Credit glossary
623 dispute
A dispute sent directly to the lender or collector that reported an item, under FCRA section 623 (15 U.S.C. 1681s-2) and Regulation V.
Regulation V (12 CFR 1022.43) lets you dispute many errors directly with the furnisher, such as a wrong balance, status, payment history or account ownership. Send it to the furnisher's dispute address, identify the account and the specific error, explain why it's wrong, and include documents. The furnisher must investigate and answer within the same general period a bureau gets, usually 30 days.
A direct dispute puts your full explanation in front of the company that holds the records, which an e-OSCAR code can't do. If the furnisher finds an error, it must correct what it reported to the bureaus. Some items fall outside the direct dispute rule, including identifying information and inquiries, so those go to the bureau. A furnisher can also treat a dispute without enough information as frivolous.
Guides that go deeper
- Disputing directly with the lender or collector that reported itHow to dispute a credit report error directly with the lender or collector under 1681s-2(a)(8) and 12 CFR 1022.43, and when that beats a bureau dispute.
- Your dispute came back "verified": what to do nextA verified result doesn't end your options. Ask how it was verified, dispute with the furnisher, add a statement, complain, or call an FCRA attorney.
Sources
- 12 CFR 1022.43: Direct disputes, Electronic Code of Federal Regulations
- 15 U.S.C. 1681s-2: Responsibilities of furnishers of information to consumer reporting agencies, Legal Information Institute, Cornell Law School
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