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My understanding is..........(and hopefully someone will correct me if wrong or you can google "factoring company account")
Sometimes companies will sell their account receivables (debts that haven't gone bad) and let someone else collect them for them. They get the money now(less than what they would get from the customer) and the other company collects the full amount. You know the "better to have a $1 today than $2 tomorrow" or however that saying goes.
However, when a company sells/assigns a delinquent account to a CA to collect on.......this is not a factoring account. However, some CAs will try to report that way to get around abiding by FDCPA and other laws concerning collection agency/debt buyers.
I read that definition however I just didn't know how it corrosponds with a bad collection. So my debt (SBC PacBell) was a delinquient debt sold to Asset Acceptance and they listed it as a factoring account. Therefore, listing it as such they don't have to follow any rules? Is that legal? It's listed as....
A factoring company does not correspond with a bad debt. That is why the JDB try to say they are one.
Bottom line is, Asset Acceptance is a COLLECTION AGENCY and has to abide by all the rules of the FDCPA. They can call themselves any thing they like, it does not change the fact of what they are.
Is Midland Credit Mgmt a collection company or a factoring company? They are showing themselves as a factoring company on my reports. How can I find out this information?
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800FICOwannabe
07/01/09 - FICO scores: EQ - 696, TU - 622 (Asset Acceptance reinserted as a new collection)
06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534
OK if we have a CA listing it's self as a Factoring Account how do we get it changed to a collections account?
It clearly says on my CR: Factoring Company Account (debt buyer) and it is listed with the other revolving accounts
@hoping2rebuild wrote:OK if we have a CA listing it's self as a Factoring Account how do we get it changed to a collections account?
It clearly says on my CR: Factoring Company Account (debt buyer) and it is listed with the other revolving accounts
This thread is over 2 yrs old and the one who started this thread and those who have answered, not been around in awhile.
If a CA is coded as a CA, then FICO sees it as a CA.
So it saying Factoring company account, isnt going to matter, it all depends on how it is coded.