The show also states that a disputed error is "nearly impossible to expunge." Pratt reacted, "The notion that it is difficult to dispute an error is just wrong. It is irresponsible to suggest to consumers that they might as well not take action when they have a question about their credit report. CDIA and our members encourage consumers to get a copy of their credit report from each of the national credit reporting agencies at www.annualcreditreport.com." Research released by the Political and Economic Research Council in 2011 shows that consumers in their study were satisfied with the results of the dispute process in 95% of the cases.Statements made on the show suggest that the actions of CDIA members are in violation of federal law. Pratt responded "Federal courts have found just the opposite on multiple occasions." Further, Congress directed the Federal Trade Commission to conduct a year-long review of the dispute process and they did not find any violations of law.
- The Fair Credit Reporting Act requires a credit bureau to send the consumer's dispute to the lender or other data source within five days of receiving it. Congress required this because it correctly recognized that a credit bureau cannot, on its own, determine whether or not a consumer, for example, missed a payment.
- Congress imposed a duty on lenders to reinvestigate a consumer's dispute because it recognized that lenders have the relevant data about their customer's loan.
- The statement "They're not doing an investigation at all" in the "60 Minutes" piece is incorrect. First, it ignores the timeframes dictated by federal law under which a dispute must be resolved. In almost every instance, we not only meet that deadline but complete the dispute process well within the time allotted. Second, it ignores recent findings by the new Consumer Financial Protection Bureau (CFPB) which show that credit bureaus are working proactively to resolve disputes even when the data resides with the consumer's lender. Lastly, it completely ignores the advances the CRA's have made and are implementing – and which the CFPB and FTC have reviewed – to significantly streamline the reinvestigation process."