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CA says it can report as OC

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Shogun
Moderator Emeritus

CA says it can report as OC

You may note on the attachment to the letter dated September 27, 2012 that Portfolio Recovery Associates, LLC identifies the Portfolio Type as “O” and the Account Type as “OC”.  Portfolio Recovery Associates, LLC is a “debt purchaser” and we furnish these codes to the credit reporting agencies in accordance with the Consumer Data Industry Association’s Credit Reporting Resource Guide’s requirements with respect to “debt purchasers”, i.e, an account owned by a “debt purchaser” is to furnish the code “O” in the “Portfolio Type” field and furnish the code “OC” in the “Account Type” field.  Under those same guidelines, the credit reporting agencies may interpret the “O” code as “Open” and the “OC” code as “Debt Purchaser” or as a “Factoring Company.”

 

Portfolio Recovery Associates, LLC is responsible for the information we furnish to credit reporting agencies, but is not responsible for information furnished by another creditor, such as has HSBC Bank Nevada, and is not responsible for the information reported by consumer reporting agencies, such as TransUnion.  

 

 

Ok.. try this one.   They had re-aged the DOFD so that it falls off 4 years later than the original OC.  That's what I called them on, plus them listed as open and as the OC on an account.  They are a CA, plain and simple.  What's your opinion?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 1 of 6
5 REPLIES 5
Burned2manybridgesB4
Valued Contributor

Re: CA says it can report as OC

....bottom feeders adapt?
Another guideline broken, and the "oversight comittee" will get numerous complaints, but kickbacks will win out???

Message 2 of 6
Shogun
Moderator Emeritus

Re: CA says it can report as OC

Still debating what to do with this one.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 6
novabama
Frequent Contributor

Re: CA says it can report as OC

Ugh! I hate cas. I have one from them too and I am just hoping they'll accept my PFD for settlement or at least counter offer :/
Message 4 of 6
mmmagique
Regular Contributor

Re: CA says it can report as OC

If it were me, and I had proof of re-aging, I'd contact an attorney. 






In the garden until May 2022!!
Message 5 of 6
RobertEG
Legendary Contributor

Re: CA says it can report as OC

Debt collector reporting is required, under the CRA reporting manual (their referenced "Credit Reporting Resource Guide"), to separatly provide, in field code 2 of the K-segment of their reporting, the name of the original creditor.  Thus, their reporting must establish that they are NOT the OC.

 

Account Type is reported under field code 9 of the base segment, and OC accounts have entirely different reporting codes than debt collector "accounts."

No one other than the Original Creditor can report as such.  A debt purchaser, if the debt was delinquent at time of purchase, becomes a debt collector subject to all provisions of the FDCPA, and is not a creditor, let alone an OC.

 

They are blowing interpretational smoke, expecting a CRA to intepret their misleading reporting as an OC as actually being reporting by a debt collector. 

Pushing the responsibility for misleading reporting over to the CRA to "interpret" otherwise.

Nonsense.

 

Message 6 of 6
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