topic Re: why collection dont report like collection? in Rebuilding Your Credit

why collection dont report like collection?

Anonymous — Mon, 05 Nov 2012 21:19:32 GMT

i got collection in my credit report,but they dont report by collection, they report as of account ! and they keep report in myfico that 120 days late. is it right report?

Re: why collection dont report like collection?

Shogun — Mon, 05 Nov 2012 21:26:10 GMT

I bet if you look at the account closely, it will say factoring agency or something to that regard.

Re: why collection dont report like collection?

Anonymous — Mon, 05 Nov 2012 21:29:31 GMT

industry they post like ( Factoring Companies ) is this right? they should be is collection

Re: why collection dont report like collection?

Anonymous — Mon, 05 Nov 2012 21:30:27 GMT

they are LVNV . So LVNV is collection not is Factoring Companies

Re: why collection dont report like collection?

Shogun — Mon, 05 Nov 2012 21:33:01 GMT

It's the current tactic of the CAs at the moment, a loophole to get past some reporting restrictions. CA's don't mark lates, they can't, there's no agreement with the CA to mark lates for. No, they are a CA, it's just a coding conflict that allows them to post that way. They know about it, we know about it. Is it paid? How much is it? There have been several instances of getting paid accounts removed using the BBB route.

Re: why collection dont report like collection?

Anonymous — Mon, 05 Nov 2012 21:36:27 GMT

the account is not pay. so are they really can report 120 days late payment like that?

Re: why collection dont report like collection?

Shogun — Mon, 05 Nov 2012 21:37:26 GMT

A CA should not be able to post monthly lates to your account. No.

Re: why collection dont report like collection?

Anonymous — Mon, 05 Nov 2012 21:38:30 GMT

so what can i do with them. can you please tell me how to deal with this

Re: why collection dont report like collection?

Shogun — Mon, 05 Nov 2012 21:53:18 GMT

How much is it? Can you afford a PFD? You can fight to get them off your CR, however it doesn't satisfy the debt. It will most likely pop back up with a new CA. Best bet is to get rid of it now and just battle it once.

Re: why collection dont report like collection?

RobertEG — Mon, 05 Nov 2012 22:01:56 GMT

A factoring agent is a debt collector under the FDCPA, and the reporting of their collection activity is a "collection account" established with the CRA, not an account with the consumer.

Reporting as a factor is not, in and of itself, improper, as it clearly identifes the debt collector as the owner of the purchased debt, which is the definition of a factor...one who purchases delinquent debt. The problem with the reporting of some factors is that they report the account as an installment account with them, which is incorrect. It creates massive confusion with consumers, who are led to believe that they somehow have an installment account obligation to the debt collector.

Hopefully, someone will file a dispute with the CRA over the accuracy of such coding, thus getting a definitive ruling by the CRAs as to the appropriateness of such reporting.

No, debt collectors dont report monthly delinquencies, as you have to account with them that provides billing due dates upon which to base any "delinquency."

CRA reporting codes for debt collectors do not even provide for such reporting.

With that being said, yes, prior delinquencies on an OC account will frequently be listed in credit reports under the collections heading, implying that they were reported by the debt collector.

That is usually a product of just plain 'ole crummy credit report formatting. The producer of any credit report extracts CRA data and reports it as they see fit. I would not assume that simple showing of delinquencies under a collection heading means the reporting originated with the debt collector. If one were to dispute such "reporting," they would most likely find that the furnisher was not the debt collector.

Yeah, it's a confusing mess.......

Re: why collection dont report like collection?

Anonymous — Mon, 05 Nov 2012 22:38:25 GMT

so what i gonna do? file complaint with BBB and FTC or ?

Re: why collection dont report like collection?

Shogun — Mon, 05 Nov 2012 23:33:52 GMT

A factoring company is someone who generally buys good debt, debt that is not delinquint for the purpose of liquidating quick debt. This is generally done by a company that sells the debt to create positive cash flow. It is not however the definition of a Collectiona Agency, which purchases debts that are in arrears that the original creditor is not able to collect. But as RobertEG has pointed out, it's pretty much a moot point. You can argue it, file BBB and FTC. If you get it deleted, if it's unpaid, it will come back with another CA. You will need to pay it or settle it and then worry about the removal process. And yes this can be done throught the mentioned complaints. I've done it, others have done it, and if it's been taken care of they generally won't fight it.