“Account Information Disputed by Consumer Meets FCRA Requirements” – What Does That Mean?
“Account information disputed by consumer meets FCRA requirements” means that YOU (the consumer) are disputing information that has been reported to your credit agency about your account. FCRA is an acronym for the Fair Credit Reporting Act (FCRA). Credit Bureaus must follow the rules of the FCRA. The notation means your dispute is under investigation, but that the information that was reported (even if proven to be wrong) does not violate the rules of reporting as listed in FRCA. So, the disputed information will remain on your credit report while your dispute is under investigation. They will let you know the results later and update your report accordingly. That notation is temporary and should go away when they update your report. However, there are many complaints on file that the notation stayed on the report. Sometimes, indefinitely.
What Is the Fair Credit Reporting Act (FCRA)?
The Fair Credit Reporting Act (FCRA) is a federal law that was passed in 1970. It regulates how consumer credit information is collected and who has access to their credit reports. The purpose was to address the fairness, accuracy, and privacy of the personal information contained in the files of the credit reporting agencies.
A Summary of Your Rights Under the Fair Credit Reporting Act
- You must be told if information in your file has been used against you. This applies to anyone who uses a credit report to take negative action against you. They must tell you and must give you the name, address, and phone number of the agency that provided the information.
- Access to information – You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency.
- You have the right to ask for a credit score. Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores.
- You have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous.
- Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that is more than seven years old.
- Access to your file is limited. A consumer reporting agency may provide information
about you only to people with a valid need.
- You must give your consent for reports to be provided to employers. A consumer
reporting agency may not give out information about you to your employer, or a potential
employer, without your written consent.
- You may limit “prescreened” offers of credit and insurance you get based on
information in your credit report. (Source: consumer.ftc.gov)
Frequent Questions Regarding: “Account Information Disputed by Consumer Meets FCRA Requirements”
Account Information Disputed by Consumer Meets FCRA Requirements
Question: A collection account I disputed says the status is closed but also says “disputed by consumer meets FCRA requirements”. So what exactly happened? There’s no collection balance due so what does this mean? Is it taken care of or do I still have to do something?
This seems to be the case. Essentially, the system is rigged to protect collection agencies. If a collection agency purchases a bogus debt, apparently all it need do is prove it PURCHASED the bogus debt (show a receipt). They need not prove the debt was ever legitimate. And Transunion and Equifax will happily leave the account on your credit report and simply add a note that it has been disputed by the consumer. Credit agencies have more to gain by protecting collection agencies rather than consumers. (Source: BillBadford Oct 27, 2018)
FCRA stands for Fair Credit Reporting Act. Generally, the FCRA regulates how credit reporting agencies use your information and how your information is reported. This law is complex and I recommend you speak with a consumer lawyer who specializes in FCRA or credit repair. (Source: AMLloyd
Question: Is the opened date for an account in collection supposed to reflect a date from the original company owed? Or is it from the date the collection is listed? I have had the same account on and off my report seven times and now it’s back. And dispute says it’s ok. I have some reports on my credit report. But the open dates keep changing and being updated as if they have been recently open. When they have already been open for years. After 7 years it rolls off your credit report but how is that so if they keep setting the open dates like it has been recently opened Why is it doing that?
It may be how that particular company tried to get around a statute of limitations. In my state, any time you contact a creditor and try to negotiate payments, a pay off, ask questions…. anything that shows you are acknowledging the debt, it resets the statute of limitations over meaning they can take you to court for judgement if they so desire. (Source: tches Jul 18, 2018)
Companies do that to get around the 7 year rule, that it has to be removed from your credit after seven years, so they re-report to start the 7 years over again and again, as long as you let them get away with it. Dispute this and the company has to provide the credit reporting agency with the exact and original date the account was opened. If it is 7 years or more, it will be deleted. I have had 5 accounts I disputed because they were too old & being re-reported. The credit company removed them and my score went up by 74 points! So file the dispute…. it is worth it. I went from a 494 to a 654 just working on my report myself and disputing everything I could. (Source: teramcallister Jan 31, 2019)
Up Next: What is the Highest Credit Score?
Using the FICO scoring model, the highest credit score you can achieve is 850. FICO is an acronym for Fair Isaac Corporation, the company that developed the FICO credit scoring models. However, any score over 740 is generally considered to be really good. A score of 740 and above puts you in range for the best interest rates on things like credit cards, mortgages, and car loans. There is no need to score a perfect 850 to get the best rates.