Lies about the “powerful 623 method” - do NOT dispute with creditors directly
A CreditFactors subscriber had been disputing with HSBC directly after reading about the “623 method” on the web and now posted that HSBC didn’t respond. It took a while to get the point across that the FCRA is mostly useless.
So I just searched Google for ”623 method FCRA” and there are a TON of posts raving about the powerful rights under the FCRA since the FACT Act amendment.
5 years after the 2003 FCRA amendment the “credit experts” still don’t have the slightest clue?
I’ve had readers get EXTREMELY upset when they sent me the “wonderful news about these powerful new rights” under section 623(a) and I told them that it’s a waste of time to dispute with creditors due to the lack of rights for consumers to sue for violations.
§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]
(c) Limitation on liability. Except as provided in section 621(c)(1)(B), sections 616 and 617 do not apply to any violation of--
(1) subsection (a) of this section, including any regulations issued thereunder;
Section 621 is “Administrative enforcement” and sections 616 and 617 are the sections giving consumers the right to sue.
Data furnishers have absolutely NO liability to consumers for failing to comply with section 623(a) requirements. And that explains why creditors couldn’t possibly care less about compliance.
5 years after the FACT Act, the MAJOR credit sites on the web are still distributing MISINFORMATION.
Of course that doesn’t surprise me at all:
1) The longer consumers frequent these sites because they’re NOT making any progress with their credit, the higher the advertising income for these sites.
2) The finance industry has plants all over the web to misinform consumers. I even saw a BANKING law blog article about section 623(a) as if it MEANT something.
ONLY regulators can enforce section 623 (a) compliance.
If you’ve been reading here for a while, you know that the regulators don’t enforce consumer protection laws.
The FACT Act is HORRIBLE legislation.
Only mail disputes to a creditor directly if you are also disputing with the CRAs and you are going to sue if you don’t get corrections. If your dispute is frivolous or not important, don’t bother.
Since the CRAs often don’t provide the actual disputes submitted by consumers to the creditors, you might get higher punitive damages or a larger settlement if you can prove that the creditor had your COMPLETE and FACTUAL dispute.
Sending letters to creditors because of your “rights” under FCRA section 623(a) is a complete waste of time, energy and money because you do NOT have ANY rights.
In regards to this post I understand it is not recent and I am seeing the ways of the FCRA not being in the consumers favor anymore and that the FTC is not all that it is cracked up to be with complaints from the consumer, what else is a person to do when a creditor will not furnish a DOFD and only a CO date?
I have sent letters on top of letters, complaints on top of complaints, emailed CEO’s over and over again but nothing gets done about this cut and clear violation on the FCRA.
There are not very many attornies in my area that want to touch this situation.
What is a person to do?
The million dollar question:
What are your DAMAGES?
If you can document damages due to the failure to correct or you can prove “willful” violations, you can of course SUE.
Or, you can document your problems I do for my clients at http://credit-reporting-collection-ftc-complaints.info/
I did get some good results for my clients by making the issues PUBLIC.
Additionally, you might want to read my complaint about the Experian SYSTEMIC incomplete reporting.
There are extinuating circumstances that damages cannot be proven at this time.
I have an EXTENSIVE paper trial that includes reports, dispute results and several letters from the creditor stating that they are reporting correctly when my reports say otherwise.
I would LOVE to post it publicly on your site, maybe that will get someone’s attention.
I did read your Experian horror and I have to say YOU’VE GOT GUTS!!!!!!!
The first step is to prepare a factual summary and to get all the RELEVANT documents in order.
For publication, you should redact your SSN, DOB, home address, account numbers for open accounts, etc.
I’m actually in the process of setting up a new site where anyone with a solid complaint can start their own complaint blog, post documents, etc. The site will have featured complaints and be a little like Ripoff Report, but users can post documents and links.
I’ll take a few hundred dollars to get started because I need to buy software and support for this new site. And of course it’ll take many hours to set it up, but I’m going to make an effort.
I’m HOPING to have the money to get started early next month and will of course announce the site here.
