Time frame for creditors to respond to CRAs

antigravity

Hi all,

I was wondering. Does anyone know if there is any statute in law with regards to a creditor replying to a credit reference (CRA) agency once an individual has disputed a default.

For example. If I inform Experian that a default on my file is incorrect, they then approach the creditor and do not receive a reply within a certain time frame, is the CRA obliged to correct the entry to reflect that there is not evidence to support the claim?

The reason I ask, is that I found this on YouTube. It's American, but Equifax and Experian are global companies:

The forum says I can't post the link, but go to youtube and search for: How To Properly Dispute Negative Items On Your Credit Report -


Top hit should be by Credit Tip Videos.


I thought it may be worth a try as when I called Triton (Natwest's DCA) this week to settle an outstanding debt, showing as a default on my credit file, they couldn't even find my account. I had to convince them that it existed.

Bottom line, if the debt / default is a few years old and you dispute it, there maybe some chance of the creditor not replying in time, hence no debt/default.

Any thoughts?

AG x

DVardysShadow

The CRA's are governed by UK law, not by global company policy, particularly when it comes to things like removing default records. So, while the youtube video may give some helpful ideas, you really have to check it out against UK practice before you make a mistake based on US practice.

unhappy_with_ecar

I've only dealt with Experian but I've found them to be very quick and courteous in correcting errors once they become awarre of them

antigravity

What I'm saying is, even it was a genuine default, generated by the accumulation of bank charges, is there a specific time frame (within UK law) in which the creditor must respond when questioned about a default by a CRA?

If for example I question a default on my file (via a CRA) and the creditor never replies to the enquiry, would the CRA then show the file in question to be normal, i.e. no default? Or if they took two years to respond, what would my file show?

What i'm asking is, does anyone know the law with regards to the time frame the creditor must respond in?

DVardysShadow

antigravity wrote: »

What I'm saying is, even it was a genuine default, generated by the accumulation of bank charges, is there a specific time frame (within UK law) in which the creditor must respond when questioned about a default by a CRA?

If for example I question a default on my file (via a CRA) and the creditor never replies to the enquiry, would the CRA then show the file in question to be normal, i.e. no default? Or if they took two years to respond, what would my file show?

What i'm asking is, does anyone know the law with regards to the time frame the creditor must respond in?

Any time frame for response will only be 'reasonable' as defined by you in a letter. But after that, the UK process is for you to demand the removal of the default via the ICO and the courts. At that point, the CRA will presumably prove its point.

UK and US law are different, as you appreciate. But the differences are not just time limits - the processes are different. Really, you don't help yourself very much by studying US practice.

antigravity

I'm not talking about US practice, the video was simply an example.

The question is. I ask Experian to contact the creditor to verify the default, as I am disputing it. Experian contacts them. A period of time passes. I'm still waiting for a reply from Experian. There is no answer. Will Experian then change the default status because the creditor has failed to respond to the enquiry?

Does anyone know the actual legal process, i.e. if after 28 days there is no response from the creditor, then changes can be made?

fermi

antigravity wrote: »

Will Experian then change the default status because the creditor has failed to respond to the enquiry?

They are not required by law to do so. Though sometimes they seem to.

Instead, within 28 days of being notified of the dispute the CRA must notify you that they have either:

a) removed the entry from the file, or

(b) amended the entry, or

(c) taken no action,

If (b) or (c) and you still disagree with the entry, then you can add a notice of correction to your file.

Please see the information from page 19 onwards of this link, which tells you the dispute steps that the UK ICO expects you to go through before it can go to them for a complaint.

http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

Usually, that involves making some attempts to query the data direct with the creditor and not getting any satisfaction from that. Unlike what that youtube clip says, which frankly is utterly irrelevant to anyone in the UK.