FCRA 623 (5) Question.......can someone translate to laymen's terms?

[saramorgan]

(5) Duty to provide notice of delinquency of accounts.

(A) IN GENERAL- 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 date of delinquency on the account, which shall be the month and year of the commencement of the delinquency that on the account immediately preceded the action.

( RULE OF CONSTRUCTION- For purposes of this paragraph only, and provided that the consumer does not dispute the information, a person that furnishes information on a delinquent account that is placed for collection, charged for profit or loss, or subjected to any similar action, complies with this paragraph, if--

(i) the person reports the same date of delinquency as that provided by the creditor to which the account was owed at the time at which the commencement of the delinquency occurred, if the creditor previously reported that date of delinquency to a consumer reporting agency;

(ii) the creditor did not previously report the date of delinquency to a consumer reporting agency, and the person establishes and follows reasonable procedures to obtain the date of delinquency from the creditor or another reliable source and reports that date to a consumer reporting agency as the date of delinquency; or

(iii) the creditor did not previously report the date of delinquency to a consumer reporting agency and the date of delinquency cannot be reasonably obtained as provided in clause (ii), the person establishes and follows reasonable procedures to ensure the date reported as the date of delinquency precedes the date on which the account is placed for collection, charged to profit or loss, or subjected to any similar action, and reports such date to the credit reporting agency.

[saramorgan]

After reading this section it seems to me that if a TL on my CR has an incorrect date and I dispute it with the CA they then have an opportunity to fix it with the CRA.

Section (iii) seems to say to me that if a reasonable attempt was made on the part of the CA to get the right date and they can't then it's ok to have the wrong date on there.

Trying to understand these laws has me loopy so please forgive me if I'm way off base......LOL

[nascar]

There has been a lot of discussion about the FCRA lately and the main thing I come away with is that it's tough to formulate a successful FCRA claim.

[divemedic]

That is why the procedure I follow has to be done exactly correctly. It has worked for me.

[saramorgan]

I'm thinking that I got to hasty in sending my stuff out, luckily I only picked a couple of SOL accounts. I sent out the DVs and the CRA disputes all at the same time because the flow chart (1-2 punch) says "DAy 1" send yada yada.

What I should have done is disputed and then sent out my DVs once I saw the CA verified with the CRA. Oh well, lesson learned

Thanks guys, appreciate you responding