DISPUTES

DISPUTES - IS THE PROCESS I WHICH WE ARE CORRECTING INACCURATE INFORMATION IN CX FILE

DISPUTE is the process by w/c the cx notifies equifax of potentially incomplete/ inaccurate information on their credit report .

• they may submit dispute through

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

FUNDAMENTAL DISPUTES FACTS

1. CONSUMER DATA SOURCES -are those who are reporting information to us.
2. CX COMMUNICATION - cx who submit a dispute to equifax receive a dispute result s letter after the dispute has been finalized. the letter indicates the finl disposition of the disputes request.
3. DISPUTE RESOLUTION TIMEFRAMES - DISPUTES INVESTIGATION W/ EQUIFAX MAY TAKE UP TO 30 DAYS TO COMPLETE FROM THE TIME WHEN WHEN EQUIFAX RECEIVES THE REQUEST
4. CX EXPERIENCE - the dispute resolution process can not be rushed. In general, disputes submitted to myEquifax has the shortest processing time due to the lack of mail processing time.

DISPUTE TEAM AND KEY SYSTEM INDICATOR - They capture the cx's dispute request and enter the segment in CCMS. They determine the dispute category and choose the dispute code amongst other decision. EOSCAR- An automated system adopted by the 3 NCRA s and data furnishers through which cx dispute requests in the form of automated cx dispute automated verification (ACDVs), IT IS ALSO USED TO RECEIVE AUD's (AUTOMATED UNIVERSAL DATA), which are manual updates that equifax receives DATA FURNISHER - Is an entity that reports information about consumer reporting agencies ( CRA's) which may include credit bureaus, tenant screening companies, check verification services, medical information services and more. VERIFICATION PROCESSOR (VP) - Enters the response received from the data furnishes on the disputed items and sends the items to maintenance. MAINTENANCE REVIEWER (MR)AUTO MAINTENANCE - Checks the dispute process for accuracy , makes appropriate updates to the credit file and sends the case file. FLE UPDATE- The final stage in the dispute resolution process that responds the updates taking effects on the cx's credit file.

3 DISPUTES CATEGORY REGULAR DISPUTE - sometimes referred to as a "TRADITIONAL DISPUTE", allows consumers to correct inaccurate information on their credit file. Consumer may dispute:

• ID INFORMATION
• TRADE ACCOUNTS
• PUBLIC RECORDS
• COLLECTION -INQUIRIES
• NON- REPORTING ITEMNS FRAUD DISPUTE- A DISPUTE OF INFORMATION ON A CX'S CREDITE FILE AS A RESULT OF A CRIME COMMITTED BY FRAUDSTER.

MIXED FILE - Occurs when a cx's credit file information has been mixed w/ that of another cx. Often times, this results from cx having similar identification information e.g ( TWINS or SENIOR/junior)

PREPARING INDICATE A DISPUTE

• for a dispute after cx submitted valid documents w/in the last 90 days

YOUR ROLE AS A DISPUTE RESOLUTION INDICATOR

• RECOGNIZE CONSUMER DISPUTE REQUESTS
• DETERMINE THE DISPUTE CATEGORY
• IS IT ALREADY INDICATED?
• DETERMINE THE DISPUTE POLICY (INDIPENDENT DISPUTE INVESTIGATION VS REINVISTIGATION) -IDENTIFY THE APPROPRIATE DISPUTE CODEBASED ON THE SCENARIO -RECOGNIZE FCRA RELEVANT INFORMATION -DETERMINE MR COMMUNICATION

INDEPENDENT DISPUTE INVESTIGATION (IDI)

• A request from a cx to change an item on their credit file that does not require investigation directly w/ the source of the disputed items. example:

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

REINVESTIGATION

• A request made by a cx 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 cx does not submit acceptable documentation nor is there an Equifax policy or procedure that permits an immediate update example:

1. account is not mine 2.i have never been late
2. balance paid in full

DISPUTE CASE STATUSES

• investigate
• auto maintenance
• maintenance
• file

CONSUMERS 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 consumer's point of view.

REQUIREMENTS: The company must have accessed the cx's file in the past:

• 12months 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