IMPORTANT UPDATE ON CREDIT DISPUTES AND INVESTIGATIONS TO CREDIT BUREAUS AND CREDILIFE? RESPONSE:

IMPORTANT UPDATE ON INVESTIGATIONS TO BUREAUS AND CREDILIFE? RESPONSE:

On April 1, 2020 the CFPB (Consumer Financial Protection Bureau) sent their guidance to the credit bureaus in a document called “Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.”

This guidance essentially said that the CFPB which was enacted to enforce consumer protection would NOT be protecting any consumers when it came to the credit bureaus ignoring investigation or dispute requests. The CFPB said that they wouldn't be penalizing the credit bureaus for not performing in compliance with the FEDERAL Consumer Protections guaranteed to all Americans under the FCRA - the Fair Credit Reporting Act.

The guidance was meant to alleviate the burden on the bureaus who regularly publish unverified and un-validated information on your credit reports during COVID-19.

Sadly, this has been taken advantage of by the credit bureaus to ignore your rights. In the past six months alone, there has been a 550% increase in complaints that investigations were allowed to take more than the LEGALLY allotted 30 days. The result of the complaints? The CFPB intentionally failing to enforce your rights.

WHAT THIS MEANS FOR YOU:

1) You may not hear back from the bureaus in 30 days on your disputes or investigations.

2) Regardless of it taking more than 30 days, the negative items can still remain on your report.

3) There isn't anything you can do as far as reporting it because the CFPB - the enforcement body for the bureaus - has gone ahead and decided they won't enforce the law.

HOW CREDILIFE? IS DEALING WITH THE ISSUE AND PROTECTING THEIR CLIENTS:

1) Credilife has already been keeping a log of every client that reports concerns about not receiving result letters from the bureaus in a timely fashion.

2) Utilizing internal fax numbers at the credit bureaus to fax those investigations and our own digital fax line simultaneously to ensure we not only have proof for our clients through a fax confirmation, but also proof that the contents of the fax were indeed a viable investigation request (rather than blank pages)

3) Maintaining those fax records for use if needed in legal and regulatory action against the credit bureaus.

CREDILIFE? Affirmatively joins in the opinion of 21 trade organizations in their concerns raised in this miscarriage of justice and stand with their address to the CFPB to take care of this credit industry-wide issue.

If you have had difficulty with your own credit disputes and investigations and would like to join the Credilife? Program for Professional assistance with your credit, click here to schedule a consultation ==> www.bookcoachjeremy.com