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State AG- CRA settlement agreement going into effect


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14 replies to this topic

#1 ICANHASMUNY?

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Posted 02 July 2016 - 09:11 AM

( I am amazed how they put  the spin on this ) 
 
Last year, Equifax, Experian and TransUnion  announced the  National  Consumer Assistance Plan to enhance their ability to collect complete and accurate consumer information and provide consumers more transparency when interacting with consumer reporting agencies about their credit reports.
 
The plan was announced after cooperative discussions and an agreement with the Attorneys General of multiple states.
 

 

The "Cooperative discussion" involved  2 years of investigations by the NY and OH AG's  and 1 year of settlement talks to avoid lawsuits

 

and paid 6 million in Fines.  

 

 

 

http://www.ag.ny.gov...uted 3.8.15.pdf

 

http://ag.nv.gov/upl..._Provisions.pdf

 

 

 

Collection Agencies and Debt Buyers Report the name of the Original Creditor and Creditor Classification Code 6/15/2016
 
Collection Agencies and Debt Buyers Do not report debt that did not arise from a contract or agreement to pay 6/15/2016
 
Collection Agencies and Debt Buyers Report a full file monthly 9/1/2016
 
Collection Agencies and Debt Buyers Do not report Medical Debt collection accounts less than 180 days old 9/15/2017
 
Collection Agencies and Debt Buyers Report a delete for accounts that are being paid or were paid in full through insurance 9/15/2017
 
All Data Furnishers Report using the newly established minimum reporting requirements for consumer personally identifiable information 9/15/2017
 
Reporters of Authorized User Data Report full Date of Birth for new Authorized Users on all accounts 9/15/2017




#2 dvd

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Posted 15 November 2016 - 05:17 PM

 

( I am amazed how they put  the spin on this ) 
 
Last year, Equifax, Experian and TransUnion  announced the  National  Consumer Assistance Plan to enhance their ability to collect complete and accurate consumer information and provide consumers more transparency when interacting with consumer reporting agencies about their credit reports.
 
The plan was announced after cooperative discussions and an agreement with the Attorneys General of multiple states.
 

 

The "Cooperative discussion" involved  2 years of investigations by the NY and OH AG's  and 1 year of settlement talks to avoid lawsuits

 

and paid 6 million in Fines.  

 

 

 

http://www.ag.ny.gov...uted 3.8.15.pdf

 

http://ag.nv.gov/upl..._Provisions.pdf

 

 

 

Collection Agencies and Debt Buyers Report the name of the Original Creditor and Creditor Classification Code 6/15/2016
 
Collection Agencies and Debt Buyers Do not report debt that did not arise from a contract or agreement to pay 6/15/2016
 
Collection Agencies and Debt Buyers Report a full file monthly 9/1/2016
 
Collection Agencies and Debt Buyers Do not report Medical Debt collection accounts less than 180 days old 9/15/2017
 
Collection Agencies and Debt Buyers Report a delete for accounts that are being paid or were paid in full through insurance 9/15/2017
 
All Data Furnishers Report using the newly established minimum reporting requirements for consumer personally identifiable information 9/15/2017
 
Reporters of Authorized User Data Report full Date of Birth for new Authorized Users on all accounts 9/15/2017

 

 

Does this mean that the CRA are going to review files and automatically delete collections that dont fall under these guidelines or does the consumer have to dispute or request an administrative removal?



#3 SierraStar

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Posted 15 November 2016 - 05:26 PM

Is it me or does the NY AG tend to go after CAs, JDBS & the CRAs more than most state AGs?



#4 dvd

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Posted 15 November 2016 - 07:20 PM

Is it me or does the NY AG tend to go after CAs, JDBS & the CRAs more than most state AGs?



I think your right about NYAG being more aggressive.


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#5 ICANHASMUNY?

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Posted 15 November 2016 - 08:44 PM

Is it me or does the NY AG tend to go after CAs, JDBS & the CRAs more than most state AGs?

 

Has more to go after, there in NY ?? 

 

 

MS, WV, IL, MN, AG's aren't too shoddy at it either 



#6 Aedynn

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Posted 15 November 2016 - 08:54 PM

Someone has to be a Leader and rally to get changes done. I'm personally ecstatic over ALL of their efforts.



#7 ICANHASMUNY?

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Posted 15 November 2016 - 09:25 PM

just remember,   for a State AG to take action,  they Gotta know about it first. ! 

 

 

don't fail to make complaint's about CA's & JDB"s and CRA's  ! 



#8 SierraStar

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Posted 16 November 2016 - 11:13 AM

just remember,   for a State AG to take action,  they Gotta know about it first. ! 

 

 

don't fail to make complaint's about CA's & JDB"s and CRA's  ! 

 

+111111111111111111

You got that right, file those complaints, if they don't know about them, nothing can be done.

 

 

Is it me or does the NY AG tend to go after CAs, JDBS & the CRAs more than most state AGs?

 

Has more to go after, there in NY ?? 

 

 

MS, WV, IL, MN, AG's aren't too shoddy at it either 

 

 

Buffalo Gang per chance? 

MS definitely got things done, don't know much about WV, IL & MN. 

CA is doing good things too. 



#9 ICANHASMUNY?

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Posted 20 November 2016 - 11:22 AM

^^^



#10 paycuthurtme

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Posted 20 November 2016 - 11:42 AM

Collection Agencies and Debt Buyers Report the name of the Original Creditor and Creditor Classification Code 6/15/2016

 

I have a Midland account on my EQ and it has never shown who the OC is. Is this just an EQ thing where you have to buy a paper report to see it?



#11 ICANHASMUNY?

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Posted 20 November 2016 - 02:03 PM

probably, 



#12 dvd

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Posted 21 November 2016 - 02:27 AM

Some one told me that these changes only apply to residents in states where their AG signed on to this. I thought it applied to all residents in all 50 states and D.C.


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#13 ICANHASMUNY?

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Posted 21 November 2016 - 04:54 AM

Some one told me that these changes only apply to residents in states where their AG signed on to this. I thought it applied to all residents in all 50 states and D.C.


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31 State AG's joined in on the suit, but the CRA;s are making the Changes nationwide. 



#14 ICANHASMUNY?

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Posted 18 December 2016 - 06:32 PM

III. AFFIRMATIVE OBLIGATIONS AND PROHIBITIONS

 

A. Data Accuracy and Quality

 

1. Reporting of Collection Data

 

a.  The CRAs shall continue to require Collection Furnishers to furnish the name of the Original Creditor and the Creditor Classification Code associated with each account or item reported. The CRAs shall revise training materials and adopt policies and procedures to notify and instruct Collection Furnishers that the name of the Original Creditor and the Creditor Classification Codes are mandatory reporting requirements, and the CRAs shall reject data that is not provided with this information.

 

b. The CRAs shall implement a process designed to identify Collection Furnishers who misreport or misuse the Creditor Classification Codes on a recurring basis, such as, for example, by using a default value. The CRAs shall take corrective action against Collection Furnishers identified pursuant to this provision, including, but not limited to, working with a Collection Furnisher to remediate the problem, suppressing certain of the Collection Furnisher’s data, and refusing to accept certain information from the Collection Furnisher.

 

c. The CRAs shall prohibit Collection Furnishers from reporting debt that did not arise from any contract or agreement to pay (including, but not limited to, certain fines, tickets, and other assessments).

 

d. The CRAs shall implement a process designed to remove from the CRAs’ respective credit reporting databases any existing data reported by Collection Furnishers relating to the collection of debt that did not arise from a contract or agreement to pay. Such efforts shall include, but are not limited to, sharing best practices for key words and screening procedures designed to identify debt that did not arise from any contract or agreement to pay.

 

e. The CRAs shall require Collection Furnishers to regularly reconcile data relating to accounts in collection that have not been paid in full. This regular reconciliation will be accomplished, in part, by periodic removal or suppression of all collection accounts that have not been updated by the Collection Furnisher within the last six months.

 

In addition, the CRAs shall revise training materials and instruct new and existing Collection Furnishers on accurately reporting and deleting accounts that are sold, transferred, or no longer managed by the reporting entity.



#15 ICANHASMUNY?

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Posted 22 September 2017 - 11:12 PM

bumping for the weekend crowd  :grin:






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