What Happens When An Account Is Verified During
The Dispute Process?
Under the Fair Credit Reporting Act (FCRA), consumers have the ability to
dispute inaccurate or incomplete information on their credit report. Any
information that is inaccurate, incomplete, or unverifiable, must be removed or
corrected, usually within 30 days. According to the Federal Trade Commission
(FTC), a consumer reporting agency may continue to report information it has
verified as accurate.
You may be thinking to yourself “Great, now what?”. But, if you have ever gone
through the dispute process, or are thinking about disputing information on your
credit report, don’t get discouraged if you receive a letter from the credit
bureaus saying “Your account is verified” without any details of the
investigation. Actually, this is quite common for many people and unfortunately,
they give up as they become frustrated with the e-Oscar method of
Now, you may be asking, “What in the world is the e-Oscar method of
investigation?”. The Online Solution for Complete and Accurate Reporting,
a.k.a. e-Oscar, is an automated system that data furnishers (the people who put
your credit account information on your credit report) and credit reporting
agencies use to create and respond to consumer credit history disputes. When
you go to the e-Oscar website, you will see that they state:
“ The system primarily supports A utomated C redit D ispute V erification (ACDV)
and A utomated U niversal D ataform (AUD) processing”
The automated credit dispute verification is their fancy way of saying that
instead of the credit bureaus calling the creditors themselves to check the
information a consumer is disputing, it's done electronically through a computer.
The way the e-Oscar system works is that once the credit reporting agency
receives the dispute letter from the consumer, the employee at the credit
reporting agency reads the letter and selects a two digit code that best
represents the nature of the letter. There are more than 20 codes that can be
chosen from and it’s at the credit bureau employee’s discretion what code best
describes the dispute. If the credit bureau cannot resolve the dispute internally,
the credit bureaus are required to send supporting documents to the furnisher of
the consumer’s account.
Again, do not get discouraged if you receive a letter stating that your account
has been verified. You have a right to send a method of verification letter to
request hard evidence that goes back to the original creditor. Under the FCRA,
the credit reporting agency is required to give you a method of verification
within 15 days of your request.
This is why it’s so important to work with a reputable credit restoration agency,
such as Buildworth Strategies, that is experienced in disputing errors on consumer
credit reports. Errors on your credit report can affect your credit score which can
affect your ability to open new lines of credit or receive the best interest rate
possible, costing you more money in the end. The dispute process can be time
consuming and frustrating but working with professionals at BWS will help you get
the best results possible.
You can learn more about account verification during the dispute process by
watching this video on the Keeping it Real with Credit YouTube channel: