New Reporting by Collection Agencies & Debt Buyers

Effective last month, collection agencies and debt buyers that report information to the credit bureaus must report the name of the original creditor and may not report debt that did not arise from a contract or agreement to pay, which includes parking fines, parking tickets, and involuntary towing fees. Beginning September 1, 2016, the collection agencies and debt buyers will have a “full file” each month, meaning the agencies and buyers will have to report positive as well as derogatory information to the bureaus. Typically, agencies and buyers only now report derogatory information to the bureaus. In September 2017, collection...

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Using “Rapid Recheck” to Correct Inaccuracies in Credit Reports

Using “Rapid Recheck” to Correct Inaccuracies in Credit Reports An inaccurate negative report on one’s credit report can slow down the process of getting a mortgage. The challenge is to get the credit bureaus to correct the report in a timely manner paving the way to obtaining a mortgage. CoreLogic Credco is a leading reseller of three-in-one or “trimerge” credit reports tailored for the mortgage industry. Credco has a service called Rapid Recheck that speeds up the bureau-level dispute process. Credco promises the process provides a faster way to update a borrower’s credit reports and get an updated FICO score....

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Interesting Analysis of Consumer Complaints about Credit Reporting

Interesting Analysis of Consumer Complaints about Credit Reporting The Consumer Financial Protection Bureau had made available a consumer complaint database that tracks complaints made by consumers to the CFPB and how they are resolved. The database includes consumer complaints about credit bureaus with the aim of uncovering patterns in the problems consumers are experiencing with credit reporting. U.S. PIRG, a consumer group, analyzed the data and made this report. Since the Consumer Financial Protection Bureau began collecting complaints about credit reporting in October 2012, the CFPB has recorded more than 10,000 complaints about credit reporting. Equifax, TransUnion and Experian were...

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Consumer Bureau Weighs in on Credit Dispute Process

Consumer Bureau Weighs in on Credit Dispute Process Today, the Consumer Financial Protection Bureau warned furnishers of credit and credit bureaus that they must improve their methods of investigating consumer disputes. Specifically, the Bureau states that the credit bureaus must send documentation to the furnishers, which is something they never do. However, probably under pressure from the Bureau, the bureaus have said they would begin to send documents to furnishers as part of the dispute process. Here is the text of the Consumer Bureau’s announcement: The Fair Credit Reporting Act (FCRA) generally requires a consumer reporting agency (CRA) to notify...

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Oregon Jury Awards Consumer over $18 million in Mixed File Case

Oregon Jury Awards Consumer over $18 million in Mixed File Case Mixed files cases are ones in which the credit bureau intertwines the credit files of one person with another. When this happens, the bureau has no one to blame except itself. Last week, an Oregon jury awarded Julie Miller $180,000 in actual damages and $18.4 million in punitive damages against Equifax. The Oregonian story is here. Ms Miller contacted Equifax eight times between 2009 and 2011 in an effort to correct inaccuracies, including erroneous accounts and collection attempts, as well as a wrong Social Security number and birthday. Yet...

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