May 3, 2024

What Does Account Information Disputed by Consumer Meets FCRA Requirements Mean?

What Does Account Information Disputed by Consumer Meets FCRA Requirements Mean ZumaZip

Consumer Reporting Agencies must investigate every consumer dispute. The bureau then sends the consumer a Notice of Results and makes a notation on the account. The comment, “account information disputed by consumer meets FCRA requirements,” means that (1) they found the entry to be accurate or (2) they have revised the report to reflect the correct information.

The Fair Credit Reporting Act (FCRA) protects you from inaccurate credit reporting. So, you can dispute any mistake you find on your credit report. Contesting an error is crucial because the report affects your ability to borrow money, buy a home, and find employment.

Launching an official dispute with the major credit reporting bureaus is relatively simple. But you must keep track of what transpires. In 30 days, the agency should complete the investigation and post its findings.

When the analysis is complete, you may see “meets FCRA requirements” next to the disputed account. What are the FCRA requirements on accuracy? What does the statement mean? And how does it affect your credit? Find out in this article.

The FCRA requires accurate credit reporting

The law prohibits credit bureaus from reporting false information on a consumer’s credit because doing so can adversely affect their financial health. However, your responsibility as the consumer is to ensure that your file contains up-to-date and accurate information.

When you find and report an error, the agency must act fast to rectify it. The FCRA sets the time limit at 30 days. You will receive a confirmation number that you may use to track any developments in the investigation.

Use the addresses below to dispute an error in your report.

P.O. Box 9701
Allen, TX 75013
Online: Experian
P.O. Box 740256
Atlanta, GA 30374-0256
Online: Equifax
P.O. Box 2000
Chester, PA 19016
Online: TransUnion

You may need to provide additional documents and personal information along with the complaint. As mentioned, the bureau has 30 days from the time you file a dispute to rectify, delete, or confirm the entry.

Note: It takes time for recent activity on an account to reflect on your file. For example, if you recently reduced a debt balance, you may have to wait a month (sometimes 45 days) before that activity shows on your report.

Debt Validation can help resolve issues before they reach your credit report. Learn more about how a Debt Validation Letter can protect your credit score and prevent a debt lawsuit.

The meaning of “account information disputed by consumer meets FCRA requirements”

After filing a dispute, consumers must wait for the results of the investigation. You must know how to interpret any remarks a creditor adds to your report.

For example, if the investigation finds that the account does not contain any errors, the creditor may add the notation: account information disputed by the consumer meets FCRA requirements. In other words, the bureau is saying that it conducted an analysis and found out that there is nothing inaccurate, unfair, or false. It can also mean that they have revised the information, which is now correct.

Let’s look at an illustration.

Example: Top Credits had entered an inaccurate entry on Brians’s credit report saying he had a $980 debt with them. Brian knew he had been paying the debt and only remained with $230. He filed a dispute with the three credit bureaus, and they launched an investigation. Three weeks later, he saw this entry by Equifax account information disputed by the consumer meets FCRA requirements. On checking the details, Brian learned that he had accrued service charges and had missed to include three months he had missed making payments.

But you may wonder whether the remark affects your credit score.

Do credit report dispute remarks affect credit scores?

The answer depends on the type of remark. For instance, an account under investigation is “hidden” from your FICO score. Consequently, it does not contribute to your credit calculation for the duration it is marked as “disputed.”

If the disputed account is derogatory, your score may even go up momentarily (artificially). But if it is positive, the dispute may lower your credit score pending resolution.

What about the statement that it “meets FCRA requirements?” The remark itself does not interfere with your credit.

However, if you had an issue with a derogatory entry and now the bureau says nothing is wrong with the account, you may notice a drop in your score.

It may be a mistake if you notice an “in dispute” remark on your report but have not launched any complaints on the account. Contact the bureau and the creditor or debt collector to remove the comment.

Remember, you can only correct mistakes on your report if you keep up with it. All bureaus allow you free annual access to your files. During hardships, such as the COVID-19 pandemic, there may be additional resources to help you improve your financial health. Visit the three major credit bureaus’ websites for any such updates.

Also, the fact that the creditor and bureaus say that the information meets FCRA requirements does not necessarily mean it does. If you still disagree, feel free to:

  • Resubmit the dispute.
  • Speak directly with the creditor.
  • The Consumer Financial Protection Bureau (CFPB) can also help you to resolve any issues you feel the creditor needs to handle better.

Key takeaways

“Account information disputed by consumer meets FCRA requirements” simply means that an investigation into a dispute is complete, and the bureau believes the account has no errors.

The remark will not affect your credit by itself. Still, if you disagree with the findings, relaunch the complaint with the bureau, contact your lender, or report to the CFPB. If you never disputed the account, let the bureau know.

Consumers like you rely on to resolve and eliminate debts quickly, protecting your credit score and helping you avoid or win a debt lawsuit.

What is ZumaZip?

ZumaZip is a convenient solution designed to streamline your response to a debt collection lawsuit. Here’s a breakdown of what you can expect when you use ZumaZip:

Firstly, you’ll access our user-friendly web application, which guides you through the process step by step. You’ll be prompted to answer a series of questions related to your specific situation. Once you’ve completed the questionnaire, you have the option to either print out the finalized forms and mail them to the appropriate courts yourself, or you can opt to utilize ZumaZip’s services to file them on your behalf. Additionally, if you choose this option, an attorney will review your document for added peace of mind.

If you’re seeking guidance on how to effectively respond to a debt collection lawsuit, ZumaZip can provide the assistance you need. Feel free to explore our FAQs for more information on what ZumaZip has to offer.

What if I haven’t been sued yet?

If you’ve only received a collections notice, but not a lawsuit, the best way to respond is with a Debt Validation Letter. When a debt collector contacts you in any way, whether it’s by phone or mail, you can respond by formally requesting a debt validation with a Debt Validation Letter . This letter notifies the collector that you dispute the debt and forces them to provide proof you owe the debt. They can’t call you or continue collecting until they provide validation of the debt. This flowchart shows how you can use a Debt Validation Letter to win.

Get started with a Debt Validation Letter here.

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