Consumer Dispute Process
The Fair Credit Reporting Act guarantees consumers the right to dispute information that has been previously reported to consumer reporting agencies.
The consumer may initiate his or her dispute directly with a consumer reporting agency, one of the affiliates of that repository, or a reseller of consumer reports. Regardless of the source at which the dispute originates, the data furnisher must respond. (See Federal Trade Commission interpretation letter of July 1999 http://www.ftc.gov/os/1999/9908/faresletterfinal.htm).
The law also describes these duties of data furnisher's specific to the consumer dispute process:
Conduct an investigation with respect to the disputed information.
Review all relevant information provided by the consumer reporting agency.
Report the results of the investigation to the consumer reporting agency.
If the investigation finds that the information is incomplete or inaccurate, report those results to all other consumer reporting agencies to which the data provider furnished the information.
The law also mandates a deadline for the completion of the investigation, review, and reporting of the investigation results. This process shall be completed within a 30-calendar day period that begins when the consumer contacts the consumer reporting agency.
AUTOMATED CONSUMER DISPUTE VERIFICATION (ACDV)
In compliance with FCRA section 611 (a) (5) (D), the consumer credit reporting industry maintains an automated dispute resolution system. This system, called e-OSCAR-web, is available for use by all data furnisher's.
ACDV WORKFLOW
Each consumer reporting agency and data furnisher has its own access to e-OSCAR-web.
When a consumer contacts a consumer reporting agency with a dispute, the agency transmits the disputed information into e-OSCAR. The data furnisher accesses e-OSCAR and retrieves the disputed data.
The data furnisher researches the disputed account, and transmits a response back to the originating consumer reporting agency.. If the information is verified as correctly reported, the response goes only to the originating consumer reporting agency. If the information is modified or deleted, e-OSCAR automatically sends a response to the originating consumer reporting agency and sends copies to any other consumer reporting agencies with which the data furnisher has registered in e-OSCAR.
The consumer reporting agencies retrieve responses, update the credit files accordingly and respond back to the consumers.
The originating consumer reporting agency also notifies the data furnisher of any modifications or deletions as a result of the dispute reinvestigation.
To complete the process, when a change has been made, data furnisher's must also update their internal records to avoid re-reporting incorrect information.
FEATURES OF ACDV
Automated Carbon Copies - If you modified or deleted an account in response to a consumer reporting agency-generated consumer dispute, e-OSCAR will send copies of the dispute and response to each of the consumer reporting agencies with which you have registered an affiliation in e-OSCAR. These copies help to pre-empt future disputes, thus reducing your costs. Consumer credit data will be accurate at all the agencies with which you are registered, which will help to improve customer satisfaction.
Automatic Notification - The Fair Credit Reporting Act requires the originating consumer reporting agency to notify the data furnisher of any modifications or deletions as a result of the dispute reinvestigation. e-OSCAR provides the capability to meet this requirement.
No Illogical Conditions - When a consumer reporting agency sends out an "I've never been late" dispute, they need your assistance in verifying the consumer's account information. The e-OSCAR system has built-in edits to prevent illogical responses.
Other benefits include easy tracking of consumer disputes in progress or completed and easy access to a broad range of user reports.
The consumer may initiate his or her dispute directly with a consumer reporting agency, one of the affiliates of that repository, or a reseller of consumer reports. Regardless of the source at which the dispute originates, the data furnisher must respond. (See Federal Trade Commission interpretation letter of July 1999 http://www.ftc.gov/os/1999/9908/faresletterfinal.htm).
The law also describes these duties of data furnisher's specific to the consumer dispute process:
Conduct an investigation with respect to the disputed information.
Review all relevant information provided by the consumer reporting agency.
Report the results of the investigation to the consumer reporting agency.
If the investigation finds that the information is incomplete or inaccurate, report those results to all other consumer reporting agencies to which the data provider furnished the information.
The law also mandates a deadline for the completion of the investigation, review, and reporting of the investigation results. This process shall be completed within a 30-calendar day period that begins when the consumer contacts the consumer reporting agency.
AUTOMATED CONSUMER DISPUTE VERIFICATION (ACDV)
In compliance with FCRA section 611 (a) (5) (D), the consumer credit reporting industry maintains an automated dispute resolution system. This system, called e-OSCAR-web, is available for use by all data furnisher's.
ACDV WORKFLOW
Each consumer reporting agency and data furnisher has its own access to e-OSCAR-web.
When a consumer contacts a consumer reporting agency with a dispute, the agency transmits the disputed information into e-OSCAR. The data furnisher accesses e-OSCAR and retrieves the disputed data.
The data furnisher researches the disputed account, and transmits a response back to the originating consumer reporting agency.. If the information is verified as correctly reported, the response goes only to the originating consumer reporting agency. If the information is modified or deleted, e-OSCAR automatically sends a response to the originating consumer reporting agency and sends copies to any other consumer reporting agencies with which the data furnisher has registered in e-OSCAR.
The consumer reporting agencies retrieve responses, update the credit files accordingly and respond back to the consumers.
The originating consumer reporting agency also notifies the data furnisher of any modifications or deletions as a result of the dispute reinvestigation.
To complete the process, when a change has been made, data furnisher's must also update their internal records to avoid re-reporting incorrect information.
FEATURES OF ACDV
Automated Carbon Copies - If you modified or deleted an account in response to a consumer reporting agency-generated consumer dispute, e-OSCAR will send copies of the dispute and response to each of the consumer reporting agencies with which you have registered an affiliation in e-OSCAR. These copies help to pre-empt future disputes, thus reducing your costs. Consumer credit data will be accurate at all the agencies with which you are registered, which will help to improve customer satisfaction.
Automatic Notification - The Fair Credit Reporting Act requires the originating consumer reporting agency to notify the data furnisher of any modifications or deletions as a result of the dispute reinvestigation. e-OSCAR provides the capability to meet this requirement.
No Illogical Conditions - When a consumer reporting agency sends out an "I've never been late" dispute, they need your assistance in verifying the consumer's account information. The e-OSCAR system has built-in edits to prevent illogical responses.
Other benefits include easy tracking of consumer disputes in progress or completed and easy access to a broad range of user reports.
