beware of collection accounts reporting as a Open TYPE Tradeline

[kennerchick]

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@Anonymous wrote:

Yes -- They are a debt collector. 

According to the STANDARD credit reporting file format -- Debt Collectors CANNOT send in Payment history, there is no space they are are allowed to use on the file. 

Additionally- the Status codes can only be as follows:

The following status codes are supported by xxxxxxx in Agency/Third Party Collections mode.

93 - Seriously past due/assigned to collections
62 - Paid in full collection account or claim

They use a "Collection Account" with a past due value --- and cannot. This is what the Orginal Credit Grantor ONLY can report. 

They CANNOT senf in TERMS of payment, they store monthly.

Ad  debt Collector - and from the METRO2 File (please google this so it can show you what a DEBT COLLECTOR) can send. 

. 14. The following fields are not applicable and may be blank- or zero-filled:  
 
·    Credit Limit  
·    Terms Frequency  
·    Scheduled Monthly Payment Amount  
·    Payment Rating  
·    Original Charge-off Amount  

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Thank you for this!

3 debt collectors are reporting like this on my husband's credit reports!  They are reporting Terms, payment history, and Collection account with past due balance!  I'm going to dispute with the CRA's today! Thanks fort the amunision!

[Anonymous]

You are welcome!!!

[Anonymous]

olenewbietocredit- can I get of that complaint as well please?

[Anonymous]

Will Private Message you the contents later today.....

[Anonymous]

Here is something to think about ---- 

It is much harder for Debt Collectors to report to TransUnions innacurately, I am not saying it cannot be done --- but their technical landscape appears to filter such bad/reporting a litlle better than EQ and Experian. Their online tool is not very helpful, as not ALL data is displayed that is otherwise available in the raw printed file. 

Equifax in its raw state (printed report from Equifax) is the easiest report to see the disparities in. If ever in doubt --- please, start here. Remember, you can get a 7 day trial from them and see your report for free  (remember to cancel)....or request this annually directly. 

Experian, is right behind EQ by only a few steps to bad --- but always, start with the raw report from this CRA. Their online products are not as revealing as the printed versions, but once you get a report number you can view the whole report online. 

Any online tool not from the CRA, may mask or translate data to you that can/maybe innacurate. 

Be diligent folk.....its a journey, and its worth it. 

[CJ7]

Just filed a CFPB complaint against Midland after they responded to my direct dispute by

saying they "are unable to determine the nature of my dispute".  It was spelled out in black and white:

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1. The type of account is listed as installment. Please delete this incorrect information. Midland is not a creditor and I have never entered an installment account or agreement with the company.

2. The account status is shown as “Past Due”. Please delete this incorrect information. Midland is not a creditor, and cannot report an account as past due or current.

3. The "Recent Balance" Midland has most recently reported is $xxxx.xx. Please remove this incorrect information. There is no payment history to report as Midland is not a creditor.

4. Terms are listed as 1 month. Please remove this incorrect information. I have no terms or installment agreement with Midland as Midland is not a creditor.

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They know *exactly* what I'm disputing and just playing dumb.  And they're doing this intentionally, across the board with likely every

account they've got their filthy hands on.  Of course I want it removed from my reports, but I'm fuming mad that the CFPB hasn't taken

any broad action when surely by now they're well aware of what Midland (and other bottom-feeders) are doing and turning a blind eye.

We shouldn't all have to one-by-one, realize what's going on and jump through all the hoops to get action.  For me, it's not a full win

until the collection agencies are forced to report collections as they should.  Or alternatively, CRA's be required to look for

"Account Type: Collection" and designate it as such, stripping out all the BS that shouldn't be there.

[Anonymous]

Here is an exert of the finaliized version of the complaint filed at the CFBP - this was only after I fine tuned what I saw on my own report. Please feel free to massage the words to make it fit your needs. 

This was aimed at EQ - and the fields are their own, but - EX uses almost the same field name convention. 

Please.....remember to look at the raw reports, because any others will skew what you see. 

The 8 fields noted below -- are the KEYS to how they establish tradelines/accounts in their database. 

1. I attest that I am XXXXXX, and the author of all verbiage within this complaint. (They will say that you are a credit reppair agency if you use metro 2 verrbiage and try and take it out of the Portal). 

2. This complaint is based on METRO2, CDIA, and Consumer Reporting Resource Guide reporting standards, and specifically how EQ or TU is reporting this data within my report. 

3. XYG Debt Company, is a debt collector  file standards, and laws, prohibbit DC's to report debt collection efforts as Credit Grantor Tradelines, as they cannot extend credi to me, or any other individual. 

4. Metro2 file Specifications, indicate that they can ONLY report a COLLECTION/RC/Factoring  Account Type, that is either in a PAID or IUnpaid Collection pay status. 

 Account Type Codes  
 
·    48 — Collection Agency/Attorney  
·    77 — Returned Check  
·    0C — Factoring Company Account (includes Debt Purchasers)

5. All other report attributes are intended to be used by Credit Grantors, who enter into a contract for payments and then toreport such payment history. 

6. XYZ account, is designated as a "Open/Installment/Revolving" ACCOUNT TYPE and cannot be as this data is not expected to be sent by a debt collector on this industry standard file

7. XYZ account hass a PAY Status of 120 days past due, and cannot accourding to Metro2 - as this data is not expected to be sent by a debt collector on this industry standard file

8. XYZ account is reporting a creditor classification of "RETAIL" and cannot, as this data is not expected to be sent by a debt collector on this industry standard file

8. XYZ account has a pay history, and cannot - as this data is not expected to be sent by a debt collector on this industry standard file

INFORMATION ONLY FROM METRO2 --- . The following fields are not applicable and may be blank- or zero-filled:  
 
·    Credit Limit  
·    Terms Frequency  
·    Scheduled Monthly Payment Amount  
·    Payment Rating  
·    Original Charge-off Amount  

This is very high level --- but if you need help with pulling out the details --- send me your equifax raw file, and I will try and help. This is for DEBT COLLECTORS only.......

[Anonymous]

Also -----

Please, please --- pay close attention to your reports after your disputes. 

I have spent more time cleaning up other accounts impacted by >>>>"fill in here"....nothing, than I have disputing Assett Acceptance.within the portal. 

Deletions of pay history, changes to remarks, statues etc - continue to occur to ALL OTHER accounts. 

$1000 per dispute is all I am banking on --- and right now I am almost at 40.......so, they can mark me up to retirment if they choose to. 

[Anonymous]

Sorry --- one more thing. in India, 

I am going to post the "14" fields that you should see for any and all Collection accounts ---- if you see more, dispute them. I will map them to TU/EQ/EX so everyone can see what its SUPPOSED to look like. 

I too feel that this should not be a one off for each person - but in the interim....as the momemtum of dispites build, I am hoping the ammo provided in this forum starts to show a trend at the cfbp so its not just 1. 

FACTS 

1. Once any Debt collector inserts themselves as a Credit Grantor, TU and Experian will allow them to delete. EQ -- doesnt, and you will have to raise heck to get it off - or - get a letter from the DCagreeing to do so. The insertion into the Credit Grantor segment of their database kinda orphans the record - and it is rarely, avaailable to them to delet it, they can update it though :-)

2. Midland has a special dept for CFBP disputes - a real live lady who know this is bull ish, and will request the deletion - problem is you hav eto funnel through their offshore compaint dept in India - to get her. 

3. CRA's can and do hide accounts from your view online - they told me they hide it because they dont want to allow folk like me to dispute it any further...so again, RAW reports. 

4. Once you pay or settle a debt collection account, you may wonder why your scores dont rebound quicker --- look at the account. Often times they abandon reporting, and leave these ficticous accounts in such a distorted fashion that it looks like you still owe them money. 

5. Look at those closed DC account in a raw report --- they should only ever say Paid Collecion/Unpaid Collection and NOT ------COLLECTION ACCOUNT (allowed for Credit Grantors Only), and the PAY RATE/HISTORY - should reflect the same thing and not --- 120 days past due. 

Again hope this helps --- get raw reports --- dont give up. 

[OMW2_HighAcheiver]

What do you mean "raw reports"? From credit bureaus? Not Credit Karma or Credit Check Total, etc?