I would just like to remind all of those who are considering disputes of accuracy of information in their credit reports of the major change in the dispute process that legally take effect on 7/1/2010.
Up until now, the arcane rules of FCRA 611(a) required we consumers, even though our dispute was with the one who posted information to our credit files, to first file our disputes with the CRAs, who would then use their stupid E-Oscar process, and forward what they chose to consider as “relevant information†(FCRA 611(a)(2)) to the creditor, then for the creditor to report back to the CRA, and then for the CRA, who was never even a party to the disputed issues, to render their decision. Kinda stupid and cumbersome, to say the least.
Congress recognized, more than a decade ago, the stupidity of this procedure.
They set forth what is called a “direct dispute†procedure that enables the consumer to dispute directly with the party that posted to their credit report. That was enacted as FCRA 623(a)(8).
But it had a major hitch, as a legislative concession to the creditor lobby.
It required, before the direct dispute rights was made law, that all interested parties be given the opportunity to first express their concerns, support, or objections.
It would only become law upon publication of final rules published by the major federal banking authorities.
So, proposed rules were published at
70944 Federal Register / Vol. 72, No. 239 / Thursday, December 13, 2007 / Proposed Rules. Comments and opinions received……..
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It then took over a year and a half for final rules to be published.
They were finally published in the Federal Register as:
31484 Federal Register / Vol. 74, No. 125 / Wednesday, July 1, 2009 / Rules and Regulations
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This fully enacts the provisions of FCRA 623 (a)(8), as of the state effective date of 7/1/2010. It now gives we consumers the right to directly dispute with the provider of disputed information, be they an OC or debt collector, without having to go through the arcane intermediary of a CRA.