trying_hard wrote:I recently read that they (Capital One) will be reporting credit limits by the end of the year.
trying_hard wrote:I understand and respect what you are saying, but there is no violation of FCRA with what they are currently doing.
Noah_Bodie wrote:masdeocho wrote:CapOne has no legal obligation to report info to CRAs, only to correct wrong info it previously reported. So it has no duty to report CLs to any CRA.Accuracy and completeness matter. If the information reported isn't accurate or complete, then the furnisher (Cap 1 in this case) is in violation. I think a layperson could easily make the case that failing to report CLs makes the TL incomplete and harms the consumer.15 USC 1681s-2(b) Duties of furnishers of information upon notice of dispute
(1) In general
After receiving notice pursuant to section 1681i(a)(2) of this title of a dispute with regard to the completeness or accuracy of any information provided by a person to a consumer reporting agency, the person shall -
(A) conduct an investigation with respect to the disputed information;
(B) review all relevant information provided by the consumer reporting agency pursuant to section 1681i(a)(2) of this title;
(C) report the results of the investigation to the consumer reporting agency;
(D) if the investigation finds that the information is incomplete or inaccurate, report those results to all other consumer reporting agencies to which the person furnished the information and that compile and maintain files on consumers on a nationwide basis; and
(E) if an item of information disputed by a consumer is found to be inaccurate or incomplete or cannot be verified after any reinvestigation under paragraph (1), for purposes of reporting to a consumer reporting agency only, as appropriate, based on the results of the reinvestigation promptly -
(i) modify that item of information;
(ii) delete that item of information; or
(iii) permanently block the reporting of that item of information.
trying_hard wrote:I absolutely see what you are saying, and had no intention of making you upset. I just wanted to point out that this is in fact accurate, why have they been reporting high balances since they were Signet? For a company as large as they are, it seems that they would have changed their policies if they were in violation for such a long time. The FED would have shut them down a long time ago if that were the case...