Jump to content

Question RE: Reporting to CRA's


lolah
 Share

Recommended Posts

Hi there,

My apologies if this seems trivial. I am trying to clarify whether certain CA's have actually violated the FDCPA or not. :confused:

When you look on your CR and see Date Reported, is that the date the account was FIRST reported to the CRA?

~OR~

Is that the date the account was last reported to the CRA? Is it safe to assume that if that date isn't recent, the creditor is not reporting monthly (or on a regular basis) to the CRA's?

If not, how can the TL still be on the CR if it's not being updated on a regular basis?

Link to comment
Share on other sites

Are you talking about open or closed account? From what I understand, the Date Reported is the very first date the TL was reported to the CRA. This date will not be updated.

If the account is open, then the limit and payment history will be updated regularly. If the account is closed, it will only update if there was significant changed (like being paid)and/or if it's disputed.

Link to comment
Share on other sites

Are you talking about open or closed account? From what I understand, the Date Reported is the very first date the TL was reported to the CRA. This date will not be updated.

If the account is open, then the limit and payment history will be updated regularly. If the account is closed, it will only update if there was significant changed (like being paid)and/or if it's disputed.

This is for open collection accounts. It lists the "date reported", which I assumed is when the CA first reported to the CRA. But, how do I know if they are reporting/updating monthly? This is what my CR says:

K M S COLLECTIONS

Creditor Name: K M S COLLECTIONS

Account No.: 124XXX

Original Creditor:

Responsibility: Individual

Condition: Derogatory

Original Balance: $936

Balance: $936

Date Opened: 03/2006

Date Reported: 05/31/2006

Remarks:

[TransUnion]

[Experian]

[Equifax]

Link to comment
Share on other sites

More stuff intended to confuse and befuddle and make you lose sleep...

If you're looking at one of those 3-in-1 reports, the dates are probably not accurate and certainly not up to date.

If you're looking at an actual credit report...

Date Opened is either the date the TL was first reported OR the date the account was actually opened with whoever is reporting. If the reporter didn't bother to fill in the latter, the CRA assumes they're both the same.

Date Reported is the date the reporter sent in the last report. Not all reporters report every month.

The CRAs can keep this on your reports for 7-1/2 years from the date of first delinquency (another date conviently NOT reported all the time) with the OC.

Link to comment
Share on other sites

More stuff intended to confuse and befuddle and make you lose sleep...

If you're looking at one of those 3-in-1 reports, the dates are probably not accurate and certainly not up to date.

If you're looking at an actual credit report...

Date Opened is either the date the TL was first reported OR the date the account was actually opened with whoever is reporting. If the reporter didn't bother to fill in the latter, the CRA assumes they're both the same.

Date Reported is the date the reporter sent in the last report. Not all reporters report every month.

The CRAs can keep this on your reports for 7-1/2 years from the date of first delinquency (another date conviently NOT reported all the time) with the OC.

Thanks for (some) clarification. 8-)

So, in order to have access to my FULL individual credit report on a regular basis, I have to purchase one from the CRA each time?!? Is that the ONLY way to tell if a CA is reporting monthly? (i.e. - continued collection activity) I thought that was the point of the Credit Monitoring Services!

Another thought: If they are not reporting MONTHLY - then how does it STAY on the report? Just because they reported it once several years ago, it stays for 7 years?

Link to comment
Share on other sites

Thanks for (some) clarification. 8-)

So, in order to have access to my FULL individual credit report on a regular basis, I have to purchase one from the CRA each time?!? Is that the ONLY way to tell if a CA is reporting monthly? (i.e. - continued collection activity) I thought that was the point of the Credit Monitoring Services!

You can start with the www.annualcreditreport.com freebie, and then when you dispute something, you get another free copy. And, no, the point of the Credit Monitoring Services is to separate you from your money by misleading you as to the value of what they're providing.
Another thought: If they are not reporting MONTHLY - then how does it STAY on the report? Just because they reported it once several years ago, it stays for 7 years?
It stays on your reports because it hasn't aged to the 7 years yet.
Link to comment
Share on other sites

You can start with the www.annualcreditreport.com freebie, and then when you dispute something, you get another free copy. And, no, the point of the Credit Monitoring Services is to separate you from your money by misleading you as to the value of what they're providing.

WTF? I am seriously PISSED. I didn't know I was going to have to pay monthly and not be able to actually SEE what is (not) on my reports! OMG! :evil:

So, when I dispute with the CRA's and they supposedly send the results to you, they send a new copy of your CR?

Link to comment
Share on other sites

Anyway, even on the single report from the CRA, I don't see where it shows if the creditor (CA) is reporting monthly.
I guess I'm not understanding what you're asking...

If an original creditor (OC) or collection agency (CA) reports once...it stays on your reports for 7-1/2 years from the date of first delinquency (DOFD) of the OC. They do not have to report the same thing again every month.

Some OC's do report monthly so that they can show 30 days late, 60 days late, etc...but they're really not required to do that.

Link to comment
Share on other sites

I guess I'm not understanding what you're asking...

If an original creditor (OC) or collection agency (CA) reports once...it stays on your reports for 7-1/2 years from the date of first delinquency (DOFD) of the OC. They do not have to report the same thing again every month.

Some OC's do report monthly so that they can show 30 days late, 60 days late, etc...but they're really not required to do that.

Okay, let me try to clarify:

I am talking about open collection accounts; not the OC.

According to the FDCPA , the CA's must cease collection activity until the debt is validated. Continued reporting to the CRA's monthly is NOT ceasing collection activity. I am looking to see if the CA's are reporting the debt monthly to the CRA's - hence catching them in a violation.

Make sense?

Link to comment
Share on other sites

Ah...now I see.

However, if you've sent them a DV, all they need to do is mark their TL "in dispute", and they can continue to leave it there. If you DV'd them, and they didn't mark it "in dispute", then yes, that's a violation of the FDCPA.

They didn't. Should that result in a deletion? Or only if the DV was timely?

I know not marking the TL 'in dispute' is a violation, but from what I have read here...it seems as though one is not enough to use as 'leverage' against them in court - especially if the account is fairly new. (And I am SOL on the SOL [10 years!])

I guess catching them in the "continued collection activity" would require them to send me something in the mail. I haven't received anything to date.

I disputed with the CRA's and so far 2 have been deleted. I guess I am mostly impatient...Just trying to figure out what my next steps are here...

Link to comment
Share on other sites

Credit monitoring services aren't, in themselves, just a way to part you from your money. They definitely have a purpose. I subscribe to TrueCredit. I want to be able to have access to my reports daily... like if an old negative suddenly reappears, I want to know. If a new account that I didn't apply for pops up, I want to know. I want to know on exactly which day each account reports, so I can manipulate my usage and payments for utilization purposes. Yes, there's certain drawbacks (like not being able to see soft inquiries, and not being able to dispute), but all in all, it's useful to have daily access to your reports.

What IS merely a way to part you from your money is the bureaus offering credit scores. Except in rare instances, they're of little or no value.

Link to comment
Share on other sites

They didn't. Should that result in a deletion? Or only if the DV was timely?

I know not marking the TL 'in dispute' is a violation, but from what I have read here...it seems as though one is not enough to use as 'leverage' against them in court - especially if the account is fairly new.

I'm pretty sure they only have to mark it "in dispute" if the DV was timely. And, you're right, one violation does not a law suit make.
I subscribe to TrueCredit. I want to be able to have access to my reports daily
I'm pretty sure that the only report that is close to current on TrueCredit is TransUnion's. The others are anywhere for 4 to 8 weeks out of date. If all your creditors report to TU, this might still be useful...but...still, IMO, still a scam.
Link to comment
Share on other sites

I'm pretty sure that the only report that is close to current on TrueCredit is TransUnion's. The others are anywhere for 4 to 8 weeks out of date. If all your creditors report to TU, this might still be useful...but...still, IMO, still a scam.

Where did you hear that?! :confused: I have no problems at all with the EQ and EX reports. None of the reports on TC ever lag behind more than about a week. You subscribed to TC, and experienced these problems? How long ago was this? Was it happening the entire time you subscribed?

The credit scores I agree are a scam. Having regular access to your credit reports isn't. It's very useful.

EDIT: Most of the people I've heard claim their reports are 2 months behind are the ones who didn't realize you have to use the "update report" link, so they kept seeing the same report, not an updated one. LOL

EDIT2: Just checked my TC reports, and all three bureaus are in sync with reporting. All either October or September (for the cards that are not due to report until later this month).

Link to comment
Share on other sites

Where did you hear that?! :confused: I have no problems at all with the EQ and EX reports. None of the reports on TC ever lag behind more than about a week. You subscribed to TC, and experienced these problems? How long ago was this? Was it happening the entire time you subscribed?
I've never subscribed...because....think about it. The 3 CRAs don't give away current up to date reports for free, especially to each other. The only report that might be current is the one the owns the "credit monitoring" service you subscribe to...the others have to be somehow "tainted" or "outdated" or "less than accurate" or their competitors wouldn't be willing to share them for less than full price.

If, on any given pull, you find your 3 reports in sync...its because there hasn't been any recent activity so the ones that are out of date by a month or two match the one that's current.

The only way that you can be 100% certain that you're getting 100% of the data the CRA has on you today...is to go buy your reports individually from each one.

In the same way (and for the same reason...its proprietary) that FAKO scores "estimate" what your FICO score might be, the 3-in-1 or CRA sponsored monitoring services show you less current data from the other CRAs.

Link to comment
Share on other sites

I've never subscribed...because....think about it. The 3 CRAs don't give away current up to date reports for free, especially to each other. The only report that might be current is the one the owns the "credit monitoring" service you subscribe to...the others have to be somehow "tainted" or "outdated" or "less than accurate" or their competitors wouldn't be willing to share them for less than full price.

If, on any given pull, you find your 3 reports in sync...its because there hasn't been any recent activity so the ones that are out of date by a month or two match the one that's current.

The only way that you can be 100% certain that you're getting 100% of the data the CRA has on you today...is to go buy your reports individually from each one.

In the same way (and for the same reason...its proprietary) that FAKO scores "estimate" what your FICO score might be, the 3-in-1 or CRA sponsored monitoring services show you less current data from the other CRAs.

No, they're all three up to date, right down to current balances and most recent payments. If I go to the Experian website and pull my actual report, they match.

The only things you don't get in the 3-in-1 reports are soft inquiries and details like DOLA, DOFD, estimated date of removal, all addresses etc. And deletions sometimes take longer to show up for some reason. But for information like new accounts, inquiries, balances and payments, they do exactly what they're supposed to do.

Link to comment
Share on other sites

So, how much does TrueCredit cost you per month...and how much would each CRA charge for daily access to their reports?

:confused: Is this a trick question? I could go broke paying for three credit reports every day, even for one month! ONE 3-in-1 costs $29.95 ($39.95 with scores). A single report (without score) from one bureau is now up to $10.00. So an updated report every day from all three bureaus , or a daily 3-in-1, would run me upwards of $900 a month.

I get a 3-in-1 (plus scores) every day from TC for $14.95 a month. I find this to be a good investment, as I like to keep an eye on my reports regularly without constantly coughing up $10 for each report.

Link to comment
Share on other sites

Then I think I'm back to my original position...

The 3-in-1 stuff, allowing daily pulls, for $14.95 per month couldn't possibly accurately reflect what the individual CRAs would charge $10 a pop for. Granted, the actual computer-to-computer conversation over the internet to retreive that data is certainly automated and happens in milli-seconds...but...the production of reports is what the CRAs charge for. I just can't see them essentially giving them away to each other.

The only logical explanation I can arrive at is...the data you see from the CRA that does not own your 3-in-1 access is somehow less current or less complete than if you had bought it from the other CRA. By law (FCRA) the data must be accurate...but, for the time period in which it was produced.

I'm not knocking using a monitoring service to keep an eye on your reports. If you're in the midst of trying to fix your reports, or suspect you may have some identify theft problems, its a relatively cheap way of getting the big picture.

But, I'm also pointing out that you get what you pay for...and, you're not paying for 100% current and complete data.

Link to comment
Share on other sites

Then I think I'm back to my original position...

The 3-in-1 stuff, allowing daily pulls, for $14.95 per month couldn't possibly accurately reflect what the individual CRAs would charge $10 a pop for. Granted, the actual computer-to-computer conversation over the internet to retreive that data is certainly automated and happens in milli-seconds...but...the production of reports is what the CRAs charge for. I just can't see them essentially giving them away to each other.

The only logical explanation I can arrive at is...the data you see from the CRA that does not own your 3-in-1 access is somehow less current or less complete than if you had bought it from the other CRA. By law (FCRA) the data must be accurate...but, for the time period in which it was produced.

I'm not knocking using a monitoring service to keep an eye on your reports. If you're in the midst of trying to fix your reports, or suspect you may have some identify theft problems, its a relatively cheap way of getting the big picture.

But, I'm also pointing out that you get what you pay for...and, you're not paying for 100% current and complete data.

But there's your supposition of what could or couldn't possibly be, and what you can and can't see them doing... and then there's my firsthand experience of how it actually IS. And the reports I get every day from Truecredit are current. Every account listed for all three bureaus has been updated for October except for the handful that don't report until the end of the month. It's not "less current and complete," despite your conjecture that it must be.

I know you think "how could that BE?" because of good old-fashioned cynicism, but that's not the same as being able to definitively advise people that the reports are indeed outdated and useless... unless you have experienced this firsthand. Cynicism is healthy (especially where the bureaus are concerned!!), but it's not the same as proof. :wink:

The credit scores are useless crap. The reports aren't.

Link to comment
Share on other sites

Lots of third parties get access to the information on credit reports from each agency and repackage and resell to the consumers. It's not that strange at all. So what if TC happens to be owned by one of them? All 3 have a similar service to TC and probably reciprocate the information between them.

Link to comment
Share on other sites

I'm not disputing that the 3 CRs do share information with each other. All I'm saying is that their info has a value....when its CURRENT, its at full price. When its outdated, I'm sure they'll offer it a discount. To each other. To anybody.

I will however, drop this discussion until I can find proof. At the moment, all I can say is its my opinion that the 3-in-1 reports from any source contains at best incomplete and at worst out of date information.

Link to comment
Share on other sites

I'm not disputing that the 3 CRs do share information with each other. All I'm saying is that their info has a value....when its CURRENT, its at full price. When its outdated, I'm sure they'll offer it a discount. To each other. To anybody.

I will however, drop this discussion until I can find proof. At the moment, all I can say is its my opinion that the 3-in-1 reports from any source contains at best incomplete and at worst out of date information.

But how can you still continue to insist that when I'm telling you from a position of experience that this is not the case? Regardless of what you've always assumed must be true for whatever reasons, it turns out that the reports are in fact complete and current. Why would I lie?! I'm telling you for a FACT--not an assumption, not an opinion--that the reports are UP TO DATE. At this moment all of my open accounts are current, to the day. Why doesn't that count as proof?:confused:

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.