Consumers can now dispute credit inaccuracy directly!

The Consumer Finance Credit Bureau (CFPB) now allows consumers to “directly dispute” misinformation by directly uploading their complaints on line.
Complaints can be fact checked effectively, and resolved quickly.
And the CFPB is handing out million dollar fines and certifying class action lawsuits against violators.
Feds Grant Borrowers New rights to Resolve Credit Disputes!


Consumers now have a “hammer” to force the three credit bureaus and credit vendors to clean up their records. 

Let’s get them started.
To begin the complaint process click here (CFPB). Or going towww.consumerfinance.gov/complaint/
The CFPB estimates that 55% of all credit reports have significant inaccurate information.
Below are the most common examples of misreporting.
a) Information is “not creditor’s
b) Belongs to someone else, identity theft, fraud, etc.
c) Account terms are reported wrong
d) Creditor name/info, balance, payment, etc.
e) Account status
f) Paid bill on time, account closed, etc.
g) Wrong date of birth, address, etc.
h) Inaccurate public records (Bankruptcy, judgments, etc).
i) Reinserted (previously deleted) information
j) Credit Reporting Company’s investigation was flawed

To dispute an issue, the consumer must first order a credit report from each bureau and file a dispute for each derogatory item with the specific credit reporting bureau.
Once the bureau has reviewed the filing, they must (within 30 days) inform the consumer the results of their investigation.
Assuming the investigation is negative, the consumer should appeal to the CFPB for relief.
The uploading any supporting documents online directly to the agency expedites ('starts" the clock ticking") the process by bringing pressure on credit bureaus, collection agents and credit vendors.
It's just easier for all involved to delete a consumer's derogatory item rather than risk sanctions.
Those documents are (but not limited to):
a) Incorrect part of credit reports, payment records, cancelled checks, court documents, birth certificates or other identity verification documents.
b) To add pressure I recommend the borrower/ buyer to include a cover letter (and subsequent purchase contract) explaining the sensitivity and timeliness of a quick response.
All too often it has been my personal experience that unethical bill collectors target and pressure innocent borrowers and borrowers with common surnames, to pay illegitimate debts just to raise their credit scores.
Collection agents coldly calculate the pressure of losing a earnest money deposit (and the home) will bully innocent buyers into paying an (unjust) outstanding balance just to close escrow.
NOTE: If the debt is legit it’s CRUCIAL that the debt be paid ONLY thru escrow.
IF THE DEBT IS PAID OFF BEFORE COE…THE BORROWERS CREDIT SCORES WILL CERTAINLY DECLINE AND JEOPARDIZE YOUR DEAL.
In Conclusion

Just the mere filing of a consumer complaint, can lead to targeted CFPB examinations, resulting in thousands of dollars in administrative costs and massive fines.

Seven figure fines and threat of class action lawsuits will now force credit vendors and the 3 credit bureaus to clean up their act.