The federal law that governs placement of information on your credit files is called the Fair Credit Reporting Act (FCRA). It is used mainly to control the flow of information by the credit bureaus. When dealing with the credit bureaus do NOT ever be mistaken that they make their money off selling information about you to others, in the chain of importance, consumers and their problems are almost always at the bottom. Most will not anything beyond cursory obligations until/unless a lawsuit is filed. Anyone who thinks the credit bureaus; Experian, Trans union and Equifax are their friends, will be sadly mistaken. Just like politicians, they go where the money flows and we jus don’t count.
Most consumers have little idea of what actions can be taken when information is placed on their credit bureau reports. Many consumers do not realize that the cardholder’s agreement that governs your credit card agreement can also be enforced by any subsequent collector/holder/purchaser of that agreement. It is not unusual today, to see the very same account being reported multiple times on your credit reports by these various collectors.
A bigger problem encountered by consumers is the frustration of having debt buyers place information that is false and changing dates to keep those portfolio’s alive for longer than the law allows. Some of the problems incurred that affect most consumers are:
-Multiple placement of the same accounts
-Changing dates of last activity
-Refusal to update payments
-Placement of ‘Bogus Accounts’ by debt buyers
-Not showing accounts that are disputed
When the original creditor charges an account to profit & loss (P&L), that fact can legally be reported on your credit for seven years. That seven years starts and stops when you make payments with an item called the ‘Date of Last Activity (DOLA).’ One of the arguments about paying a debt collector is that you suffer again by restarting that DOLA, which would cause the negative item to fall off at seven years. Each owner/holder/collector of an account can join the credit bureaus as a ‘subscriber’ which allows them to report information (for a fee) and pull your credit reports. The FCRA states that all information they report MUST be ‘accurate’ which is defined as “precise.”
You, as a consumer, have the right to dispute the validity of anything on your credit reports that is not accurate, which is supposed to effect the removal of inaccurate information. I recommend to anyone who finds information on reports they do not recognize to immediately dispute it with the credit bureaus as not my account.
Many debt buyers are known to change the dates of last activity in an attempt to give new life to old accounts that may be time barred by state and federal statutes. Most often we receive complaints on the following:
First American Investment Company, Asset Acceptance Corporation, Unifund Partners, CCR, NCO Financial Services, Shekinah, Inc., Account Management Services, GMK, Inc., Arrow Financial, Client Services, Inc., Global Acceptance Credit Co., MKM, Inc., RJM Inc., LVNV Funding, Midland Credit Management, Palisades Collections, Redline Recovery, Wolpoff & Abramson associated entities, Zenith Acquisitions and many more.
The good news is there is now a national group of consumer attorneys who are available to assist you in going after them. In 2005, one major debt collector was booted out of Experian because of complaints and lawsuits filed by consumers. It is very important that voice your complaints regarding these slimy debt collectors who use the credit bureaus as a form of blackmail or extortion to collect monies they are not entitled to.
There is an excellent site where the BEST consumer attorneys in America are ready to assist you and they do not even have to reside in your state as FCRA litigation is federal.
Go to: www.MyFairDebt.com
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