topic Re: PR Not sure what this mean in Rebuilding Your Credit

PR Not sure what this mean

Nettieinva — Thu, 28 Feb 2013 18:37:01 GMT

So I paid off a collection with Portfolio Recovery. It didn't show paid on the CR's and also they were reporting it as 120 days behind which is my understanding they couldn't do because they were a CA. So I went ahead and filed with the BBB and this is the response i got back.

One of our representatives has filed a Universal Data Form electronically for this account requesting that the

three major credit reporting agencies

update PRA's trade line for this account on your credit reports. Please

review this form and kindly inform the Disputes Department immediately if the name, social security number,

address, account number, or any other information needs to be revised. Please allow up to 60 days for each

of the three major credit reporting agencies to update their records accordingly.

It doesn't look like they are deleting anything just updating the account, to what I"m not sure. Possibly to show paid?

Re: PR Not sure what this mean

Anonymous — Thu, 28 Feb 2013 19:06:31 GMT

That's what it looks like to me as well. Whatever you disputed is possibly being corrected.

Re: PR Not sure what this mean

Shogun — Thu, 28 Feb 2013 20:25:15 GMT

File a complaint with the BBB with what is on your CR now.

Re: PR Not sure what this mean

Anonymous — Thu, 28 Feb 2013 21:06:26 GMT

@Shogun wrote:
File a complaint with the BBB with what is on your CR now.

For what?

Re: PR Not sure what this mean

RobertEG — Thu, 28 Feb 2013 21:10:54 GMT

A Universal Data Form is the form used by furnishers to report to the CRAs via their e-Oscar reporting system.

If they included a copy of that form, it should set forth what coding they are updating or information they are deleting.

If the complaint was two-pronged, including both an assertion of inaccuracy in the current status of paid, $0 balance, AND the reporting of an account delinquency, then correction of only the status would not be a complete resolution of the compaint.

However, BBB complaints dont require them to do anything. They are informal. So you are apparently kinda in limbo, with no statutory period for them to correct, verify, or update.

If you had filed a direct dispute with them, and it did not resolve both issues by either verifying accuracy, correcting, or deleting, you would have had an unresolved direct dispute, and their failure to have communicated a notice of results of their investigation addressing both issues within the 30-day period.

From what was posted, it appears that a direct dispute would have been the appropriate first action, not a BBB complaint.

Did you ever file a dispute under the FCRA?

Re: PR Not sure what this means

Nettieinva — Fri, 01 Mar 2013 02:14:50 GMT

So I had another note and did see they attached a form that shows they are updating it to show date of last paymenand and a zero balance. I did file a direct dispute with them but they never responded. I sent a direct dispute twice and they wouldn't respond.

Re: PR Not sure what this mean

Shogun — Fri, 01 Mar 2013 02:57:54 GMT

OP says they are posting 120 day lates. That's a NO NO. Yes, they can just update the information. But if they can file a legitimate complaint of what was on their CR then they stand a chance of deletion. It may have affected a credit decision on the OP from a credtior.

Re: PR Not sure what this mean

Nettieinva — Fri, 01 Mar 2013 03:00:22 GMT

Shogun I already filed the BBB complaint and that was the response. No deletion they are just updating. And they say it could take up to 60 days to update. That doesn't seem right either.

Re: PR Not sure what this mean

Shogun — Fri, 01 Mar 2013 03:03:26 GMT

Yeah.. I just caught that. Was wondering why guiness had typed what she did. And of course she was right. I would see what they are updating too. I have found Portfolio to be very "upstart" in the way they handle deletions and such, but I've also found their reportings to be riddled with errors.

Re: PR Not sure what this mean

Nettieinva — Fri, 01 Mar 2013 03:07:28 GMT

They are updating with $0 balance, date paid and looks like amodue past due is $0. I don't see anything about days.

IM not sure what to do at this point.

Re: PR Not sure what this mean

Nettieinva — Wed, 06 Mar 2013 03:07:28 GMT

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.

Re: PR Not sure what this mean

Anonymous — Wed, 06 Mar 2013 03:34:15 GMT

@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.

Re: PR Not sure what this mean

Nettieinva — Wed, 06 Mar 2013 03:38:15 GMT

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.

Re: PR Not sure what this mean

Anonymous — Wed, 06 Mar 2013 03:46:55 GMT

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)

Re: PR Not sure what this mean

Nettieinva — Wed, 06 Mar 2013 03:53:11 GMT

Thank you!!

Re: PR Not sure what this mean

Anonymous — Wed, 06 Mar 2013 03:54:25 GMT

No problem. Good luck.

Re: PR Not sure what this mean

Shogun — Wed, 06 Mar 2013 04:06:27 GMT

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).