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Maybe a petition to FCRA?

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Anonymous
Not applicable

Maybe a petition to FCRA?

Anyone think it's possible to send a petition to the FCRA to change how many times a  tradeline can be reported to just 1 time? I just hate having 2 tradelines on my credit report, one from the original creditor that then sold it to a collection agency. Any ideas would be appreciated. I really think it should only be on your credit report 1 time, even if it's sold to a collection agency.

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RobertEG
Legendary Contributor

Re: Maybe a petition to FCRA?

The FCRA is federal law, and thus any amendments must be enacted by congress and signed by the president.

Thus, petition would be to your congressman/senator to introduce legislation.

 

An alternative might be to interest the CFPB in proposed rulemaking.

Federal agencies can, if authorized by congress, propose and implement federal regulations that are consisent with and interpret current provisions of statutes.

While the FTC was prevented from enacting regulations governing administratiion of the FCRA, the CFPB has such authority.

They are, for example, currently in the rulemaking process for proposed new regulations governing debt collection practices.

The CFPB is currently taking comments on proposed regulations, and one is free to submit suggestions.

 

Personally, I doubt that there would be sentiment for such a regulation, as it is really no different than the multiple reporting of other derogs, such as multiple monthly delinquencies, charge-offs, and/or public records.

 

 

 

Message 2 of 5
takeshi74
Senior Contributor

Re: Maybe a petition to FCRA?


@RobertEG wrote:

The FCRA is federal law


Right.  You can certainly try to petition it but it can't read or respond to the petition.  It's just an act (the A in FCRA).

 


@Anonymous wrote:

Any ideas would be appreciated.


See what you can do to address it (hit the Rebuilding subforum and carefully research) and do whatever it takes to avoid derogs in future.  Everyone has to deal with the same playing field.

Message 3 of 5
Anonymous
Not applicable

Re: Maybe a petition to FCRA?

I don't mind if it shows derogs, If I have them so be it. But I just never understood mutilple listings of the same account. Seem's kind of redundant. Should only be one account, even if it's negative. I won't do anything about it, I'm sure people have tried and gotten nowhere lol. This was just an issue I didn't understand. Thanks for the comments.

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RobertEG
Legendary Contributor

Re: Maybe a petition to FCRA?

Technically, a collection is not a tradeline established by a consumer, it is the record of the attempts of another party to collect on the debt.

When a debt collector reports a balance, it reflects the amount they are authorized to attempt to collect by/for whoever the current owner might be.

To that degree, it is similar to the reporting of any of a myriad of multiple derogs on the same OC account/debt.

 

If the debt collector has become the current owner, then the balance also becomes the amount owed to them.

 

Over the years, congress has shown little incentive to amend the FCRA itself.  The last major revision was the addition of the identity theft provisions of sections 605A and B, and the clarification of the exclusion period of collections and charge-offs as being based only on the DOFD, by the addition of section 605(c) and definition of DOFD in section 623(a)(5).  However, creation of the CFPB now provides a federal agency who can implement federal rulemaking, which basically provides a mechanism to clarify the FCRA without need for congressional amendment of the statue itself.

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