Posted: Thu Dec 24, 2009 7:28 pm Post subject: Are CRA's required to have verifiable documentation on file
Are Credit Bureaus's required to have verifiable documentation at its repository to report accounts on your credit report? I ask this because a friend of mine is thinking about purchasing an ebook (that cost 599.00) and free credit disputing service that claims to have a "copyrighted" section 609 system (which they take from the FCRA Section 609: Consumer Disclosures) that doesn't challenge whether or not the account is yours but actual reporting law. They are stating that that credit bureaus are required to maintain a copy of the verifiable documentation at their repository. Is this true? I told my friend that she needs to really investigate this company called the Fullfillment Center ( Bruce McInnis). Your thoughts please.
Posted: Tue Jan 05, 2010 12:58 pm Post subject: Re: Are CRA's required to have verifiable documentation on f
Tia1908 wrote:
Are Credit Bureaus's required to have verifiable documentation at its repository to report accounts on your credit report? I ask this because a friend of mine is thinking about purchasing an ebook (that cost 599.00) and free credit disputing service that claims to have a "copyrighted" section 609 system (which they take from the FCRA Section 609: Consumer Disclosures) that doesn't challenge whether or not the account is yours but actual reporting law. They are stating that that credit bureaus are required to maintain a copy of the verifiable documentation at their repository. Is this true? I told my friend that she needs to really investigate this company called the Fullfillment Center ( Bruce McInnis). Your thoughts please.
The CRAs need not keep "documentation" in their system [on the front end] a;though they are required to have performed a reasonable investigation of incoming data to assure the maximum possible accuracy of consumer reports they issue from that incoming data. Even post-reinvestigation, they need to retain documentation they take in from the consumer but not necessarily "documents" from the subscriber unless they need support for changes made to a reporting.
Sorry that I did not get to answer this question before now. _________________ David Szwak
Chairman, Consumer Protection Section, Louisiana State Bar Association
Bodenheimer, Jones & Szwak, LLC
416 Travis Street, Suite 1404
Mid South Tower
Shreveport, Louisiana 71101
318-424-1400
Fax 318-221-6555
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