A cure for a major credit industry headache

Article Abstract:

The main problem of credit grantors and credit bureaus is that requests to reverify data in consumers' credit reports takes 10 days to be sent and returned in the mail. This is because the consumer dispute verification processhas used the same manual mailing methods for 20 years. The Associated Credit Bureaus, Inc (ACB) together with software developers and nationwide network provider have developed a solution to this problem with the automated consumer dispute verification (ACDV) system. The ACDV will allow credit bureaus and credit grantors to verify consumer-disputed information between 24 to 48 hours.In line with these efforts, the ACB is organizing a beta test to be conducted from March to April 1993 between credit bureaus Equifax, TRW and Trans Union, 12 credit grantors and software developers using a nationwide network.

Credit reporting services, Management, Technology application, Credit bureaus, Consumer complaints, Associated Credit Bureaus

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National Foundation for Consumer Credit

Article Abstract:

The National Foundation for Consumer Credit (NFCC) is a nationwide non-profit organization that seeks to educate, counsel and encourage credit use among individuals and families. Founded in 1951, the organization provides consumer credit counseling services in both the US and Canada. The NFCC involves itself in economic issues and public information, providing assistance to various government bodies, labor and consumer groups, academic institutions and press agencies. The organization is committed to the continuous improvement of service through education programs, counseling trainings and research endeavors. The NFCC operates through its network of member organizations, the Consumer Credit Counseling Services, in assisting consumers with financial management problems.

Associations, Consumer credit, National Foundation for Consumer Credit

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