I have a simple question that I haven't been able to find an answer on. Basically, I have an account with derogatory information that, due to some extenuating circumstances (typical goodwill letter stuff), the creditor seems inclined to delete the account in general, but believes that they are prohibited by law from doing so. There is nothing in the FCRA that addresses this, only that information that is reported must be accurate, but nothing about deleting the account completely. I know that creditors can and do, delete accounts completely for many people for a variety of reasons, but I was wondering if there is any specific rules, regulations, or FTC opinions etc., that specifically address this situation, so that my creditor would believe that it does indeed have such discretion to completely delete the account. Thanks in advance, Big Cur
There is nothing in the FCRA, or any other law that I am aware of, that requires any creditor to report anything to anyone. Some creditors do not report, and some only report to one CRA. Is there anything in the "extenuating circumstances" that might make their actions "negligent"? I.E.: medical billing to you without proper billing to your insurance carrier? Mailing the bill to the wrong address after you had notified them of new address? Failing to properly handle a disputed CC entry?
They can delete anything they want to delete if they want to delete it, plain and simple. Even in error and it is near impaossible to get a good TL relisted that was deleted in error. Nothing states that a creditor must report to a CRA. They must only report accurate information if, in fact they are reporting.
No, nothing illegal that they did that I can think of. But I think your responses are right on. As it is undisputed that the FCRA does not address the issue of deleting an account that has been reported (the FTC told me this as well), I'll ask them to provide any authority to the contrary that they are relying to not delete. Since I am sure there is nothing out there, hopefully that logic will work.
If there is no law forcing them to report an account, there will be no law restricting them from deleting an account ... The "doing" action cannot exist without the "undoing" action and vice versa. JMHO
