Credit report disputes... Do you believe these stats?
Ok, so my Friday posts are never quite as entertaining as Emily's...I admit that. She knows just a little more about blogging than I do
Having said that, I think you credit junkies will find these stats provided by the VP of Public Affairs from the CDIA (Consumer Data Industry Association) interesting. The question I have for you is do you find them believable?
According to Norm Magnuson....
- In more than 72 percent of the cases, consumer disputes are handled and resolved within 14 days.
- The rest, generally because it's not clear what is in dispute or a similar issue, are handled within 30 days.
- The goal of the credit reporting industry is to respond to any consumer inquiry in a timely manner.
The CDIA is the US trade association of credit reporting agencies. This group represents Equifax, Experian, TransUnion and Innovis.
Interesting...but the entire statement is based on the definition of "resolved", which I assume they mean the issue was reinvestigated per FCRA guidelines. Which means the dispute was submitted elctronically overseas (95% of disputes are outsourced outside USA) and in the case of tradeline disputes, the the creditor was contacted via e-Oscar, the disputed charge was "verified as accurate" by the creditor and a letter was sent to the consumer. Resolved in the eyes of the credit reporting company, far from it in the eyes of the consumer.
--Tom
http://www.mytruston.com
Posted by: Tom F | June 13, 2008 at 12:10 PM
You are a wise man Tom. This is very clever and thoughtful language from a trained PR person.
Posted by: JohnUlzheimer | June 13, 2008 at 12:24 PM