Disputes

DISPUTE

• is the process by which a consumer notifies Equifax of potentially incomplete or inaccurate information on their credit report.
• they may submit dispute through:

1. The phone channel
2. myEquifax
3. The mail channel

FUNDAMENTAL DISPUTE FACTS

1. Consumer Data Sources

• Creditors
• Lenders
• Banks

1. Consumer Communication

• Consumers receive a Dispute Letter after dispute has been finalized.

1. Dispute Resolution Timeframe

• Dispute investigations with Equifax ma take up to 30 days to complete from the time Equifax received the request.

1. Consumer Experience

• The dispute resolution cannot be rushed. In general, disputes submitted via myEquifax has the shortest processing time due to the lack of mail processing time.

THE DISPUTE TEAM AND KEY SYSTEMS

Indicator

• They capture the consumer's dispute request and enter the segment in CCMS. They determine the dispute category and choose the dispute code amongst other decisions.

eOscar

• An automated system adopted by the 3 NCRA's and Data Furnishers through which consumer dispute requests in the form of Automated Consumer Dispute Verifications (ACDVs). It is also used to receive AUDs (Automated Universal Data)

Data Furnisher

• is an entity that reports information about consumers to consumer reporting agencies (CRAs), which may include credit bureaus, tenant screening companies, check verification services, medical information services and more.

Verification Processor

• Enters the response received from the Data Furnishers on the disputed items and send that item to Maintenance.

Maintenance Reviewer (MR)/ Auto Maintenance

• Checks the dispute process for accuracy; makes appropriate updates with the credit file and sends the case to file.

File Update

• The final stage in the dispute resolution process that represents the updates taking effect on the consumer's credit file.

3 DISPUTE CATEGORIES

Regular Dispute

• known as Traditional Dispute; allows consumers to correct inaccurate information on their credit file. Consumer may dispute:

1. ID information
2. Trade Accounts
3. Public Records
4. Collection
5. inquiries
6. Non-Reporting items

Fraud Dispute

• a dispute of information on a consumer's credit file as a result of crime committed by a fraudster.

Mixed File

• Occurs when a consumer's credit file information has been mixed with that of another consumer. Often times, this results from consumers having similar identification information e.g (Twins Senior/Junior)

PREPARING TO INDICATE A DISPUTE

Override Manual KBA Authentication

• When you override manual KBA for a dispute after a consumer submitted valid documents within the last 90 days, you must fill in the Related Images field with the TIF Image containing these documents. This is because selecting the Phone option in CCMS does not automatically attach image.

YOUR ROLE AS A DISPUTE RESOLUTION INDICATOR

Key Tasks:

• Recognize consumer dispute request
• Determine the dispute category
• Is it already indicated?
• Determine the dispute Policy (Independent Dispute Investigation vs. Reinvestigation)
• Identify the appropriate dispute code based on the scenario
• Recognize FCRA relevant Information
• Determine MR Communication

Independent Dispute Investigation (IDI)

• Equifax is the one updating the information
• a request from a consumer to change an item on their credit file that does not require investigation directly with the source of the disputed item.

Example includes:

1. Updates to names, addresses and employment
2. Deletion to duplicate names, addresses, public record items, collection agency accounts, or trade accounts per established Equifax guidelines.
3. Updates to public record items, collection agency accounts, collection agency accounts, or trade accounts per established Equifax policies and or procedures.

Reinvestigation

• a request made by a consumer to change an item on his/her credit file that requires direct contact with the source of the disputed information to re-verify its accuracy. The consumer does not submit acceptable documentation nor is there an Equifax policy or procedure that permits an immediate update.

Examples include:

1. Account is not mine
2. I have never been late
3. Balance paid in full

OTHER COMMON DISPUTE RELATED AGENT TASKS

• Handling Complaints related to disputes
• Checking the status of a dispute request
• Adding, updating and removing consumer statements
• canceling a pending dispute
• handling consumer request for F250s.
• Assisting a consumer who is applying for a mortgage.

DISPUTE CASE STATUSES IN CCMS

• Investigate
• Auto Maintenance
• Maintenance
• File

CONSUMER STATEMENTS

• allow a consumer to add an explanation about their financial circumstances or about an item that is reported on their file. This provides the reviewer with additional context from the consumer's point of view.

HANDLING CONSUMERS REQUEST FOR F250 s

• When a consumer's dispute results in changes to or the deletion of information from a consumer's credit file, you must send an updated credit report showing the item has been changed or removed or a statement of dispute has been added, at the consumer's request. This revised credit report is known as F250.

Requirements: The company must have accessed the consumer's file in the past

• 12 months for residents of California, Colorado, Maryland, New Jersey, and New York; all others are 6 months.
• If the inquiry is for employment purposes, the limitation is 2 years.

QUALITY ASSURANCE

• QA Team is designed to support production agents to ensure that there is continuous growth.

DISPUTABLE CREDIT FILE

ID

• consumer disputes about PII

Trades

• consumer disputes include trade accounts such as:
  1. Credit cards
  2. Dept store cards
  3. Student loan
  4. Car loans
  5. Mortgage
  6. Child support.

Public Records

• consumer disputes include bankruptcy

Inquiries

• consumer disputes inquiries

Collections

• consumer disputes include collection accounts

Non-Reporting

• if the consumer's disputed item is not found on their credit file.

Other

• consumer disputes include employment / consumer statement

Summary

• (Ready to complete the case)