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    Upstate New York
  1. I inquired to the PA dpartment of banking who requires me to maintain consumer credit for 2 years on clients, on if FACTA supercedes this rule. Here is the e-mail I recieved back? Thank you for contacting the Pennsylvania Department of Banking (“Department”). It is my understanding that you are trying to find out if a mortgage broker is required to keep consumer credit report information in its files for a certain period of time or if the Fair and Accurate Credit Transaction Act (“FACTA”) requires that the mortgage broker destroy that information once it is no longer being used. Mortgage brokers licensed under the provisions of Pennsylvania’s Mortgage Bankers and Brokers and Consumer Equity Protection Act (“MBBCEPA”) are required to keep all mortgage transaction records for a period of two years from the date the loan closed or from the date the loan was denied. FACTA is a federal act and, as such, is not enforced by this Department. What I have learned from doing some research on FACTA is that the act requires that any person or business who maintains or otherwise possesses consumer information for a business purpose must properly dispose of it. I am not aware that FACTA sets any specific time period within which the information must be destroyed. Given the above information, my answer to your question would be that a mortgage broker licensed under the provisions of the MBBCEPA must maintain all records (including consumer credit information) for the two-year requirement. If you have any questions, please let me know. You may also want to obtain more information regarding FACTA by contacting the Federal Trade Commission at www.ftc.gov or 877-382-4357. Now here is the FACTA section and the dilema and contradiction: Section 682.2: Purpose and Scope. Proposed Section 682.2(a) set forth the purpose of the proposed Disposal Rule, which is to reduce the risk of consumer fraud and related harms, including identity theft, created by improper disposal of consumer information. The Commission received no comments suggesting changes to this provision, and it is adopted as proposed. Proposed section 682.2(, which tracks the language of section 216 of the FACT Act, sets forth the scope of the proposed Disposal Rule. The Rule applies to “any person over which the Federal Trade Commission has jurisdiction, that, for a business purpose, maintains or otherwise possesses consumer information, or any compilation of consumer information.” The preamble to the proposed Rule noted that the Commission reads “for a business purpose” broadly to include all business reasons for which a person may possess or maintain consumer information. As a result, the Rule covers any person that possesses or maintains consumer information other than an individual consumer who has obtained his or her own consumer report or file disclosure. As noted in the preamble to the proposed Rule, among the entities that possess or maintain consumer information for a business purpose are consumer reporting agencies, as well as lenders, insurers, employers, landlords, government agencies, mortgage brokers, automobile dealers, and other users of consumer reports. In fact, all of the permissible purposes listed in § 604 of the FCRA would be considered business purposes under the Rule. Has any other Mortgage Broker noticed this conflict between state vs. federal laws and regulations?
  2. It is the beginning of the month so I am guessing Midland is set up to report automaticaly monthly to the CRA's EX is supposed to send you a letter that it has been reinserted as you already know yes, but somehow Midland needs to figure out they have to remove your account from their auto reporting system if they can not validate.
  3. Yes and after you pay your bogus $30.00 then the next 100,000 consumers can pay it out of fear for a bad remark on their credit as well lemme see that would make them ummm yes $3,000,000!!!! Gee wiz perhaps I should send out 300,000 bogus 20.00 bills to consumers and see how much I can rake in? whoaaa lol I just may (just kidding)
  4. Simply go to the bank and let them know that there are to be NO withdrawls from NCO or any other affiliated company without your express authorization. Here my bank doesnt charge me for this as long as I tell them before someone tries to take me cash.
  5. Yes mines wayyyy over the sol in NY and the OC already fell off because of the 7 years. AA re-aged and finaly called me the other day for the first time lol. Funny though even their own reported DOLA makes it uncollectable now in court.
  6. I had 36 Experian name variations and they only removed 12 of them! Get this...... One address is actually Cease and Desist my town, NY. And it remains today!? lol
  7. Below is my original e-mail to this Michigan site regarding Asset Acceptance and their affiliation with the MML. I was rather surprised to see that the first person to read it wasnt sure what to say and therefore forwarded it to someone else to answer lol! I was further surprised that Judy didn't remove Mary's "Now What" comment. I have had Asset Acceptance DV letters returned undeliverable and now I see I am not alone even Michigan Municiple League has had it happen too supposedly Good morning X, Thanks for sharing your concerns about Asset Acceptance. The Michigan Municipal League does not monitor or endorse any company, even those that are enrolled in our Business Partnership Program. That program basically provides opportunities for companies to more easily access the tools MML offers for marketing their services to city and village governments. Those companies pay a fee to enroll in the program, but they are not considered members of our association. Also, Asset Acceptance did not renew their participation in the BPP program. In fact, mail and email to them has been returned as not deliverable. If you would like more information on the Business Partnership Program or the associated marketing tools, details are available at www.mml.org/marketingkit/. Please contact me directly if you have further concerns or questions. Judi Judi Lintott Editor, Michigan Municipal Review Vendor Programs Administrator Michigan Municipal League 1675 Green Road Ann Arbor, MI 48105 Direct: 734-669-6325 Fax: 734-663-4496 Email: jlintott@mml.org www.mml.org -----Original Message----- From: Mary Charles Sent: Monday, August 01, 2005 7:46 AM To: Judi Lintott Subject: FW: Contact MML Now what? Mary Mary Charles Information Analyst Member Resource Services Michigan Municipal League 1675 Green Road, P O Box 1487 Ann Arbor, MI 48106-1487 Tel: 734-669-6322 Fax: 734-663-4496 -----Original Message----- From: mcharles@mml.org [mailto:mcharles@mml.org] Sent: Wednesday, July 27, 2005 6:13 PM To: Mary Charles Cc: Jeanette Westhead; Dene Westbrook; snowy27@comcast.net Subject: Contact MML Here are the contents of your form submission: [name] = xxxxxx [Title] = President [Company] = Effective CD LLC. [Phone] = [Fax] = [e-mail] = xxxxxxxx [Address] = [City] = [state] = [Zip] = [comments] = It has been said that the company below isnt required to be licensed any longer as a debt collector in Michigan because of them being a Junk debt buyer. The do however collect debt and deface consumer credit reports without proper validation and without regard to FDCPA, FCRA and state laws. Can you tell me if the company being a member of your organization has any bearing on them being treated as "Debt collectors" or "Junk Debt Buyers"? All BBB offices they hold specificaly state their classification is Debt collections, as well as their website. Thank you for your time in this matter. Asset Acceptance, LLC (Business Associate, $1500) Contact: Ms. Deborah Everly Vice President of Marketing and Acquisitions 7177 Miller Road Warren, MI 48092 Ph: 586-446-7826 Fax: 586-446-7829 Email: deverly@assetacceptance.com Web Site: www.assetacceptance.com AALLC is the most established purchaser of charged-off consumer receivables in the country. Since 1962, we have partnered with clients in their recovery strategies while helping customers work out their debt. [onsubmit] = Submit Yet as of Date: 2005-04-08 they are still being listed by the Michigan municiple league?
  8. They just made a threat they can not follow thru with if their not licensed in your state and your state requires it.
  9. http://www.privacyrights.org/fs/fs27plus.htm
  10. Worked for me as well, but I noticed that the items I disputed back in April-August are marked as in dispute by consumer all this time and yet are still listed? What? they keep these listed like this till DOLA now? What do I do
  11. In my experience, when PURCHASING a home you must clean up ALL derogs on your file. Refinancing is a different thing all together.
  12. I had 4 inquiries in 3 months but never received a letter or call or any other form of communication. I sent them a PP/C&D/DV letter all wrapped into one. They signed for it and then ADDED 2 collections to my bureaus, 2 weeks later added another 2 collections and all the while ignored ALL my communications! They are gone now because I sent 3 bureaus a half dozen letters I sent to AFS and they deleted them based on that. Tried to sue cant get into small claims here etc... loooonnggg story
  13. How can I prove Encore is in fact calling my toll free number to collect on an invalidated debt? I asked the guy "Ryan" what number he is calling me on and he said the only number they have is the 800 number. Do I have to take them to court to get their phone records or what do I have to do? I told him that he can not call my toll free number in trying to collect a debt and he said thats the only number he had. I told him he should have used the US mail.
  14. Exactly the thread I wanted to locate. I thank you kindly. Jenn

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