Credit Bureau Reporting

Policies & Procedures

The Washington State University, University Receivables Office reports student loan activity to national credit bureaus. The Receivables Office follows the Rules and Regulations set up by the Federal Trade Commission, to ensure the accuracy and integrity of all student loan information furnished to three credit reporting agencies (Experian, Equifax and Trans Union).

ACCURACY and INTEGRITY RULE requires companies that provide information to credit bureaus to establish written policies regarding the “accuracy and integrity” of information furnished to the credit bureaus. 1) Reflects the terms of and liability for the account or other relationship. 2) Reflects the consumer’s performance and other conduct with respect to the account or other relationship; and 3) Identifies the appropriate consumer. Washington State University’s computer system reports in the Metro 2 format and selects all loans monthly. The system reports the results of a loan borrower’s payment activity and or deferment or other entitlement activity. This updates each loan’s credit bureau status code, the first reported date, and the last reported date. The Institution saves 24 months of payment activity on line. Calculations of principal, interest, late charge, credit limit and date the account was opened are scheduled on a monthly cycle.

Electronic Reporting to 3 credit reporting agencies (Experian, Equifax and TransUnion) is done through our Loan Servicer, ECSI, or by collection agencies servicing student and general accounts. Disputes are responded to using the E-Oscar System.

The DIRECT DISPUTE RULE allows consumers to take their disputes directly to the furnishers of credit report information rather than acting solely through a credit bureau. Consumer disputes will be investigated when a consumer submits a dispute notice form. The dispute must list the WSU account number, name, address and telephone number of consumer, specific information being disputed and an explanation of the basis for the dispute. For example, a copy of relevant portion of the consumer report that contains the allegedly inaccurate information; a police report; a fraud or identity theft affidavit; a court order; or account statements.

FRIVOLOUS OR IRRELEVANT DISPUTES: WSU is not required to investigate a direct dispute if they have reasonably determined that the dispute is frivolous or irrelevant. A dispute qualifies as frivolous or irrelevant if: The consumer did not provide sufficient information to investigate the disputed information as required (account number, name, address and telephone number, if applicable). The direct dispute is substantially the same as a dispute previously submitted by or on behalf of the consumer, either directly to WSU or through a consumer reporting agency, with respect to which
WSU has already satisfied the applicable requirements.

Upon making a determination that a dispute is frivolous or irrelevant, WSU will notify the consumer of the determination, no later than 5 business days after making the determination, by mail or if authorized by the consumer for that purpose, by any other means available to WSU. A notice of determination that a dispute is frivolous or irrelevant must include the reasons for such determination and identify any information required to investigate the disputed information, notice will consist of a standardized form describing the general nature of such information.

These NEW rules became effective July 1, 2010. The Collection Office will review all relevant information supplied on a dispute notice. If the investigation finds existing errors on an account the appropriate actions will be taken to correct. After completion of investigation a report listing results will be submitted to credit agencies by submission through E-Osar and a copy of response on the account will be sent to the consumer.