Under the Fair Credit Reporting Act, if a consumer disputes the completeness or accuracy of any item of information in the consumer's file, and the dispute is directly conveyed to the consumer reporting agency by the consumer, the reporting agency must, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate, unless it has reasonable grounds to believe that the dispute is frivolous or irrelevant. If the information is erroneous, inaccurate, or can no longer be verified, the credit reporting agency must promptly correct or delete it and refrain from reporting the information in subsequent consumer reports.
Following any deletion of information or notation as to disputed information, the agency, on request of the consumer, must furnish to certain persons either: (1) notification of the deletion; or (2) the consumer's statement of the dispute or the agency's summary of the statement. The consumer reporting agency must clearly and conspicuously disclose the consumer's rights to make such a request, such disclosure to be made at or prior to the time the information is deleted or the consumer's statement regarding the disputed information is received.
Guam Result of Investigation of Disputed Credit Information and Disclosure of Consumer Rights in Event of Continued Dispute: Introduction: In Guam, as in many other jurisdictions, individuals have the right to dispute inaccurate or unfair credit information reported by credit bureaus or lenders. This article aims to provide a detailed description of the process and outcome of investigating disputed credit information in Guam. Additionally, it highlights the consumer rights that need to be disclosed in the event of a continued dispute. Understanding the Investigation Process: When a consumer in Guam discovers inaccurate or questionable credit information, they have the right to initiate an investigation by notifying the credit reporting agencies (Crash) and the creditor or lender involved. The investigation process entails thorough examination of the disputed information by the Crash and relevant entities. Types of Guamanian Investigation Outcomes: 1. Correction and Removal of Inaccurate Information: After conducting a comprehensive investigation, if it is established that the disputed credit information is indeed inaccurate or unfair, the credit reporting agencies are obligated to correct or remove the information from the consumer's credit report. This outcome ensures that the credit report reflects the accurate and updated status of the consumer's credit history. 2. Validation and Verification of Information: In cases where the credit reporting agencies are able to validate and verify the accuracy of the disputed credit information, the investigation can result in the confirmation of the reported details. However, consumers still have the right to provide additional supporting evidence or submit a statement of dispute to be included in their credit file. 3. Consumer Rights Disclosed in the Event of Continued Dispute: If a consumer disagrees with the outcome of the investigation and believes that the credit reporting agencies or creditors have not resolved the dispute satisfactorily, Guam law ensures certain consumer rights for further recourse. These rights include: a. The right to request a reinvestigation: Consumers can request a new investigation of the disputed credit information by the Crash. The Crash must conduct a prompt and reasonable reinvestigation within the given timeframe. b. The right to add a statement of dispute: Consumers have the right to add a statement of dispute to their credit file, explaining their disagreement with the reported information. This statement will be included in any future credit report distribution. c. The right to submit supporting evidence: Consumers can provide additional documentation or evidence supporting their dispute, which should be considered by the Crash during the reinvestigation process. d. The right to file a complaint: If the dispute remains unresolved, consumers have the right to file a complaint with the appropriate regulatory authorities or seek legal assistance. Conclusion: Guam provides a fair process for investigating disputed credit information, ensuring accuracy and transparency in credit reporting. Through this detailed investigation, incorrect or unfair credit information can be corrected, while consumers are also empowered with their rights in the event of unresolved disputes. Ensuring accurate credit reports is essential for maintaining the financial well-being and credibility of individuals in Guam.
