Complex Community Federal Credit Union

Ms. [redacted], When it comes to a consumer credit report we there are two regulations that we have to comply with.  FACT ACT  (Fair and Accurate Credit Transaction Act) and FCRA (Fair Credit Reporting Act.)By Mr. [redacted] own admission, he stated in the complaint that he “had financial...

problems… I struggled to make payments which caused 180 days late being reported.”  We can not remove thisjust because he wants this removed.  The information we are reporting is correct.  If we change the credit report record to anything other than what we are reporting, we would be providinginformation that is inaccurate.  In the FCRA it states:§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2](a) Duty of Furnishers of Information to Provide Accurate Information(1) Prohibition(A) Reporting information with actual knowledge of errors.-A person shall not furnish any information relating to a consumerto any consumer reporting agency if the person knows or hasreasonable cause to believe that the information is inaccurate.Here is some information about negative information on credit report from Experian’s (Credit Reporting Agency) website:Negative information in your credit report is removed automatically at times specified by the Fair Credit Reporting Act. Here is a brief listing of the most common types of information in a credit report and when it will be deleted:•Open accounts with no negative payment history: remain indefinitely as long as they are open and active.•Closed accounts with no negative payment history: remain 10 years from the date they are closed. Positive accounts remain on your credit report longer than negative accounts.•Late payments remain seven years from the original delinquency date. A single late payment is deleted at seven years. If there was a series of late payments (not paid at 30 days, or 60 days, or 90 days) and then brought current, the payments would be deleted seven years from the first one missed in the series. If the account was never brought current and charged off and placed for collection, the entire account will be deleted based on the date the account became late and was never again current. This is known as the original delinquency date.•Collection accounts remain seven years from the original delinquency date of the original account. Collection accounts are treated as a continuation of the original debt and are deleted at the same time.•Chapter 13 bankruptcy is deleted seven years from the filing date because at least a portion of the debt is repaid. Chapter 7 bankruptcy remains 10 years from the filing date because none of the debt is repaid.•Civil judgments remain seven years from the filing debt. A civil judgment is essentially a debt you owe through the court.•Unpaid tax liens remain 10 years from the filing date. Once paid, the lien will remain seven years from the paid date.•Inquiries: remain two years from the inquiry date. However, the impact of inquiries on credit scores is minimal and decreases rapidly.Note that, except for tax liens, making a payment or any other activity on the account will not impact these rules.So, as you can see above, we will  not be able to provide the desired resolution he is requesting.  Please let me know if you need anything else.[redacted]President/CEOComplex Community FCU[redacted]