If a consumer notices an error on his or her report, he should immediately report it to the agency. Once the consumer notifies the credit bureau of the dispute, the credit bureau will investigate the dispute. If an error exists, the credit bureau must send a corrected report to anyone who requested it in the past six months. This information may be removed only by maintaining a good credit record over a period of years. The attorney cannot avoid the problem created by credit reports, absent an error or some impermissible action or procedure taken by the reporting agency.
Litigators have to assess the lending processes of each financial institution.
Bonnie, I want to thank you for addressing our Association today. We hope you'll return next year and speak to us about recent developments in connection with credit reporting companies.