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How many days do the credit bureaus have to investigate fraud once you notify them in writing that the information is inaccurate?

A) 15 days
B) 30 days
C) 45 days
D) 60 days

User Hrnt
by
8.3k points

2 Answers

4 votes

Final answer:

B) 30 days

The credit bureaus have 30 days to investigate disputes regarding inaccurate information after being notified in writing.

Step-by-step explanation:

Once you notify the credit bureaus in writing that the information is inaccurate due to fraud, the credit bureaus have 30 days to investigate the dispute. This timeline is specified by the Fair Credit Reporting Act (FCRA), which sets standards for the collection, dissemination, and use of consumer credit information. If, after an investigation, the information is found to be inaccurate or can no longer be verified, the credit bureau must remove or correct the item in question.

User Alex Popov
by
8.4k points
7 votes

Final answer:

Credit bureaus have 30 days to investigate claims of fraudulent or inaccurate information. In a uniformly distributed probability scenario between 1 and 15 days, the expected time for a child to clean their room is 8 days.

Step-by-step explanation:

When you notify the credit bureaus in writing about information you believe is inaccurate due to fraud, they typically have 30 days to investigate the claim. This timeframe can be extended up to 45 days under certain circumstances, such as receiving additional information during the investigation period. If after the investigation the information is found to be inaccurate or fraudulent, the bureau must promptly correct or delete it. These provisions help protect your credit health and ensure that your credit report remains an accurate reflection of your credit history.

Expectations on cleaning times based on uniformly distributed probability

In the context of probability, if the time taken for children to clean their rooms is uniformly distributed between 1 to 15 days, a parent can expect, on average, that the cleaning will take place at the midpoint of this range. The calculation is straightforward: you add the minimum and maximum values (1 + 15) and then divide by 2, which results in an expectation of 8 days.

User Raj Gohel
by
8.0k points
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