Note The Debt As Disputed

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Note The Debt As Disputed

Postby ChrisGreen » Mon Jul 28, 2014 2:26 pm

The FCRA - 15 USC section 1681s-2(b)(1)(D) (FN1) provides that if the investigation finds that the information is “incomplete or inaccurate,” the furnisher shall “report those results to all other consumer reporting agencies to which the person furnished the information and that compile and maintain files on consumers on a nationwide basis . . . .” See, Saunders v. Branch Bank & Trust Co. of Va., 526 F.3d 142, 148 (4th Cir. 2008) (“Congress clearly intended furnishers to review reports not only for inaccuracies in the information reported but also for omissions that render the reported information misleading.”).

In Gorman, the Court adopted the Saunders holding in this respect. There, the court stated “A disputed credit file that lacks a notation of dispute may well be ‘incomplete or inaccurate’ within the meaning of the FCRA, and the furnisher has a privately enforceable obligation to correct the information to correct the information after notice. Section 1681s-2(b)(1)(D).”

When a consumer disputed the validity of an account, the furnisher must report an account “disputed by consumer.” Id. at 149, citing, 15 U.S.C. § 1681s-2(a)(3). This provision is an important counterweight to the furnisher’s nearly unilateral power to report derogatory information on a consumer’s credit report. Although the derogatory account information may remain on a consumer’s credit report, the consumer at least has the ability to designate the account as disputed. This is similar to the consumer’s right to include a 100-word statement in the credit report when they are dissatisfied with the outcome of a CRA’s reinvestigation. See, 15 U.S.C. § 1681i(b).

15 U.S.C. § 1681s-2(a)(3) provides:

“If the completeness or accuracy of any information furnished by any person to any consumer reporting agency is disputed to such person by a consumer, the person may not furnish the information to any consumer reporting agency without notice that such information is disputed by the consumer.”

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Chris Green
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