[cjernigan1211]

Under FCRA’s accuracy and integrity rules for establishing “reasonable written policies and procedures” (1022.42) for consumer’s information reported to the credit agency, it is my understanding this is discussing when the institution receives a dispute from the credit reporting agency or directly from the consumer. I understand these disputes must be settled within 30 days of receiving the notice from the consumer. However, I am trying to find information concerning what constitutes a reasonable time for resolving credit report disputes that are generated internally. Do you have any suggestions from an existing policy you’ve seen? Thanks for your help.

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[JGo9]

Here is a paragraph out of an Accuracy & Integrity Procedures that I’ve wrote.

After a completed direct dispute notice is received the bank has 30 days to complete a reasonable investigation. This includes reviewing all relevant information provided by the customer; a complete investigation of the disputes and report the results to the consumer before the 30 day expiration of the dispute (FACT ACT 15 U.S.C. 1681i(a)(1)); and if information was found to have been reported inaccurately, promptly notify each CRA to which the bank reported the inaccurate information to.

[cjernigan1211]

Along the same lines, I am trying to find guidance concerning when an individual has entered into bankruptcy. It is my understanding, even though an individual enters bankruptcy, the institution is still required to accurately report information to the consumer reporting agency. However, I am having trouble finding documentation to support this. I am trying to encompass bankruptcy situations in my accuracy and integrity procedues. Any help would be greatly appreciated. Thanks.

[JGo9]

If you are reporting information, it needs to be accurate for loans regardless of their status.

In looking at the Interagency Examination Procedures, bankruptcy is only mentioned once. It is mentioned on page 3.

Exceptions. The direct dispute requirements do not apply to a furnisher if the direct dispute relates to:
1) The consumer’s identifying information such as name(s), date of birth, Social Security number, telephone number(s), or address(es);
2) The identity of past or present employers;
3) Inquiries or requests for a consumer report;
4) Information derived from public records, such as judgments, bankruptcies, liens, and other legal matters (unless the information was provided by a furnisher with an account or other relationship with the consumer);
5) Information related to fraud alerts or active duty alerts; or
6) Information provided to a consumer reporting agency by another furnisher.

I hope this helps.

[cjernigan1211]

In looking the FCRA accuracy and integrity rules, under the duties upon notice of dispute, when the investigation is complete, the results are to be reported to CRA’s to which we furnish information. If we receive that credit dispute from CRA, are we required to report our findings back to the CRA and the consumer or just CRA?

Under 1022.43 for direct disputes we report the results of our findings to the consumer and CRA if necessary.

Thanks for your help. Have a great day.

[rcooper]

If you receive the dispute from the CRA, then they received the dispute from the customer and have the responsibility of notification. Take a look at section 611 of the FCRA: https://www.ftc.gov/os/statutes/031224fcra.pdf

[Author]

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