02-01-2013 01:49 PM
I sent out letters to various companies that have pulled inquiries over the last year asking what they were for. Today I got an answer back stating the company had purchased a credit card debt from an OC therefor the inquiry was permissable. Also, that company sent me their first debt collector communication requesting $.
My question is... what do I do now? The OC DOFD is 3/2008 with a balance showing (the SOL here is 5 years). The CA isn't on my report (yet). Do I DV? I don't have the funds to request a PFD at this time. Not sure ignoring it is a good option whereas that's what put us in this situation in the first place.
02-01-2013 02:08 PM
This would be first contact so a DV would be timely. Get that in the mail!
02-01-2013 10:34 PM
02-02-2013 02:43 AM - edited 02-02-2013 02:46 AM
There is a relatively obscure permissible purpose under the FCRA that permits a potential investor or servicer to obtain a consumer credit report to evaluate or assess an existing credit obligation as to potential risks associated with acquring that obligation. Investors obviously have pull with congress.
See FCRA 604(a)(3)(E).
Of course, once they acqire the account, they have other permissible purpose.
So the issue is one of whether it is required to be coded as soft vs hard, not whether they had permissible purpose.
The FCRA does not regulate coding, so that is an issue to take up with the CRA, who makes it a point not to publish their procedures for coding of inquiries.
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.