Newest FCRA update PLEASE STICKY!!! If you're having issues with CRA...read this!

[Anonymous]

This is a link to the newest Fair Credit Reporting Act ... all 84 pages of it!!!

http://www.ftc.gov/os/statutes/fcradoc.pdf

I haven't even read the whole thing yet, but did find proof that many things that the CRAs are doing have been posted here in the last couple of days ~ what the CRAs are doing is absolutely unlawful in so many of our situations!!!

Message Edited by WhatzUrPlan on 07-07-2008 11:14 PM

[Anonymous]

Yep. Talk to Wahmom who's got inaccurate lates on her car note that the OC and CRAs refuse to remove.

BTW, Wahmom, if you're "listening," those are the EXACT cites I sent you. Brand spanking new and off the presses.

I respectfully suggest you mention that. Seems the CRAs and your darlin' OC don't know diddly-squat about the newest revisions to the FCRA.

[Anonymous]

Yes ma'am, wahmom & I are reading it together, she sent it to me!  LOL 

Best we can tell, their reporting our info to JDBs is absolutely unlawful ~ I couldn't even find a loophole they had slithered throught to get away with that one!!!  Now, I did see one or two "potential" loopholes, if they're lying about who is doing what...and we all KNOW they're not above lying!!!

[Anonymous]

And, I know this has been discussed a million times before as well, but according to what I am reading on this I can not find any LAWFUL or PERMISSIBLE purpose for a collection agency to put a hard inquiry on my report when the alleged debt is NOT credit related...can you guys?

[Anonymous]

This pretty much locks up my interpretation with the recent 9th district rulling- 

They have locked down PP a lot better- It is now VERY Clear- that collections does NOT have PP.

§ 603.

(m) The term “credit or insurance transaction that is not initiated by the consumer” does not include the use of a consumer report by a person with which the consumer has an account or insurance policy, for purposes of

(1) reviewing the account or insurance policy; or

(2) collecting the account.

§ 604.(3)

(A) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of,the consumer; or

(§ 604.(3)(F) otherwise has a legitimate business need for the information

(i) in connection with a business transaction that is initiated by the consumer;

or

(ii) to review an account to determine whether the consumer continues to meet the terms of the account.

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UpUpUp wrote:

And, I know this has been discussed a million times before as well, but according to what I am reading on this I can not find any LAWFUL or PERMISSIBLE purpose for a collection agency to put a hard inquiry on my report when the alleged debt is NOT credit related...can you guys?

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[Anonymous]

Thank you, Sir.

[Anonymous]

If you did not initaite it- No hard pull PERIOD

The way I read 609(3)(A) - INQ only will stay for 1 year.

§ 604.(c) Furnishing reports in connection with credit or insurance transactions that are not initiated by the consumer.

(1)

In general. A consumer reporting agency may furnish a consumer report relating to any consumer pursuant to subparagraph (A) or (C) of subsection (a)(3) in connection with any credit or insurance transaction that is not initiated by the consumer only if

(A) the consumer authorizes the agency to provide such report to such person; or

(B) (i) the transaction consists of a firm offer of credit or insurance;

(ii) the consumer reporting agency has complied with subsection (e); and

(iii) there is not in effect an election by the consumer, made in accordance with subsection (e), to have the consumer's name and address excluded from lists of names provided by the agency pursuant to this paragraph

§ 604.(2)(c)

(3) Information regarding inquiries. Except as provided in section 609(a)(5) [§1681g], a consumer reporting agency shall not furnish to any person a record of inquiries in connection with a credit or insurance transaction that is not initiated by a consumer.

609(a)(5) A record of all inquiries received by the agency during the 1-year period preceding the request that identified the consumer in connection with a credit or insurance transaction that was not initiated by the consumer.

609(3)(A) Identification of each person (including each end-user identified under section 607(e)(1) [§ 1681e]) that procured a consumer report

(i) for employment purposes, during the 2-year period preceding the date on which the request is made; or

(ii) for any other purpose, during the 1-year period preceding the date on which the request is made.

[Anonymous]

interesting- making them share investigation results-

(D)

Automated reinvestigation system. Any consumer reporting agency thatcompiles and maintains files on consumers on a nationwide basis shall implement an automated system through which furnishers of information to that consumer reporting agency may report the results of a reinvestigation that finds incomplete or inaccurate information in a consumer's file to other such consumer reporting agencies.

[Anonymous]

That's interesting. I don't see the credit bureaus complying with that any time soon. Do you?

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Timothy wrote:

If you did not initaite it- No hard pull PERIOD

The way I read 609(3)(A) - INQ only will stay for 1 year.

[Anonymous]

I don't think they have any choice-

I see a dispute letter going out this week-

Be so nice to get EX down to 5 inq's

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UpUpUp wrote:

That's interesting. I don't see the credit bureaus complying with that any time soon. Do you?

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Timothy wrote:

If you did not initaite it- No hard pull PERIOD

The way I read 609(3)(A) - INQ only will stay for 1 year.

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