Vermont Result of Investigation of Disputed Credit Information and Disclosure of Consumer Rights in Event of Continued Dispute

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Under the Fair Credit Reporting Act, if a consumer disputes the completeness or accuracy of any item of information in the consumer's file, and the dispute is directly conveyed to the consumer reporting agency by the consumer, the reporting agency must, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate, unless it has reasonable grounds to believe that the dispute is frivolous or irrelevant. If the information is erroneous, inaccurate, or can no longer be verified, the credit reporting agency must promptly correct or delete it and refrain from reporting the information in subsequent consumer reports.


Following any deletion of information or notation as to disputed information, the agency, on request of the consumer, must furnish to certain persons either: (1) notification of the deletion; or (2) the consumer's statement of the dispute or the agency's summary of the statement. The consumer reporting agency must clearly and conspicuously disclose the consumer's rights to make such a request, such disclosure to be made at or prior to the time the information is deleted or the consumer's statement regarding the disputed information is received.

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FAQ

The dispute notice must contain sufficient information to identify the account in dispute, the specific information being disputed, an explanation of the basis for the dispute, and all supporting documentation reasonably required by the furnisher to substantiate the basis of the dispute.

If the disputed information is wrong or can't be verified, the company is required by law to delete or change the information. It also has to notify all of the credit reporting companies to which it provided the wrong information, so the credit reporting companies can update their files with the correct information.

The furnisher also must review all relevant information provided by the consumer with the dispute notice. The furnisher has 30 days from the receipt of the dispute notice (with the possibility for a 15-day extension under certain circumstances) to complete the investigation and report the results to the consumer.

This documentation may include, for example: a copy of the relevant portion of the consumer report that contains the allegedly inaccurate information; a police report; a fraud or identity theft affidavit; a court order; or account statements.

Direct disputes occur when a consumer directly contacts the source of the information, also called the data furnisher, that provided what they believe to be incorrect information to the credit reporting company.

Data Furnisher Requirements The FCRA Furnisher Rule includes legal obligations of the data furnisher, including: Data furnishers must provide information that is accurate and complete. Data furnishers must investigate customer disputes about the accuracy of the information they provide.

A dispute notice from a consumer must include: 1) Sufficient information to identify the account or other relationship that is in dispute, such as an account number and the name, address, and telephone number of the consumer; 2) The specific information that the consumer is disputing and an explanation of the basis for ...

A reasonable investigation under FCRA § 1681s-2(b) requires the furnisher to examine sufficient evidence to determine whether the disputed information is accurate.

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Vermont Result of Investigation of Disputed Credit Information and Disclosure of Consumer Rights in Event of Continued Dispute