PR Not sure what this mean

[Nettieinva]

PR a provided additional documentation of tand account but here's what they say about reporting as a factoring company. Is this correct? They still reported it as 120 late. What if anything should I do? 

Please also note that Portfolio Recovery Associates has neither the authority nor the ability to change the manner in which the credit reporting agencies, such as Experian, Equifax and TransUnion, describe or report the information we furnish. Any differences in their descriptions or reporting of the information we furnish - such as their description of Portfolio Recovery Associates as a "Factoring Company" instead of "Debt Buyer" or their description of this account as a "Revolving Account" or "Installment Loan"- is the responsibility of the credit reporting agencies, not Portfolio Recovery Associates.

[guiness56]

---

@Nettieinva wrote:

PR a provided additional documentation of tand account but here's what they say about reporting as a factoring company. Is this correct? They still reported it as 120 late. What if anything should I do? 

Please also note that Portfolio Recovery Associates has neither the authority nor the ability to change the manner in which the credit reporting agencies, such as Experian, Equifax and TransUnion, describe or report the information we furnish. Any differences in their descriptions or reporting of the information we furnish - such as their description of Portfolio Recovery Associates as a "Factoring Company" instead of "Debt Buyer" or their description of this account as a "Revolving Account" or "Installment Loan"- is the responsibility of the credit reporting agencies, not Portfolio Recovery Associates.

---

I think I disagree with these statements.  They are the furnisher of the information to the CRAs.  How would the CRA know to call them a factoring company versus a collection agency unless they coded it that way.

[Nettieinva]

I would agree. So Guiness do you have any suggestions? I'vtrying trying to figure this out and don't know what steps to take. 

[guiness56]

I would send a direct dispute to the CA under FCRA 623(a)(8).  They have to investigate and correct errors.  They also have to let you now the results of the investigation within 30 days.  If they do not they are in violation of the FCRA.

I furnished a template.  It should all apply since it is a CA.  Pay particular attention to the top 2 since those deal specifically with a CA. 

“This is a Notice of Direct Dispute with you, under the provisions of FCRA §623(a)(8)(D), of the accuracy of information you have reported to my credit file.

       ►       (If sent to a debt collector, (CA), it might  be beneficial to also include the blurb:

       ►  “This is a direct dispute of credit reporting. This is not a request for debt  validation/verification  under FDCPA §809(b).”.
                  (don’t let them just simply sluff it off as a meaningless  DV letter)

“In compliance with FCRA §623(a)(8)(D), and enacting regulations published at  16 CFR § 660.4, this Notice of Direct dispute includes:

 “Identification of the specific information being disputed:
           (specify the account number, and the specific information that is disputed under that identifying account)

“Basis for the dispute:

            (how the reporting was inaccurate;    was any reporting in violation of any statutory or regulatory provisions?  account or express agreements?  CRA reporting gudelines? Account not yours? etc.)

“Supporting documentation:

            (all documents that support your dispute; it is recommened to also include,  as part of your documentation, at least a copy of the portion only of your
             recent credit report showing their reporting of the disputed information was  actually reported to your credit flle.  The implementing rule suggests a  showing
               that it appeared in your credit report)

[Nettieinva]

Thank you!!

[guiness56]

No problem.  Good luck.

[Shogun]

I agree with guiness completely on this.  Yes, they know what code they put in to be listed as a factoring company.  If they were to put the correct code in, they would list as a CA and would be listed differently on your CR.  That answer is a bunch of "hogwash".  (Always wanted to use that term).