The Consumer Financial Protection Bureau (CFPB) now allows consumers to “directly dispute” misinformation by directly uploading their complaints on line.
Complaints can be fact checked effectively, and resolved quickly.
And the CFPB is handing out million dollar fines and certifying class action lawsuits against violators.
Consumers now have a “hammer” to force the three credit bureaus and credit vendors to clean up their records.
To begin the complaint process go to their website(CFPB).
The CFPB estimates that 55% of all credit reports have significant inaccurate information.
Below are the most common examples of misreporting.
a) Information is “not creditor’s
b) Belongs to someone else, identity theft, fraud, etc.
c) Account terms are reported wrong
d) Creditor name/info, balance, payment, etc.
e) A ccount status
f) Paid bill on time, account closed, etc.
g) Wrong date of birth, address, etc.
h) Inaccurate public records (Bankruptcy, judgments, etc).
i) Reinserted (previously deleted) information
j) Credit Reporting company’s investigation was flawed
To dispute an issue, the consumer must first order a credit report from each bureau and file a dispute for each derogatory item with the specific credit reporting bureau.
Once the bureau has reviewed the filing, they must (within 30 days) inform the consumer the results of their investigation.
Assuming the investigation is negative, the consumer should appeal to the CFPB for relief. Continue reading this post on Dan Dobbs site. And Don’t forget if you have questions on your mortgage – are interested in refinance or even a new mortgage Dan is really great place to start. Give him a call at 949-250-3981