ColSandurz

Obligations of Credit Bureaus with respect to inaccurate/incorrect information

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I'm just wondering what obligation (legally speaking) the credit bureaus have in removing incorrect/inaccurate information - specifically when the information is incorrect or inaccurate, and yet after disputing this with the credit bureaus they still keep it on the credit reports (either because they stated they received confirmation from the creditor it was accurate or for some other reason).  

 

And is there any recourse aside from a lawsuit?  Or is a lawsuit against the credit bureaus even allowed when they won't remove incorrect/inaccurate information, or do you have to sue (or otherwise contest) the creditor themselves that is reporting this inaccurate/incorrect information?

 

Thanks.

 

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@ColSandurz

 

When you dispute with a credit reporting agency (CRA), it reports the dispute to the furnisher (creditor) who then verifies, corrects, or deletes the information.  If the furnisher verifies it, the CRA keeps it on your CR.  You then dispute with the furnisher.  If the furnisher won't correct the information, you can sue that furnisher but you have to have proof that the information is incorrect.

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@ColSandurz - CRA's and creditors are bound by the FCRA (Fair Credit Reporting Act) - http://www.creditinfocenter.com/legal/fcra.shtml - as well as the FACT Act (Fair and Accurate Credit Transactions Act http://www.creditinfocenter.com/legal/FACTactFacts.shtml.  If your rights have been violated, you can sue them. (http://www.creditinfocenter.com/eBooks/PoorMansClassActionLawsuit.shtml)

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