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The FCRA on the "Indication of dispute by consumer."Christine11-08-03  11:05 pm
The FCRA requirement to provide the investigation proceduresChristine11-08-03  10:51 pm
The FCRA on the requirements for investigationsChristine11-08-03  10:39 pm
The FCRA on consumer disclosuresChristine11-08-03  10:33 pm
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Christine
Board Administrator
Username: Christine

Post Number: 1597
Registered: 09-2002
Posted on Saturday, November 08, 2003 - 09:17 pm:   Edit Post Delete Post Print Post    Move Post (Moderator/Admin Only)

The screen shot of a TU online dispute form on 9/15/03:

TU online dispute form on 9/15/03
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Christine
Board Administrator
Username: Christine

Post Number: 1602
Registered: 09-2002
Posted on Saturday, November 08, 2003 - 11:15 pm:   Edit Post Delete Post Print Post    Move Post (Moderator/Admin Only)

1) TU fails to take responsibility for their reporting and attempts to shift liability on the furnishers only.

TU prides itself in reporting *whatever* a furnisher reports, no matter how ridiculous, and that is a violation of the FRCA. TU is supposed to implement procedures to ensure the maximum accuracy of their credit reports.

However, TU refuses to implement ANY procedures whatsoever.

I've been reviewing TU reports since the late 80s, and back then, functioning brains were still occasionally allowed at TU - I remember talking to TU reps and resolving a problem, a few times.

Now TU categorically refuses to even LOOK at documentation supplied by consumers.

The TU credit reporting is often as bizarre as it goes.

The bottom line: TU advises that they report whatever the furnisher submits and they IGNORE all consumer documentation.

And that is NOT what they are supposed to be doing!

2) TU advises consumers to add a "consumer statement" to the report when they are not satisfied with the results of the investigation.

Of course consumers can do that - if they want to look like village idiots!

TU offers to "help you write this statement." They WANT you to look stupid!

The consumer statements are ENTIRELY ignored by credit scoring software. It's the biggest waste of time. "Sophisticated" consumers know better than to make themselves look stupid, I've been publishing the TRUTH about those consumer statements for 6+ years. And I've told my clients to have all consumer statements removed for over 10 years.

When I was a mortgage broker, I reviewed a credit report and a perfectly GOOD account had some silly consumer statement about late payments. DUH!!!!

Talk about shooting yourself in the foot! After the late payments were removed, that idiotic statement stayed on the report.

TU fails to advise consumers that they have the right to receive the description of the investigation procedures as per the FCRA. But they do include it with the results, at the end of the report, of course in ALL CAPS so that most people don't read it.

To add insult to injury, they NEVER EVER ONCE provided their procedures after literally thousands of requests. NEVER!

Trans Union also FAILS to advise consumers that they have a LEGAL RIGHT to accurate credit reports, and TU FAILS to advise consumers that they can take legal action and that TU will have to pay the consumes' attorneys fees.

And of course they don't tell consumers that they might even get a $5 mill jury verdict against TU.

3) TU recommends that borrowers not apply for credit while a dispute is pending.

In some cases, an account that's in dispute and properly noted as disputed by the CRA on the consumer report may hurt the consumer's credit rating if it is ignored (as it should be.) A good example would be a balance dispute for the ONLY open account.

In MOST cases, the consumer would benefit by applying while accounts are in dispute and ignored by credit scores.

However, TU VIOLATES the FCRA by REFUSING to note the accounts as disputed, as required by the FCRA!



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