General Question

[kusuma]

I had a collection account. I disputed the account and the collection agency agreed to remove it. They said they closed the account and sent it for update to the agencies (EQ, TRANS). It is almost 40 days. How long will it take for the process to be done.

Thanks,
Kusuma

[Lian]

It depends on how the "dispute" was resolved. They are required upon conclusion of their investigation to "promptly" modify any item of information found to be incorrect, or delete the item of information if they cannot verify its accuracy or correct its inaccuracy. No set period is stated.

If your "dispute" was not a formal dispute under either FCRA 611(a) or 623(a)(8), then you only have an informal agreement, and there is no compulsory action under the FCRA required on their part.

Usually, furnishers of information to a CRA only report once a month, so it is typical to have a delay of 30-days.

If the delay continues, you can find out directly from the CRA whether or not they actually followed through on their promised reporting. Simply send the CRA a request under FCRA 609(a)(1) for any reporting of deletion or alteration of the information, and the CRA must respond, provided you send them proof of your identity and the required fee, which is currently $10.50.