II) identification of any information required to investigate the disputed information, which may consist of a standardized form describing the general nature of such information. Link to comment Share on other sites More sharing options...
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