Response from CA to Me for Complaint to AG

[AAA]

"Attached please find and Affidavit of Sale and copies of numerous statements pertaining to this account for your review.

 

Regarding your concerns that our company's trade line is listing this account as "open" on your credit report, our company is required by law to use the METRO II Credit reporting guidelines which state that the open date for a factoring company's account is to be listed as the date the company purchased the account from the seller.

 

If you have any additional information you wish to be reviewed in reference to this account, kindly forward these materials to my office no later than September 15,2005 so that the investigatin related to this account can be closed in a timely manner."

 

I just got this today (10th) and their material is dated (6th), that doesn't sound fair there either.

 

Thoughts please.

 

ETA that the "copies of numerous statements" is just a computer printout, not actuall statements.

Edited September 11, 2005 by AAAAngels2003

[LKH]

I'm not up enough on the metro-2 format to advise but I know MarvBear is. Why don't you send him a PM and ask him to look at this for you. He'll be back later tonight.

[AAA]

I'm not up enough on the metro-2 format to advise but I know MarvBear is. Why don't you send him a PM and ask him to look at this for you. He'll be back later tonight.

<{POST_SNAPBACK}>

 

Will do, and thank you.

[IDare]

There was a great discussion of some of this in RealtorKen's thread recently: http://creditboards.com/forums/index.php?s...ndpost&p=984678

[CargoJon]

Also, if they purchased this debt AFTER it was charged off, they are NOT a factoring company either!

[MarvBear]

"Attached please find and Affidavit of Sale and copies of numerous statements pertaining to this account for your review.

 

Regarding your concerns that our company's trade line is listing this account as "open" on your credit report, our company is required by law to use the METRO II Credit reporting guidelines which state that the open date for a factoring company's account is to be listed as the date the company purchased the account from the seller.

 

If you have any additional information you wish to be reviewed in reference to this account, kindly forward these materials to my office no later than September 15,2005 so that the investigatin related to this account can be closed in a timely manner."

 

I just got this today (10th) and their material is dated (6th), that doesn't sound fair there either.

 

Thoughts please.

 

ETA that the "copies of numerous statements" is just a computer printout, not actuall statements.

<{POST_SNAPBACK}>

 

 

It's a durn GUIDELINE

 

It ain't LAW!

[MarvBear]

They are required to report ACCURATE and COMPLETE information if they do report however.

[AAA]

Also, if they purchased this debt AFTER it was charged off, they are NOT a factoring company either!

<{POST_SNAPBACK}>

 

Yup I have a letter that they admit that they purchased the account after it was charged off. But the thing is I'm not admitting ownership of this account cause It aint mine and they have no proof it is.

[AAA]

"Attached please find and Affidavit of Sale and copies of numerous statements pertaining to this account for your review.

 

Regarding your concerns that our company's trade line is listing this account as "open" on your credit report, our company is required by law to use the METRO II Credit reporting guidelines which state that the open date for a factoring company's account is to be listed as the date the company purchased the account from the seller.

 

If you have any additional information you wish to be reviewed in reference to this account, kindly forward these materials to my office no later than September 15,2005 so that the investigatin related to this account can be closed in a timely manner."

 

I just got this today (10th) and their material is dated (6th), that doesn't sound fair there either.

 

Thoughts please.

 

Thanks, I'm going to call my attorney general and ask if they got this reply also and try to explain this to them and see what else they can do to help me.

 

ETA that the "copies of numerous statements" is just a computer printout, not actuall statements.

<{POST_SNAPBACK}>

 

 

It's a durn GUIDELINE

 

It ain't LAW!

<{POST_SNAPBACK}>

 

ETA for some reason what I typed didn't show up. I had said thanks, I'm also going to call my attorney general monday and see if they got this thing carbon copied to them and see what they have to say about it.

Edited September 11, 2005 by AAAAngels2003

[MarvBear]

Do they have the FCRA Compliance/Date of First Delinquency reporting properly?

 

Bet NOT!

[MarvBear]

Please forgive my formatting

 

GENERAL REPORTING GUIDELINES

A Third Party Collection Agency is a company or individual who specializes in collecting

outstanding debts for other businesses or individuals. A Debt Purchaser/Factoring

Company is a company or individual who purchases accounts with the intent of collecting

debts owed.

Report data in the standard Metro 2 Format, including the Header Record.

Report at least on a monthly basis.

Report the complete name, address and social security number of the legally liable

consumer(s), using J2 Segments for reporting secondary names.

The first time you report to the consumer reporting agencies, report your entire file.

On subsequent updates, report the entire file, or at a minimum, newly opened

accounts, paid accounts, and accounts which have had changes since the previous

reporting period.

Report paid in full collection accounts before purging the accounts from your internal

collection system.

Do not delete paid in full collection accounts,

Acceptable reasons for deleting accounts are:

-Accounts which have been canceled and returned to creditor.

-Accounts which have been forwarded or sold to another entity.

-Accounts reported in error.

All parties reporting credit information must comply with the Fair Credit Reporting Act

(FCRA), Fair Debt Collection Practices Act (FDCPA), any applicable state laws and

regulatory authorities.

The Date of First Delinquency is used to comply with FCRA sections 605 and 623

(obsolescence period). See page 10-4 of this document for detailed reporting

requirements.

[MarvBear]

THIRD PARTY COLLECTION AGENCy/DEBT PURCHASER/ FACTORING

COMPANY REPORTING GUIDELINES

.

The Creditor Classification 02 must be reported in the Kl Segment to identify medical

debts to comply with FCRA sections 605 and 623.

In the Identification Number field, report the internal code that identifies the third

party collection agency/debt purchaser/factoring company where information is

verified.

All parties reporting credit information must respond to consumer inquiries

Note: The guidelines in this document are specific to your industry and should

be used in conjunction with the specifications in the Metro 2 Format. Refer

to the Metro 2 Format for detailed information on segments and field

information.

CREDIT REPORTING RESOURCE GUIDE 10-2

[MarvBear]

THIRD PARTY COLLECTION AGENCy/DEBT PURCHASER/FACTORING

COMPANY REPORTING GUIDELINES

1 Consumer Account Number (Base Segment, Field 7)

.

Report the individual's complete and unique account number as extracted from

your file.

If the account number changes, report the Ll Segment. See field definitions in the

Metro 2 Format.

Note: Notify your consumer reporting agencies the first time this situation occurs,

2. Portfolio Type (Base Segment, Field 8) -a (Open)

3 Account Type Codes (Base Segment, Field 9)

...

48 -Collection Agency/Attorney

77 -Returned Check

DC -Debt Purchaser (a/k/a Factoring Company)

4. Date Opened (Base Segment, Field 10) -the date the account was placed/assigned

to the third party collection agency or purchased by the debt purchaser/factoring

company. When reporting returned checks, provide the date the check was written.

5 Highest Credit or Original Loan Amount (Base Segment, Field 12) -original assigned

amount as of the date placed, assigned or purchased. When reporting returned

checks, report the original amount of the check, excluding fees and interest.

6 Terms Duration (Base Segment, Field 13) -001

7, Account Status Codes (Base Segment, Field 17A) -report only the following:

93 -Account assigned to internal or external collections

62 -Paid in full, was a collection account

DA -Delete account

.Collection Agencies must delete accounts that have been canceled and returned

to the creditor.

.Debt Purchasers/Factoring Companies must delete accounts that have been

forwarded or sold to another entity.

.This value should also be used for accounts reported in error.

Do not delete paid in full collection accounts.

CREDIT REPORTING RESOURCE GUIDE 10-3

[MarvBear]

THIRD PARTY COLLECTION AGENCy/DEBT PURCHASER/FACTORING

COMPANY REPORTING GUIDELINES

8. FCRA Compliance/Date of First Delinquency (Base Segment, Field 25) -the date of

the first delinquency with the original creditor that led to the account being placed

for collection or sold.

Example:

Credit Grantor Reports:

Status

~

11

71

78

80

82

83

Date of First

Delinguenc¥

Zero-fill

02/28/2004

02/28/2004

02/28/2004

02/28/2004

02/28/2004

Activity Date

January

February

March

April

May

June

Definition

Current

30 days past the due date

60 days past the due date

90 days past the due date

120 days past the due date

150 days past the due date

Account is assigned to collection agency or sold to debt purchaser/factoring company

Collection Agency/Debt Purchaser/Factoring Company Reports:

Status

.cQQ§

93

93

Date of First

Delinguenc¥

02/28/2004

02/28/2004

Activity Date

August

September

93 October 02/28/2004

62 November 02/28/2004

Definition

Collection

Collection

Consumer agrees to a

repayment plan. First

payment is received by

collection agency/debt

purchaser/factoring company

or credit grantor's internal

collection department.

Collection

Consumer continues to make

payments. Balance amount Is

reported as decreasing.

Paid collection account

Balance amount is reported

as zero.

Notes: The FCRA Compliance/Date of First Delinquency does not change due

to subsequent repayment agreements.

When reporting returned checks, report the date the check was returned for

insufficient funds. If not available, report the date of the check.

CREDIT REPORTING RESOURCE GUIDE 10-4

[MarvBear]

THIRD PARTY COLLECTION AGENCy/DEBT PURCHASER/FACTORING

COMPANY REPORTING GUIDELINES

FCRA Compliance/Date of First Delinquency (continued)

Effective March 31, 2004, the FCRA1 states that "provided that the consumer does not

dispute the information, a person that furnishes information on a delinquent account

that is placed for collection, charged for profit and loss, or subjected to any similar

action, complies with this paragraph, if -

(i) the person reports the same date of delinquency as that provided by the

creditor to which the account was owed at the time at which the commencement of

the delinquency occurred, if the creditor previously reported that date of

delinquency to a consumer reporting agency;

(ii) the creditor did not previously report the date of delinquency to a consumer

reporting agency, and the person establishes and follows reasonable procedures to

obtain the date of delinquency from the creditor or another reliable source and

reports that date to a consumer reporting agency as the date of delinquency; or

(iii) the creditor did not previously report the date of delinquency to a consumer

reporting agency and the date of delinquency cannot be reasonably obtained as

provided in clause (ii), the person establishes and follows reasonable procedures to

ensure the date reported as the date of delinquency precedes the date on which

the account is placed for collection, charged to profit or loss, or subjected to any

similar action, and reports such date to the credit reporting agency.ff

9. Report Compliance Condition Codes (Base Segment, Field 20) and Special Comments

(Base Segment, Field 19) in conjunction with Account Status Codes to further define

the accounts.

Examples:

Compliance Condition Code XB (Account information disputed by consumer) could be

reported with Account Status Code 93.

Special Comment AU (Account legally paid in full for less than the full balance) could

be reported with Account Status Code 62.

10. Current Balance (Base Segment, Field 21) -balance amount, which may include fees

and interest, depending on state and federal laws. If payments are made, the Balance

[AAA]

Oh Wow this is great, sorry I had to leave for a short while, I really do appreciate all of this.

[AAA]

Do they have the FCRA Compliance/Date of First Delinquency reporting properly?

 

Bet NOT!

<{POST_SNAPBACK}>

 

Only reporting DOLA, I also called EQ just to ask if the Date of 1st Maj Del was being reported because it is not on my CR's, just the DOLA, they said that the DOLA and Date of 1st Maj Del is one and the same.

[AAA]

This is the way it is being reported and verified on my EQ credit report:

 

Account Number = Sears N-XXXXXXXX*

Date Opened =

High Credit = $2,613

Credit Limit =

Terms Duration =

Terms Frequency =

Mnths Revd = 11

Activiy Description =

Creditor Classification =

 

Items As of Date Reported = 09/2005

Balance Amount = $1,313 (note this item changed from last month from $2,613)

Amount Past Due =$1,313 (note this item changed from last month from $2,613)

Date of Last Payment =

Actual Payment Amount = $45

Scheduled Payment Amount =

Date of Last Activity = 06/1999

Date Maj. Del. 1st Rptd =

Charge Off Amount =

Deferred Pay Start Date =

Balloon Pay Amount =

Balloon Pay Date =

Date Closed =

 

Current Status - Over 120 Days Past Due; Typed of Account - Open; Type of Loan - Factoring Company Account; Whose Account - Individual Account; ADDITION INFORMATION - Consumer Disputes This Account Information; Collection Account;

Edited September 11, 2005 by AAAAngels2003

[AAA]

This is how it appears on my TU report:

 

Dumbutt CA #XXXXXXXXXXXX

Address

Balance = $2,613

Date Verified = 8/2005

High Balance = $2,613

Collateral = Sears National Bank

Past Due = >$2,613< *(note below)

Pay Status = >Collection Account<

Account Type = Open Account

Responsibility = Individual Account

Date Open = 07/2001

Date Closed = 02/2000

Loan Type = Factoring Company Account

Remarks = Acct Info Disputed By Consumer

Estimated date that this item will be removed = 03/2006

 

*(this amount also changed this month to $1,313, I still haven't recieved the officail results from TU in the mail yet but expect them any day now)

Edited September 11, 2005 by AAAAngels2003

[IDare]

Angel did you see this?

Check this out:

 

http://www.invoicebankers.com/faq.html

 

Q. Can I factor my consumer receivables?

A. Unfortunately, no. Although most consumers are credit-worthy, our legal system simply doesn't provide a method for successfully factoring consumer receivables. Factoring is suitable only for businesses that have other businesses as customers.

 

 

IF we could find the laws they are referring to, this could be monumental.

<{POST_SNAPBACK}>

[AAA]

"Q. Will you collect my old accounts for me?

 

A. We generally factor current accounts and accounts that are not past due. Unfortunately, factors are not a substitute for a good collection agency or attorney."

 

This seems to suggest that a CA is not a factoring company.

[AAA]

http://www.invoicebankers.com/factoring_services.html

 

That definately rules out CA's as Factoring Companies.

[IDare]

...our legal system simply doesn't provide a method for successfully factoring consumer receivables. Factoring is suitable only for businesses that have other businesses as customers.

 

So how could it be a factoring account unless it was a BUSINESS account? Consumer debt can't be factored!

[AAA]

...our legal system simply doesn't provide a method for successfully factoring consumer receivables. Factoring is suitable only for businesses that have other businesses as customers.

 

So how could it be a factoring account unless it was a BUSINESS account? Consumer debt can't be factored!

<{POST_SNAPBACK}>

 

Dude Rock On!!!

[AAA]

BTW what is the "Affidavit of Sale" suppose to prove anyway. That in no way proves or validates the debt as mine, does it?