06-25-2007 04:16 PM
06-25-2007 04:22 PM
trying_hard wrote:I recently read that they (Capital One) will be reporting credit limits by the end of the year.
06-25-2007 04:27 PM
06-25-2007 04:43 PM
trying_hard wrote:I understand and respect what you are saying, but there is no violation of FCRA with what they are currently doing.
06-25-2007 04:50 PM
06-25-2007 05:03 PM
06-25-2007 05:09 PM
06-25-2007 05:37 PM
06-25-2007 09:33 PM
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.
06-26-2007 08:20 AM
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...
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.