623 letter to dispute credit record with original creditor
The 623 credit dispute method is called after the FCRA section §623(a)(8) Ability Of Consumer To Dispute Information Directly With Furnisher. Furnisher of the record that goes on your credit account is the Original Creditor (OC) that reports to Credit Reporting Agencies (CRA). And we have had the ability to dispute negative records with the OC for many years, but when you would write to the OC to dispute a negative account on your credit report, they were not required to verify such an account but only to investigate it.
Effective July 1, 2010, the FTC requires the OC to respond per the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). But you must first dispute the record with the CRA and if they fail to comply due to §623(c) Limitation On Liability. If the OC fails to respond, it is a $1,000 fine because of this new FCRA law, but again, you MUST FIRST initiate a dispute with CRA.
If a record you dispute with the CRA comes back verified, you should write another dispute letter, this one to the OC referring to the dispute with the CRA, and ask the OC to conduct an INVESTIGATION. Do not ask for verification because the law calls for investigation specifically. Attach the copy of the dispute letter with the CRA or if you dispute online, furnish a dispute reference number or print out as a proof. The OC has 30 days to respond, so always use certified mail return receipt requested. There are basically two outcomes,
First, the OC fails to respond, then you have a $1,000 violation of the FCRA. Send the Intend to Sue Letter with an offer to settle for deletion.
Second, the OC responds and says account is verified, then write another letter and ask for a proof. If the OC verifies something that you know is inaccurate, send Intend to Sue Letter with a proof that it is inaccurate, and include CRA letter copy.
You have a decent chance for a success. May be more than decent. Many banks and credit card issuers keep no more 36 months worth of credit records. Some keep as little as 18 months, so any negative information which does not fall in this time frame would not be available and have to be removed from your credit report. With so many recent and not so recent mergers and acquisitions, you can be assured that quite a bit of data was not migrated from Countrywide to Bank of America or from Washington Mutual to JPMorgan Chase. Particularly, if they there were different database and storage systems involved like Sybase and Oracle, EMC and Hitachi, the data migration / conversion process will be even more costly and time consuming. As a former Oracle DBA I know that. And now to the 623 dispute letter with original creditor, as always the {xxxx} must be substituted by actual dates and numbers.
Date {MM/DD/YYYY}
Your name
Your address
Phone/fax/email
Original Creditor name
Original Creditor address
Re: {account number}
Dear Sir or Madam,
I pulled my credit report from {Credit Reporting Agency} on {MM/DD/YYYY} only to discover that you recently have reported me 30 days late on the above account in {MM/YYYY}. I immediately disputed this information with {Credit Reporting Agency} and the results of the investigation came back Verified. First, I have never been late on this account. Second, according to the Fair Credit Reporting Act, as the information furnisher, you are required to notify me of the insertion of negative listings.
Since I have disputed the Lates with the {Credit Reporting Agency}, and you verified them, I want to see what kinds of records you may have for this account. As you undoubtedly aware of, under the Fair Credit Reporting Act, you are required to conduct an investigation on this account if I request it. I therefore am submitting my written request to you to conduct such an investigation. Per the Fair Credit Reporting Act, you have 30 days to conduct this investigation and respond to my request. If you do not respond within this time period, per the Fair Credit Reporting Act, you must remove this negative information.
Sincerely,
Your signature
Mon Oct 4, 2010 09:10AM | Copyright: www.bad-credit-advisor.com | More in Credit Report Dispute | Comments (0)
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