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If a customer calls our bank to report an inaccuracy on a loan they have with us. Are we obligated to investigate? The direct dispute FCRA section 1022.43(c) refers to the customer submitting a “notice” but does not define notice that I can find. It also requires documentation from the customer to support the dispute. If the customer does not come in and complete a form/provide the support. What is the bank’s obligation at this point?
You are only obligated to investigate the dispute if you receive a notice (as detailed in 1022.43) at either the address you specify or, if you don’t specify an address, any address of your financial institution.
It would be a good idea to inform the customer of how to submit a complaint. Here is a link to a consumer information page on the CFPB’s website discussing how consumer should submit disputes:https://www.consumerfinance.gov/askcfpb/1303/how-do-i-file-a-dispute-with-a-creditor-or-other-institution-that-gives-information-to-a-credit-reporting-company.html.
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