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E-OSCAR can help data furnishers and credit reporting agencies better respond to disputes
In 2004, national credit reporting agencies started mandating the use of the electronic Online Solution for Complete and Accurate Credit Reporting (e-OSCAR). E-OSCAR is a Web-based, Metro 2 compliant automated system that enables data furnishers and consumer reporting agencies to create and respond to consumer credit history disputes.
To help credit and collection professionals learn more about e-OSCAR, Donna Nicholson, executive director of the Credit Bureau of Lancaster County Inc., addresses some common questions about the system.
What do ACDV and AUD stand for and what do they mean?
ACDV stands for Automated Credit Dispute Verification. ACDVs are sent to the data furnisher on behalf of the consumer. The data furnisher returns the ACDV once the proper investigation has been completed. If an account is modified or deleted, a carbon copy is sent to the credit reporting agency (CRA) or agencies with which the data furnisher has a reporting relationship.
AUD stands for Automated Universal Dataform. AUDs are initiated by the data furnisher to process "out of cycle" modifications and updates, and are sent to the CRA(s) with whom the data furnisher has a reporting relationship.
Do I have to respond to every ACDV I receive?
Pursuant to 15 U.S.C. Section 1681i(a)(l), a data furnisher is required to perform a "reasonable investigation" and respond to every ACDV it receives.
What can I do about receiving multiple disputes on the same account?
This is an issue that data furnishers have had to deal with even before e-OSCAR. One thing to keep in mind: e-OSCAR is not responsible for the content or quantity of incoming disputes. Think of e-OSCAR as the "post office." The post office does not evaluate how much mail you send to or receive from a particular person or entity-neither does e-OSCAR. One of the benefits of e-OSCAR is that it has replaced the disputes that were once mailed.
This issue should be addressed to the CRAs directly. It is unclear at this time if anything will be done about this nuisance we are all facing.
How long do I have to respond?
A common misconception is that data furnishers think they have 30 days to respond. This is...