topic Re: Reporting every two weeks in General Credit Topics

Reporting every two weeks

thotgal320 — Sun, 12 Oct 2008 17:25:12 GMT

So I been going over my CR and noticed that there is a CA reporting every two weeks since May. I never noticed this before until TC showed an alert on 10-10. So I checked my other alerts and noticed is was the same CA (The Bureaus). The are trying to collect on a debt I owe First Premier. I plan on sending a DV letter CMRRR but can they do this, report as often as they want? I thought they could only report one a month am I wrong? They have reported this to all CRA but EX is the only one that updates so often. Is a standard DV letter k to send?

Re: Reporting every two weeks

llecs — Sun, 12 Oct 2008 17:42:01 GMT

It isn't Arrow, is it?

Re: Reporting every two weeks

Anonymous — Sun, 12 Oct 2008 18:12:33 GMT

The can update daily if they want too.

Re: Reporting every two weeks

Anonymous — Sun, 12 Oct 2008 18:28:08 GMT

Yes they can and they are known to do so when it is close to SOL or CRTP. They know that it will get your attention!

Is it already past SOL?

Re: Reporting every two weeks

Anonymous — Sun, 12 Oct 2008 19:52:37 GMT

You can dispute the account or the debt and the CA can keep reporting until they receive your dispute letter. Then and until 30 days from receipt of your letter OR until they send you validation of the debt, they should stop reporting - however, the FTC is coy about this, and they recommend CAs are allowed to keep pursuing within this 30dd window.

In any case, if 30 days from receipt of your dispute are passed, and they have not validated, they must stop ALL collection efforts, including reporting.

Re: Reporting every two weeks

Anonymous — Mon, 13 Oct 2008 02:57:59 GMT

Don't dispute. Do the DV, unless it's medical (then follow HIPAA process).

Good luck!

Re: Reporting every two weeks

thotgal320 — Mon, 13 Oct 2008 07:30:31 GMT

It's not Arrow it shows up on my CR as The Bureas. I never heard of them and it's not medical either it's for first premier. That reporting would make since because it is getting closer to SOL (6 yrs. in Ct.) then it is to falling of. It's scheduled to fall off in 2010 maybe 6 months for SOL. Thanks for all your help and replies.

Re: Reporting every two weeks

llecs — Mon, 13 Oct 2008 13:46:08 GMT

@thotgal320 wrote:
It's not Arrow it shows up on my CR as The Bureas. I never heard of them and it's not medical either it's for first premier. That reporting would make since because it is getting closer to SOL (6 yrs. in Ct.) then it is to falling of. It's scheduled to fall off in 2010 maybe 6 months for SOL. Thanks for all your help and replies.

Darn...thought it was Arrow.

I had Arrow collect for my First Premier. Every 2 weeks, like clockwork, they hit the CR and updated. But with each update, they changed the "Worst Delinquency" located in the myFICO reports from "CO/collections" to "Late 120 days" and then back again. With each change, as they reported, my score jumped up and down 20-25 points. All other info was the same. I didn't do anything as it was at CRTP and lasted only 3-4 months.

Re: Reporting every two weeks

Anonymous — Mon, 13 Oct 2008 16:33:42 GMT

Shnapple,

a DV, for all intents and purposes, IS a dispute with the CA.

Re: Reporting every two weeks

Anonymous — Tue, 14 Oct 2008 01:39:48 GMT

@Anonymous wrote:
Shnapple,
a DV, for all intents and purposes, IS a dispute with the CA.

True, but I wouldn't want anyone getting confused over disputing with a CA vs a CRA.

Edit to disagree (after thinking about it for a minute): A DV is not a dispute. In fact, in my DV letters I say "I am not disputing this information" so that they don't report it as a dispute to the CRAs. A DV is just a request for information.

Message Edited by Shnapple on 10-13-2008 06:39 PM

Re: Reporting every two weeks

movinonup79 — Tue, 14 Oct 2008 06:02:44 GMT

I just called Arrow and made an agreement to pay to settle out my old card with First Premier in two payments of $180. How long does it typically take them to update that this is paid? And how much will my score jump up? Is this a good idea to settle the account and pay it in two payments?

Thanks!

Re: Reporting every two weeks

GFer — Tue, 14 Oct 2008 06:14:07 GMT

You would be better served if you offered a PFD. All they can do is say no.

And paying them 'may' help your score because you are bringing your utilization down. But oftentimes it hurts your score, because fico sees this baddie as more recent!

Re: Reporting every two weeks

Anonymous — Tue, 14 Oct 2008 07:18:13 GMT

The consumer can dispute the debt (or portions of it) or ask who's the original creditor.

In my opinion avoiding the dispute doesn't help in any way - dispute or consumer request, both result in the CA having to update the record with the comment "in dispute", so for the CRA is the same thing. Not disputing the debt (unless is recognized as valid) can bear detrimental results if you have to pursue further action against the collector.

section 809 of FDCPA states:

(b) If the consumer notifies the debt collector in writing within

the thirty-day period described in subsection (a) that the

debt, or any portion thereof, is disputed, or that the consumer

requests the name and address of the original

creditor, the debt collector shall cease collection of the debt,

or any disputed portion thereof, until the debt collector

obtains verification of the debt or any copy of a judgment,

or the name and address of the original creditor, and a copy

of such verification or judgment, or name and address of

the original creditor, is mailed to the consumer by the debt

collector. Collection activities and communications that

do not otherwise violate this title may continue during

the 30-day period referred to in subsection (a) unless the

consumer has notified the debt collector in writing that the

debt, or any portion of the debt, is disputed or that the consumer

requests the name and address of the original creditor.

Any collection activities and communication during the

30-day period may not overshadow or be inconsistent with

the disclosure of the consumer’s right to dispute the debt or

request the name and address of the original creditor.

Re: Reporting every two weeks

Anonymous — Tue, 14 Oct 2008 07:24:04 GMT

movingonup79,

whether it is a good idea or not depends on what you want to achieve.

This kind of agreement will not remove the negative reporting from your credit reports, it will only result in an update that states paid in full or settled for lesser amount (depending on your agreement), and it will sit on your credit report for 7 years. You score will not jump in any direction as result of this.

On the positive side, you will have the moral satisfaction to have satisfied your debt, and it would look better than an active collection in case of a manual review of your credit report.

Message Edited by demed on 10-14-2008 12:24 AM