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Ae you looking to have the trade line deleted or just altered? I recently had one deleted for some misreporting from a collection agency using the following email. Names and company have been changed to protect the guilty. I know this was for a collection agency but I feel as though you may be able to tweak it to fit your needs. It's just an idea anyways.
Dear Mr. Black and Mr. White,
I have recently been doing some research and it appears that your company, Company X is reporting and/or updating my information inaccurately. Which is a GROSS violation of the FCRA.
When a Collection Agency posts to a consumer credit file, it is an entirely separate posting than the Original Creditor's account. The Collection Agency has no legal authority to change the prior reporting of anything in the separate Original Creditor's account with the Consumer Credit Reporting Agency therefore they may only post the collection as open (unpaid) or closed (paid in full or settled in part), the date their collection activity commenced, and any legal actions taken on their collection account.
Ideally a Collection Agency cannot report payment history and hence cannot report lates as there are no codes to do so. But they do often misreport their collection accounts under the 'accounts' section (where Original Creditors report) and not under 'collections'. In such a scenario where they are reporting the collection account in the regular accounts section, they can possibly report payment history or other information indicating a late. For instance, they may perhaps report the account as 120 days past due in the account's status section where they are supposed to report as 'a collection account'. Or they could report the account type as an installment account instead of 'open (or closed)' as I mentioned above thus enabling them to report a late. The Collection Agencies should not use those codes but the codes are there and the Collection Agencies misuse them. This seems to be what your company is doing to damage my credit scores.
Mr. Black and Mr. White, Company X is misreporting and using codes you are not supposed to and in such a case, Asset Acceptance is reporting the account as open and reporting payments or reporting inaccurately, which might end up being considered by the consumer credit reporting agency and in turn damaging my scores my scores. I have disputed my account with the Credit Reporting Agencies but your company continues to report them and has even verified them simply stating that they are correct.
I must remind you that misreporting deliberately (or not) is a violation of the FDCPA and can result in you or your company being personally fined up to $1,000 per incident.
Now my concern is not whether or not you and your company are fined for this misrepresentation. I don't think it should have to go that far for a $363 debt which I have paid in full. My only concern here is that you resolve this matter and resolve it quickly or I would be compelled to move forward with this matter on a larger scale. I feel that I've worked hard in paying off my debt (old, new or invalid) and Asset Acceptance's reporting is a defamation to my credit character. I would greatly appreciate it if you would show some good will and have this account deleted from all three credit bureaus within 5 days from the date of this e-mail; even the accounts that were previously reported as "paid collection" as these are still being reflected negatively on my reports. I would like to receive a written notice via e-mail with a hard copy of the same via US Mail that you have taken care of this matter and a confirmation that the account has been indeed deleted from all three reporting agencies.
Thank you for the attention this matter deserves. I look forward to hearing from you soon.
Sincerely,
Bvick27
Address
Account Number: xxxxxxxxxx
Dear Mr. Black and Mr. White,
I have recently been doing some research and it appears that your company, Company X is reporting and/or updating my information inaccurately. Which is a GROSS violation of the FCRA.
When a Collection Agency posts to a consumer credit file, it is an entirely separate posting than the Original Creditor's account. The Collection Agency has no legal authority to change the prior reporting of anything in the separate Original Creditor's account with the Consumer Credit Reporting Agency therefore they may only post the collection as open (unpaid) or closed (paid in full or settled in part), the date their collection activity commenced, and any legal actions taken on their collection account.
Ideally a Collection Agency cannot report payment history and hence cannot report lates as there are no codes to do so. But they do often misreport their collection accounts under the 'accounts' section (where Original Creditors report) and not under 'collections'. In such a scenario where they are reporting the collection account in the regular accounts section, they can possibly report payment history or other information indicating a late. For instance, they may perhaps report the account as 120 days past due in the account's status section where they are supposed to report as 'a collection account'. Or they could report the account type as an installment account instead of 'open (or closed)' as I mentioned above thus enabling them to report a late. The Collection Agencies should not use those codes but the codes are there and the Collection Agencies misuse them. This seems to be what your company is doing to damage my credit scores.
Mr. Black and Mr. White, Company X is misreporting and using codes you are not supposed to and in such a case, Asset Acceptance is reporting the account as open and reporting payments or reporting inaccurately, which might end up being considered by the consumer credit reporting agency and in turn damaging my scores my scores. I have disputed my account with the Credit Reporting Agencies but your company continues to report them and has even verified them simply stating that they are correct.
I must remind you that misreporting deliberately (or not) is a violation of the FDCPA and can result in you or your company being personally fined up to $1,000 per incident.
Now my concern is not whether or not you and your company are fined for this misrepresentation. I don't think it should have to go that far for a $363 debt which I have paid in full. My only concern here is that you resolve this matter and resolve it quickly or I would be compelled to move forward with this matter on a larger scale. I feel that I've worked hard in paying off my debt (old, new or invalid) and Asset Acceptance's reporting is a defamation to my credit character. I would greatly appreciate it if you would show some good will and have this account deleted from all three credit bureaus within 5 days from the date of this e-mail; even the accounts that were previously reported as "paid collection" as these are still being reflected negatively on my reports. I would like to receive a written notice via e-mail with a hard copy of the same via US Mail that you have taken care of this matter and a confirmation that the account has been indeed deleted from all three reporting agencies.
Thank you for the attention this matter deserves. I look forward to hearing from you soon.
Sincerely,
Bvick27
Address
Account Number: xxxxxxxxxx
Starting Score: 500s
It is immoral to threaten them for accurate reporting. That being said, if you receive a payment history from them and it does not match the reporting on your credit report, especially not in your favor, then you should pursue this more. I can not state if it is legal or illegal but I know that no one on this site would condone challenging a correct reporting.
As far as the CAs, it depends on how they are reporting it. If they are in fact reporting as an installment or revolving credit line with payment histories, then they are reporting incorrectly and should be contacted in order to resolve this.
As far as the CAs, it depends on how they are reporting it. If they are in fact reporting as an installment or revolving credit line with payment histories, then they are reporting incorrectly and should be contacted in order to resolve this.
You are correct. A collection account being incorrectly reported as an open trade line with current lates and not a collection account is not allowed. If you still owe money on the account, I would attempt a PFD. If you do not owe money, using a variation of the above letter would work to encourage them to remove the account. That being said, if you dispute it directly with the collection agency I recommend having a current copy of your credit report beforehand just in case they change the reporting. This will give you leverage if you follow through with a lawsuit and pursue action against them.
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