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@NRB525 wrote:
This is probably a tool Barclays and Synchrony use to monitor cardholders, then shut them down after app sprees .
Synchrony doesn't shut down for app sprees, that's Comenity but yes I bet that they do. It's probably cheaper than pulling a million times a year like AMEX does.
@Jnbmom wrote:I am curious who told you about these "trigger reports"?
Not sure why they wouuld have to pay for anything. If you have a creditor or debt collector they can and usually do soft pulls on your reports and can see any activity on your profile.
Rather than paying for soft pulls, they can pay to be alerted when there's a change to an account. I think people are under the impression that the montly SP is free, but it's not.
OP: this isn't a new tactic and tends to pop up during something major like a mortgage application. It forces the person to take care of it immediately since most people don't have a couple of months to get it worked out. Most people are on a deadline.
@Brian_Earl_Spilner wrote:
Most people are on a deadline.
Yeah, and I bet most ppl are unaware of this impending doom. Again, it's all in the timing and having privy to things the individual does not. smh
@GApeachy wrote:
@Berk wrote:
The CA’s get our debt info directly from the original creditor or from other CAs who sell our debt to them. They don’t have some super secret site provided by the CRAs that they can go to.
.But isn't that what we are talking about? (copy and paste) http://www.debthelp.com/kc/273-credit-triggers.html
'Credit trigger’ is a relatively new term in the financial world, but if you are not yet familiar with the concept then now is the time to learn. A quickly increasing trend fed by the three main consumer credit reporting agencies, credit triggers are alerts provided to paying lenders about the credit activities of their borrowers, or of potential future borrowers.
and....
Collections Assistance
Credit triggers labeled as collections assistance are provided to lenders or collections agencies based on your actions regarding other debts. If you begin paying off other debts, for example, then the collector or creditor will be informed that you have new funds with which to pay. Your lender will assume that if you can make payments on other debts, then it is a good time to press you for payments to him or her, as well.
The credit triggers are all related to what is on our credit report. Let's you have a collection account with creditor A and with creditor B, but only the collection account from creditor B is on your credit report. You come into some extra funds and decide you can afford to pay off creditor B's collection. That action will most likely cause a trigger on your credit report. Creditor A subscribes to a trigger report on your account and is notified you paid off creditor B. Creditor A now assumes your circumstance have changed and you can afford to pay them as well so they start collections activity which may included reporting your collecions account with them to the CRA.
The flip side of that is that if you knew about Creditor A and decided to pay them instead of creditor B that would not cause a trigger report because creditor A had not reported your collections account to the CRA.
@MakingProgress
As OP stated though...."I recently had 9 collections come up that I didn’t even know existed. None of these were on any of my credit reports, not yet at least." So that would make Creditor C? (the Paying, Preying, Preditor)
@GApeachy wrote:
@MakingProgress
As OP stated though...."I recently had 9 collections come up that I didn’t even know existed. None of these were on any of my credit reports, not yet at least." So that would make Creditor C? (the Paying, Preying, Preditor)
All of those 9 are like creditor A in my example. The collections accounts exhisted, but were not reported to the CRA. Something in the OP profile changed and caused a trigger report. Those nine CA now think he can pay and are starting collections activity. I am not saying it is right, but I am saying the CRAs don't know about those 9. EX, EQ and TU do not have a list of collections accounts that are not listed on your CR. They only have the info that has been reported to them, and they provide that information to all different types of creditors who have a legal reason to recieve that information, and if you a CA has a collections account in your name then they have a legally permissiable reason to recive that information.
@MakingProgress wrote:
EX, EQ and TU do not have a list of collections accounts that are not listed on your CR. They only have the info that has been reported to them, and they provide that information to all different types of creditors who have a legal reason to recieve that information
So, if the collection(s) is not on your report, how is it that an "unknown" creditor has privey to your reports? Is it because they pay for a service?
@GApeachy wrote:
@MakingProgress wrote:EX, EQ and TU do not have a list of collections accounts that are not listed on your CR. They only have the info that has been reported to them, and they provide that information to all different types of creditors who have a legal reason to recieve that information
So, if the collection(s) is not on your report, how is it that an "unknown" creditor has privey to your reports? Is it because they pay for a service?
Just because they ceditor has not reported your collection account to the CRA does not mean they can't get your information. By them owning the debt they have a legally permissable reason to have access to your credit reports and the information on them. So they can either soft pull your entire report to suscribe to a trigger report.
In addition to what I said above.
Those 9 CA might be so old that they can't be listed on the CR because of the date of first default, they may even be past the statue of limitations to sue for a judgement. Neither of those circumstances negates the CA ability to monitor your credit or to pursue payment of the debt. The CA most likely purchased those debts for pennies on the dollar and simply sits on the debt until they get a trigger report that make them think they have a chance to collect.
@MakingProgress wrote:
@GApeachy wrote:
@MakingProgress wrote:EX, EQ and TU do not have a list of collections accounts that are not listed on your CR. They only have the info that has been reported to them, and they provide that information to all different types of creditors who have a legal reason to recieve that information
So, if the collection(s) is not on your report, how is it that an "unknown" creditor has privey to your reports? Is it because they pay for a service?
Just because they ceditor has not reported your collection account to the CRA does not mean they can't get your information. By them owning the debt they have a legally permissable reason to have access to your credit reports and the information on them. So they can either soft pull your entire report to suscribe to a trigger report.
Yeah, so if a creditor owns your debt, you should be made to know about this debt, about this creditor or they should have no rights to your reports. We should have rights to know who we owe. We should have rights to know who we owe....always. There should not be secretiveness, we should know who we owe. So the CB's may not be aware of who you owe? but they will give our reports to a creditor(just any creditor not listing your debt)? So again, we should be informed. My goodness, we should know who we owe and who it is to. It's like the CB's and creditors have a pay for pay relationship of some sorts.....idk, guessing here but, if it's not on your report more than likely you are unaware of this debt but yet someone has access to your reports and are working it.