I started an online dispute with one of credit bureaus and in some items says "remains" that i undrestand others say proccesing and there are a few that say"updated".what exactly does updated mean ?
2007-03-21 08:59:01 · 6 answers · asked by twogirls0306 2 in Business & Finance ➔ Credit
So i guess that means that it could have been removed or not.
2007-03-21 09:10:01 · update #1
In the dispute process, there are several possible outcomes; frivolous, deleted, verified, updated.
If the disputed item is determined by the credit bureau to be not worthy of investigation, it is marked frivolous and the information stays. It also means that you will get no farther with that disputed line item unless you are well versed in the Fair Credit Reporting Act, Federal Law and applicable local statutes.
If the item is investigated and the information is determined to be true and accurate and does not violate the FCRA rules, it is considered verified. This is the most MISUSED statement by the credit reporting agencies. The truth is that virtually NOTHING reported about you meets ALL 340 of the requirements contained in the FCRA. The credit bureaus count on the fact that you don't know how to apply the FCRA so they can get away with misusing the system.
If they investigate the line item and new information is brought to light, this is the excuse, er, I mean, "reason" they leave the negative information on your report. This is true even if the new information has absolutely NOTHING to do with the terms of the dispute. Again, they depend on the lack of knowledge of Americans to continue their unlawful practices.
If they cannot verify any information on your disputed line item, the item is required by law to be deleted. However, they have this nasty little trick they use. Once the item has been deleted, it is not supposed to return. However, if they receive any new information about any part of that disputed line item, they will attempt to place all the information back on your report. It is not legal, but because most people don't know that it is illegal, and most people think the information HAS to be reported about them (there is NO law in any jurisdiction in the United States that requires ANY information be stored about you for ANY period of time) the credit bureaus are able to get away with their actions.
If you have any further questions regarding credit issues, please feel free to contact me at nebula7693@yahoo.com
2007-03-21 10:12:21 · answer #1 · answered by nebula7693 4 · 1⤊ 1⤋
"Update" means that they have recieved and researched your dispute and updated the information on that particular dispute. Depends on what information they got back from the company that you disputed with, was the update. This could mean that it has been updated to "paid in full", or the balance has changed to less or more. Hope this helps you!
2007-03-21 09:09:18 · answer #2 · answered by nuttybuddy 2 · 1⤊ 1⤋
Updated menas it WAS NOT removed. There are three basic responses-- "remains" means that nothing changed (it was fully verified as accurate.) "Updated" means some sort of condition/payment/etc was changed/updated-- like if a collection account was verified as accurate but it went from "Owes $500" to "Paid in full" it would be an "updated" account. "Deleted" is when they remove the account all together.
It could be updated because they change the original reported date, the amount owed, the 'status'-- deliquent/paid/etc.....
2007-03-21 09:20:48 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It means they received your dispute, checked with the credit card company or whoever you were disputing the item with, and updated the information to reflect the findings.
2007-03-21 09:02:33 · answer #4 · answered by Faye H 6 · 1⤊ 0⤋
Meets Fcra Requirements
2016-09-29 01:49:48 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I would guess it means the moes recent posted results of your dispute.
2007-03-21 09:04:32 · answer #6 · answered by badbill1941 6 · 0⤊ 0⤋