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 Posted: Wed Sep 20, 2006 8:59 am Subject: Merchants Acceptance Corp |
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I was looking over my credit report last night and saw that Merchants Acceptance Corp has re-aged our debt 3 times - Is this legal? What recourse do I have?
Thanks in Advance
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kitchenparamedic
Joined: 11 Sep 2006
Posts: 24
Debtcc Points: 558
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| Posted: Wed Sep 20, 2006 9:57 am Subject: |
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Re-aging a debt account is ILLEGAL, no matter if it's done by a creditor, CA or a CRA. The dates must be posted in complete accuracy. collection agencies are often famous for this illegal act. Dispute the negative item with the CRA. They will need to fix it.
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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| Posted: Wed Sep 20, 2006 1:05 pm Subject: |
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Thanks -
What is CRA, is it credit reporting agency???
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kitchenparamedic
Joined: 11 Sep 2006
Posts: 24
Debtcc Points: 558
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| Posted: Wed Sep 20, 2006 4:57 pm Subject: |
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Yes, it is
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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| Posted: Sat Sep 23, 2006 12:55 pm Subject: |
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How does this happen if its illegal?
Dont the CRA companies monitor who can screw around with peoples persoanl files?
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Guest
Debtcc Points: 100
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| Posted: Sat Sep 23, 2006 2:05 pm Subject: |
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Credit bureaus maintain millions and millions of consumer files. Needless to say that errors and omissions are expected. You can blame them on the first hand. But, as per the FCRA laws, creditors, collectors and credit bureaus are required to put accurate information in the consumer files. If they post incorrect information intentionally, that is willful injury and can cause defamation. You have to dispute the incorrect item and get it removed from your file. Read this pdf file on the Fair Credit Reporting Act offered to people for educational purpose. http://www.ftc.gov/os/statutes/fcradoc.pdf
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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| Posted: Sat Sep 23, 2006 2:27 pm Subject: |
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Wow. You learn something new every day.. I had NO idea ra-aging was illegal. Thanks Christina!
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
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finsfan13
Moderator
Joined: 17 Feb 2006
Posts: 7021
Debtcc Points: 59871
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| Posted: Sat Sep 23, 2006 2:31 pm Subject: |
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I know there are some companies (with illegal motives) change the dates of reporting the account. They re-age the accounts in order to give the account a current look. You will be surprised to find the negative information staying in the credit for longer period when it was already expected to be off from the file. Collectors are often famous for doing this illegal activity. Bad business tactics..
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Christina
Joined: 13 Jul 2006
Posts: 443
Debtcc Points: 6429
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