If you are requesting your free annual credit report, or you are disputing an inaccuracy with either a credit bureau or a creditor, please note this change in response time.
Previously, they were required to respond to your letter within 30 days. Now, due to the pandemic, the Consumer Finance Protection Bureau has extended that time to 45 days.
With so many now working from home under a Shelter Order and others taking time off work due to illness, the CFPB has determined that it is appropriate to extend the response time.
I see this as both bad and good news for people disputing negative credit. It could take longer to receive responses, so more patience is required on your part. However, with such pressure, might creditors be more lenient and less skeptical in approving requests to delete negative items? I don’t know, but it’s a thought.
Additionally, for those who need to negotiate settlements, I believe you have more power to ask for a low settlement now. With people out of work and unable to pay anything at all, receiving an offer for money would be most welcome–even if it is a low offer.
Remember, to get the verification and pay the right way according to Chapter 15 if you want that negative account legally removed from your credit report. Do not miss out on Repair Your Credit Like the Pros if you want the results that the professionals get.
If you want the CFPB announcement, send me an email. I was unable to link to it.
2 thoughts on “Extension Granted for Credit Disputes and Credit Requests”
I was bummed to see this since I just sent out a round of dispute letters. Oh well! Thank you so much for the update, though – very much appreciated!
I thoroughly enjoyed your book for my own knowledge. I’m looking to help others as a credit repair specialist. How would you handle a situation where you have an account that is negative because it’s showing 30 days late, but the account is now closed because it was transferred to another mortgage lender?