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.
Pennsylvania Result of Investigation of Disputed Credit Information and Disclosure of Consumer Rights in Event of Continued Dispute: In Pennsylvania, when an individual initiates a dispute regarding credit information furnished to a credit reporting agency, a thorough investigation is conducted to determine the accuracy and validity of the disputed information. The investigation aims to ensure that consumers have correct and reliable credit reports, promoting fair and transparent lending practices. Different types of outcomes may occur based on the investigation's findings. If the investigation concludes that the disputed information is inaccurate or incomplete, corrective actions are taken. The credit reporting agency is required to promptly correct or delete the inaccuracies and update the consumer's credit report accordingly. Additionally, the agency must provide a written notice of the results of the investigation to the consumer, including the modifications made to the credit report. However, if the investigation reveals that the disputed information is accurate, the credit reporting agency must inform the consumer about their right to add a statement of dispute to their credit report. This statement allows the consumer to explain their perspective regarding the disputed information. The credit report, along with the consumer's statement, will be available to anyone who receives a copy of the report, ensuring that the consumer's side of the dispute is clear. In the event of continued dispute, where the consumer is unsatisfied with the investigation's outcome, the Pennsylvania law grants additional rights to the consumer. The consumer has the right to request that the credit reporting agency includes a summary of the dispute within future credit reports. This summary serves as a notification to lenders and creditors about the ongoing disagreement between the consumer and the credit reporting agency, enabling them to consider the disputed information accordingly. Furthermore, Pennsylvania law ensures the consumer's rights to file a complaint with the state's Attorney General's office or initiate legal action if they believe their rights have been violated during the investigation process. This provides consumers with recourse and protection against any potential misconduct or negligent practices by credit reporting agencies. Overall, Pennsylvania's result of investigation of disputed credit information and disclosure of consumer rights aims to maintain the accuracy and fairness of credit reports. By conducting thorough investigations and providing appropriate options in the event of continued disputes, the state safeguards consumers' rights and promotes transparency in the credit reporting process.
