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Is PRA reporting correctly?

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ChangeIsPossible
Contributor

Is PRA reporting correctly?

Is Portfolio Recovery Assc reporting correctly?

 

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry
Nov, 2013
Aug, 2012
Aug, 2011
$660
Open Account
Individual
Factoring Companies
Descriptions [?]
  • Collection account

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]
$660120+ days past due$660
Seven year payment history [?]30 days late60 days late90+ days late
0 times
0 times
0 times


Starting Score: 467 (Dec '13)
Current Score: 670 (Jul '14)
Goal Score: 720


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Message 1 of 10
9 REPLIES 9
guiness56
Epic Contributor

Re: Is PRA reporting correctly?

I don't see anything wrong with it.  They are reporting the worst delinquency from when they acquired to account from the OC.

Message 2 of 10
Shokk
Established Contributor

Re: Is PRA reporting correctly?

Didn't think they could report it as past due since you never had a payment agreement with them.

 

 

I don't know my start scores, but low 500s. 6/2013

2/19/15
EQ FAKO - 638
EX FICO - 665
TU FICO - 697
Message 3 of 10
guiness56
Epic Contributor

Re: Is PRA reporting correctly?

They aren't reporting monthly delinquencies, just the status of the account when they acquired it from the OC.

Message 4 of 10
Shokk
Established Contributor

Re: Is PRA reporting correctly?

Ok.  I thought with a CA, they could only report their current status.  I know an OC can report whatever the last status was.

 

But we continue to learn!

I don't know my start scores, but low 500s. 6/2013

2/19/15
EQ FAKO - 638
EX FICO - 665
TU FICO - 697
Message 5 of 10
ChangeIsPossible
Contributor

Re: Is PRA reporting correctly?

PRA hired a law firm to sue so I scurried to pay them as to prevent any type of judgement. i payed the law firm and they said that because I paid with a debit card it would take 90 days to update the file as they have to make sure I don't dispute the payment with the bank... Has anyone ever heard of this before? 


Starting Score: 467 (Dec '13)
Current Score: 670 (Jul '14)
Goal Score: 720


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Message 6 of 10
guiness56
Epic Contributor

Re: Is PRA reporting correctly?


@MackkD wrote:

PRA hired a law firm to sue so I scurried to pay them as to prevent any type of judgement. i payed the law firm and they said that because I paid with a debit card it would take 90 days to update the file as they have to make sure I don't dispute the payment with the bank... Has anyone ever heard of this before? 


Yes, I think it is not right, nor makes sense but I have seen that happen before.

 

Problem with it is according to the FCRA the are supposed to update immediately.

 

And, not that your are, but, what would stop someone from disputing after a payment was posted.

Message 7 of 10
Shogun
Moderator Emeritus

Re: Is PRA reporting correctly?

I agree with guiness on this one.  Now that it's paid, any reporting that does not reflect that is willfull incorrect reporting and a violation of the FDCPA.  I would notify them of that.

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+
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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 8 of 10
ChangeIsPossible
Contributor

Re: Is PRA reporting correctly?

I was not sure if I should dispute with CB or complaints with CFPB and BBB.

Starting Score: 467 (Dec '13)
Current Score: 670 (Jul '14)
Goal Score: 720


Take the myFICO Fitness Challenge


Message 9 of 10
RobertEG
Legendary Contributor

Re: Is PRA reporting correctly?

In my opinion, it may be a bit premature to dispute or file formal complaints.  Up to you, but I dont see willful misreporting.

 

No question that once it is paid, they must promptly update the current balance remaining under collection as $0.  FCRA 623(a)(2).

 

They have informed you of their business decision that they wont consider it officially paid until the stated period.

If there is some provision of your state code that makes that improper, there may be basis.  I would have cite to such code prior to pursuing the time period they have stated will be their update.

 

If you wish to pursue, you have several alternatives.  If there is an assertion of clear non-compliance with the FCRA, which in this case would be FCRA 623(a)(2), they you can file a dispute under the FCRA (either via the CRA or by way of direct dispute) and/or a formal complaint with the CFPB.

Since resolution of either of those paths will put you near their promised reporting date, then I personally would wait until their stated period has expired before pursuing a formal complaint.

 

A BBB complaint is informal, and is directed at complaining about their business practices.  It has to periods for their response or requirement that they even respond.

That will also be a lenghty process  Again, I would wait for their stated period to expire before pursuing.

In the event that you wish to later pursue GW requests with them, complaints or disputes may not leave a feeling of good-will.

 

Message 10 of 10
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