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.
Article Title: New York Result of Investigation of Disputed Credit Information and Disclosure of Consumer Rights in Event of Continued Dispute Explained Introduction: When individuals in New York find errors or inaccuracies in their credit reports, it is crucial for them to understand the process of investigating and resolving such disputes. This article will provide a detailed description of the New York result of the investigation of disputed credit information, as well as the disclosure of consumer rights in the event of a continued dispute. By familiarizing themselves with these procedures, New York residents can protect their creditworthiness and ensure fair treatment in the credit reporting system. 1. Investigation of Disputed Credit Information: The investigation process begins when a consumer in New York files a dispute regarding incorrect or incomplete information on their credit report. This can be done through written correspondence or by submitting a dispute online. The New York State Department of Financial Services (DFS) regulates and oversees this process to ensure fairness and accuracy. During the investigation, the DFS works closely with the credit reporting agencies (Crash) to verify the disputed information provided by the consumer. The Crash is responsible for conducting a thorough review of the consumer's credit file, contacting the creditor or data furnished involved, and obtaining relevant documentation to substantiate the dispute. 2. Result of Investigation: Once the investigation is complete, the New York result of the investigation will reflect one of the following outcomes: a) Verified Inaccuracy: If the investigation proves that the disputed information is indeed inaccurate, the credit reporting agency must promptly correct or delete it from the consumer's credit report. This ensures that the consumer's creditworthiness is not negatively affected by incorrect information. b) Unverified Dispute: In some cases, the investigation may fail to provide sufficient evidence to support the consumer's dispute. In such situations, the disputed information will remain on the credit report. However, consumers still have rights and remedies to pursue further action, described in the next section. c) Continued Dispute: If a consumer continues to disagree with the result of the investigation or believes that their rights have been violated, they can follow additional steps to ensure their voice is heard. 3. Consumer Rights in the Event of Continued Dispute: New York residents maintain certain rights even if the investigation does not produce the desired outcome. They can exercise the following options: a) Submit a Statement of Dispute: Consumers have the right to provide a written statement explaining their disagreement with the investigated result. This statement will be included in subsequent reports prepared by the credit reporting agencies, offering an opportunity to present their side of the story to potential lenders. b) File a Complaint with the DFS: If consumers believe their rights have been violated during the investigation or dispute resolution process, they can file a complaint with the New York State Department of Financial Services. The DFS will investigate the complaint and take appropriate actions to ensure compliance with the applicable laws and regulations. c) Legal Remedies: If all other avenues fail, consumers have the right to seek legal remedies, such as contacting an attorney specializing in consumer rights or filing a lawsuit against the credit reporting agency or information furnished. In conclusion, New York consumers must be aware of their rights and the result of the investigation of disputed credit information. Understanding the process and available options empowers them to rectify any inaccuracies, protect their creditworthiness, and ensure fair treatment within the credit reporting system.
