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What are CRAs?

Date: Sun, 05/25/2008 - 20:22

Submitted by meircats
on Sun, 05/25/2008 - 20:22

Posts: 91 Credits: [Donate]

Total Replies: 3


We sent a debt validation letter to a creditor in March. We recieved a letter back around the last of April first of May back from them demanding the full payment. (This is a collection agency). They have sent nothing back at all to verify debt. Sent out another debt validation letter the first part of this month. If we get the same results, do we do a CRA...? What is that exactly?


????
CRA, as it's commonly used on these forums, stands for Credit Reporting Agency. AKA the credit bureaus. Equifax, Experian, and TransUnion.
I agree with Shazzers' advice. File complaints with your and their states' Attorneys General and the FTC. While you're at it, it might be worthwhile to copy those complaints [carefully sanitized of all personal information!] to ripoffreport.com and the BBB.
You should also be aware that violations of the fdcpa are legally actionable. You can sue the CA for their violations, and potentially recover up to $1,000 in statutory damages.


lrhall41

Submitted by unclewulf on Sun, 05/25/2008 - 22:50

( Posts: 3172 | Credits: )


Credit Reporting Agencies(CRA) are also known as Credit Bureaus. CRAs collect information about your credit from the credit lenders, compile it and then sell it to lending institutions. It has been observed that most lending companies provide these information to the bureaus, which again act as reservoir of credit report of individuals.

3 main credit bureaus or CRAs are: -

1. Equifax
2. Transunion
3. Experian


lrhall41

Submitted by phoenix on Mon, 05/26/2008 - 03:46

( Posts: 1445 | Credits: )