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YOUR "COLLECTION SCORE"


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76 replies to this topic

#1 ICANHASMUNY?

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Posted 16 October 2010 - 07:34 AM

The CRA's sell a service to the OC's, JDB's, and CA's

it's a different score of your reports - based on whether the outstanding debts are more collectable or not.

the OC's used this to determine whether they should purse collection, or sell off the debt because it isn't collectable due to your other outstanding accounts, income, etc.

the JDB's and CA's subscribe to this service ,

it's similar to the credit monitering consumers subscribe to.

so if your name is in the database of accounts that they submit to the CRA for monitering - anytime you apply for credit

the collection score rises and the OC/ CA / JDB subscriber is is notified

and since you had to give your current address, salary and employer to apply for this credit,

it's factored into your "collection" score.

the CA/JDB gets that updated information too.

so if you have outstanding defaulted debts in collections or charge offs that have been sold

and are applying for new credit or a mortgage

it really doesn't look that good........................

if you are going fishing for collectors, I hope these accounts are past the legal SOL for your state

don't kick the bear.

Also, if you are trying to clean up your reports

you have the same problem -

this info ends up on your report and is given out to anyone that subscribes.

Opting out doesn't help if they haev a legitimate business need.

Want to learn more about it?

go to any CRA website and follow the links for businesses ( not for personal or consumers )

they outline all the different services they sell to help a creditor locate you and recover the debt.


and now you know the Other reason the Credit reporting industry exists




Please don't post any of the CRA's links here on the board -

& there is no need to since these are so easy to get to.



#2 BoostMyScore

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Posted 16 October 2010 - 08:02 AM

Well that stinks. Since the CRA's are greedy. Maybe they can sell consumers a new service to opt out of this service.

#3 ICANHASMUNY?

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Posted 16 October 2010 - 08:05 AM

Used to be that consumers didn't even have access to thier own reports.

congress had to pass a law ( FCRA)

wonder why the CRA's didn't object all that much?

in order to dispute, you have to positively ID yourself

give your new address, SS# and a utility bill to prove it.

which they then turn around and could sell that info /

the FCRA was a win win for the CRA's, OC's and the CA's.

#4 key

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Posted 16 October 2010 - 08:25 PM

Its funny how they're in on it together. Ive looked at their business offers and they have several levels depending on what the client wants. Another reason why they're able to "verify" so quickly.

#5 ICANHASMUNY?

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Posted 16 October 2010 - 09:49 PM

Its funny how they're in on it together. Ive looked at their business offers and they have several levels depending on what the client wants. Another reason why they're able to "verify" so quickly.


Credit reporting was never developed for JQPublic

it was always set up for the business aspect, and has been that way for a long, long time

the CDIA sets the standards for credit reporting and developed all the std computer codes for EOscar.

ever though each CRA is slightly differnt, they all belong to the CDIA.



About CDIA
The Consumer Data Industry Association. is an international trade association, founded in 1906, that represents consumer information companies that provide fraud prevention and risk management products, credit and mortgage reports, tenant and employment screening services, check fraud and verification services, and collection services.


CDIA represents the consumer credit reporting information industry before state and federal legislators. It also represents the industry before the media in consumer credit reporting matters.

CDIA sets industry standards and provides business and professional education for its members. It also provides educational materials for consumers regarding their credit rights and how consumer credit reporting agencies can better serve their needs.

Membership: Over 200 American credit reporting agencies, mortgage reporting companies, collection services companies, check services companies, tenant screening companies and employment reporting companies.

so there are banks & collection agencies that help write the reporting standards.

wonder why it generally takes a well written ITS letter to get a CA deleted off your report?

#6 key

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Posted 16 October 2010 - 11:54 PM


Its funny how they're in on it together. Ive looked at their business offers and they have several levels depending on what the client wants. Another reason why they're able to "verify" so quickly.


Credit reporting was never developed for JQPublic

it was always set up for the business aspect, and has been that way for a long, long time

the CDIA sets the standards for credit reporting and developed all the std computer codes for EOscar.

ever though each CRA is slightly differnt, they all belong to the CDIA.



About CDIA
The Consumer Data Industry Association. is an international trade association, founded in 1906, that represents consumer information companies that provide fraud prevention and risk management products, credit and mortgage reports, tenant and employment screening services, check fraud and verification services, and collection services.


CDIA represents the consumer credit reporting information industry before state and federal legislators. It also represents the industry before the media in consumer credit reporting matters.

CDIA sets industry standards and provides business and professional education for its members. It also provides educational materials for consumers regarding their credit rights and how consumer credit reporting agencies can better serve their needs.

Membership: Over 200 American credit reporting agencies, mortgage reporting companies, collection services companies, check services companies, tenant screening companies and employment reporting companies.

so there are banks & collection agencies that help write the reporting standards.

wonder why it generally takes a well written ITS letter to get a CA deleted off your report?



I dont think I need to wonder any longer. There are some CA's Ive been fighting for years. I wish I had kept my old CR's so I could prove their false reporting... but I didnt, so I wont cry over spilled milk... I will just pull out the CB ammo I have learned/learn and use it to make my situation a better one..with hopes to never return to credit time out...

#7 Miss Jules

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Posted 17 October 2010 - 12:12 AM

CDIA has this passage about:

Implementing the New Risk-Based Pricing Regulation

Due to go into effect on Jan 2011.

I found the gov document for it, it's 62 pages long. Is this going to move into the required reading category?

(I'm never going to get out of the newbie section...lol)

http://edocket.acces...df/E9-30678.pdf

#8 ICANHASMUNY?

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Posted 17 October 2010 - 07:20 AM

CDIA has this passage about:

Implementing the New Risk-Based Pricing Regulation

Due to go into effect on Jan 2011.

I found the gov document for it, it's 62 pages long. Is this going to move into the required reading category?

(I'm never going to get out of the newbie section...lol)

http://edocket.acces...df/E9-30678.pdf


sort of related, but really belongs in it's own catagory - there is probably another thread on CB.

if you were denied credit, or recieved less than favorable terms, under the FCRA

the lender or employer was required to give you an adverse notice

this seem to regulate what kind of terms they offer you -

in other words, they are going to set tiers for didferent scores.

and tell you a bit more exactly why you get a 29% interest rate., while some one else gets 15%

but yes, the CDIA also updates the reporting standards based on new goverment regulations.

#9 ICANHASMUNY?

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Posted 17 October 2010 - 07:27 AM

I misspoke earlier - banks and lenders are not allowed membership

only Credit reporting and Collection agencies. ( funny how I always make that typo..lol )

CDIA is a membership organization composed of companies engaged in the following businesses: credit reporting; mortgage reporting; tenant screening; check verification; employment reporting; fraud verification; and collection services. Most companies or businesses that are regulated by the Fair Credit Reporting Act are eligible for membership in CDIA.

However, there are companies that are not eligible for membership in CDIA. They are:
  • Commercial Banks
  • Retail Stores
  • Bankcard Issuers
  • Retail Credit Card Issuers
  • Credit Unions
  • Mortgage Brokers
  • Real Estate Agencies
  • Nonbank Banks
  • Savings and Loan Institutions


#10 Miss Jules

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Posted 17 October 2010 - 11:16 AM

So people make money the lower your score is, because they can charge you a higher rate of interest. There is no incentive to correct any information. The more mistakes to keep reporting, the more secure the CRAs.

#11 ICANHASMUNY?

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Posted 17 October 2010 - 12:24 PM

welcome to enlightenment.

there is a balance/ tipping point to this

if everyone has low scores there comes a point where a majority could switch over to cash, and to HH with getting a loan.

if the banks aren't making any loans or issuing CC's, because everyones scores suck

then less need for CRA's or CA's -

that's why they occasionally revise the scoring models.....

and why every model is different














#12 Miss Jules

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Posted 17 October 2010 - 12:38 PM

Do you think CRA's is what Guns & Roses was really singing about?

The lyrics fit perfectly.

Hmm.



I am not the same person I was 4 weeks ago in the way I think about these things. You guys are the best! :clapping:

#13 mrsbadcredit

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Posted 17 October 2010 - 02:59 PM

Dang, Dang, DANG....these people are trifling.....they are really trying to keep us from getting a home, but I will not let them....they can kiss every inch of what I twist.....

#14 key

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Posted 17 October 2010 - 09:08 PM

Dang, Dang, DANG....these people are trifling.....they are really trying to keep us from getting a home, but I will not let them....they can kiss every inch of what I twist.....

+1.... Ive learned that you have to have credit to get credit... Ive never wanted credit cards but if I'm gonna get the house I want I am gonna have to bite the bullet... The more I read the more I realize that the credit industry SUCKS.... smh...

#15 reesie0726

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Posted 02 November 2010 - 09:36 PM

Yeah. I can't believe this crap. I have been wondering why these CAs have Bern coming out the woodworks since I am getting on my feet and paying my debts. O think this whole industry is slanted against the regular consumer.

#16 ICANHASMUNY?

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Posted 02 November 2010 - 09:44 PM

I was noticing so many posts over the past few years -

- like "why do the CA's pop up when I applied for a; CC, mortgage, loan"

or "tried to clean up my report"

so I did a little bit research @ the CRA's websites.

OUCH.

#17 breeze

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Posted 03 November 2010 - 07:47 PM

Yes, the real big rock you want to turn over is a mortgage app. They will come out of hiding for a mortgage app. It's important, when you think you are done, and everything is clean, app for one of the online mortgage companies to draw them out and see who's laying in wait.

#18 IndigoMoon

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Posted 18 November 2010 - 09:58 PM

I just followed the business links....there's some scary stuff. I know that I will never voluntarily update my address, phone, etc,with the CRA's ever again. <_<

#19 ICANHASMUNY?

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Posted 18 November 2010 - 10:23 PM

you don't have to update anything with the CRA's

if you file a change of adress with your CC or bank,

or apply for a CC or a loan

the OC will do it for you.

#20 reesie0726

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Posted 19 November 2010 - 12:51 AM

I just got my Exp report after my latest disputes. It has my new land line number on it. I don't even know it. The only calls are from CAs. I feel like I can't even keep up with them. My collection score must be crazy high because they are coming out through the woodworks

#21 breeze

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Posted 20 November 2010 - 08:14 PM

It's also because there is activity - when you dispute, they know you are paying attention to your credit for some reason, and they start crawling out from under their rocks.

#22 T77125

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Posted 21 November 2010 - 03:44 PM

How do the CRA's know to report to? Does it go by what's on your reports or do the CA's & OC's subscribe to the service using your name, SS & addresses info regardless if it has fallen off your report or not.

Edited by The Thomas J, 21 November 2010 - 03:49 PM.


#23 ICANHASMUNY?

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Posted 21 November 2010 - 05:03 PM

go to one of the CRA's websites and click on the "For businesses" tabs

the CA's buys one of these services from the CRA

I don't know all the specific details on these services, because I never worked for a CA........

however, basically -

the CA's send thru a list of names and OC accounts to the CRA's

and the CRA's send them all the information on those names/accounts

they also will notify the CA of any changes to your file.

just like consumers subscribe to a credit monitering service,

the CA's can also monitor your report changes




#24 breeze

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Posted 21 November 2010 - 06:41 PM

How do the CRA's know to report to? Does it go by what's on your reports or do the CA's & OC's subscribe to the service using your name, SS & addresses info regardless if it has fallen off your report or not.



Both. Do a search for "collection triggers" - they sell lists if you are not opted out. They also sell subscriptions, where a creditor can submit a list of individuals they want monitored. Opting out doesn't stop that kind of monitoring. They have to have an account of yours for it to be legal.

#25 sonicanatidae

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Posted 04 January 2011 - 05:00 PM

So people make money the lower your score is, because they can charge you a higher rate of interest. There is no incentive to correct any information. The more mistakes to keep reporting, the more secure the CRAs.



This is Experian's entire business model.. *shooting spree*




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