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Guest · Posted: Tue May 22, 2007 9:15 am Subject: Debt Collectors Reporting Obligations

Are debt collection agencies required to report payments made to them to the credit bureaus? If so, where can the specific rule be found? I've reviewed the fdcpa, FCRA, and checked the FTC web site and I can't locate it.

Please advise and thanks for the assist.

Posted: Tue May 22, 2007 9:56 am Subject:

collection agencies do not report anything positive to the reporting bureaus. When they get the debt the original creditor has already charged it off,in most cases. The collection agencies are only interested in one thing which is getting the best return for what they paid for the debt. They do not have to report anything. But they will report a negative if you don't pay them.

Posted: Tue May 22, 2007 10:03 am Subject:

It is part of the Fair Credit Reporting act.I am enclosing the relevant section for you. Simply write them a letter telling them you are asserting your rights under the FACTA provision of the Fair Credit Reporting act and that they are to report to the bureaus correctly or they must delete the account from the bureau completely. Send it certified mail return receipt.

SEC. 312. PROCEDURES TO ENHANCE THE ACCURACY AND INTEGRITY
OF INFORMATION FURNISHED TO CONSUMER
REPORTING AGENCIES.

Guest · Posted: Tue May 22, 2007 2:25 pm Subject:

A big thank you for the assist!

Guest · Posted: Tue May 22, 2007 2:28 pm Subject:

Posted: Tue May 22, 2007 2:38 pm Subject:

As a furnisher of data,they are required by law to report correctly.

Posted: Tue May 22, 2007 4:03 pm Subject:

HA i'm going to remember this. How much for a violation? $1000?

Posted: Tue May 22, 2007 6:09 pm Subject:

They don't report a pay pattern/MOP, since the account is already delinquent. As you make payments, they should be reporting the correct balance every month.

Posted: Wed May 23, 2007 6:16 pm Subject: Data Furnishers

Exactly who ARE they? What business names do they DBA? How does it all work, Cajun?

Posted: Thu May 24, 2007 4:57 am Subject:

Jo,if a collector is reporting on your report you would see them listed there. The rule under Fcra is if you report,it must be 100% accurate or you are in violation of the law.If they do not fix when the account is disputed by a consumer,they could be liable for civil damages under the Fcra. In my signature you will find the federal laws pertaining to collections & reporting.Click on the links and give it a good read.

Posted: Thu May 24, 2007 6:25 am Subject:

Sorry, I'm a little confused. Cajun, I meant to ask you about data furnishers. Please tell all that you know....many thanks. I appreciate your input.

Posted: Thu May 24, 2007 6:30 am Subject:

Ok a data furnisher is exactly that.They have a subscription with the credit bureaus and they report the consumers account activities to the bureau which routes the data to the correct report.Debtcruncher here is a data furnisher because his business is in lending/finance. So basicaly if you owe someone money and they report to a credit bureau,that company is a data furnisher.

Posted: Thu May 24, 2007 7:33 am Subject:

Thanks. So next question or 2. I have 2 charged off debts from Cap One. (No SOL applies.) Each is being collected by a different ca. I have no problem paying the charge off, except I can't get through to Cap One and REFUSE to pay a ca because of their tactics. I have VOD'd each ca and haven't heard any response - it's been almost 30 days. What to do?

Posted: Thu May 24, 2007 7:46 am Subject:

Jo there is no time limit on a validation of debt.If you dispute the account with the credit bureau,there is a 30 day limit.Capital One in my opinion rarely sells their accounts. Continue to try and contact someone in their company.Raise heck and keep kicking it up the food chain until you find a supervisor who can point you in the right direction.

Posted: Thu May 24, 2007 7:47 am Subject:

Every company works differently. Some creditors will take the payments directly, some will refer you to the CA and tell you they are handling it.

The VOD is a good step to make sure they are actually representing the creditor and have the correct balance. However there's some inherent problems with it. They really don't have to send you anything back -- they just can't make any more collection attempts until they do. As far as credit reporting, they (the CA) also can't report negative information to the credit bureaus until they validate it. However, this doesn't preclude the original creditor from continuing to report it's own information about your account to the bureaus.

You may try writing two different letters- One to the CA, telling them they haven't validated your request, quote the fdcpa and tell them they should not be collecting further in violating of the FDCPA.

Send another letter to Cap1. Tell them you requested validation from the CA and they have not provided it within reasonable time, and therefore you refuse to work with them. Propose a settlement amount and see if Cap1 will accept it.

Posted: Thu May 24, 2007 11:24 am Subject:

A big thanks to you both, C & DC.

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