Hi all, I was reading thru some posts and ran across this interesting collection forum. This could be good and bad news for us? http://www.collectionindustry.com/forum/messageview.cfm?catid=8&threadid=1124 aafemale knowlege is power!!
My TU file has one marked MEDICAL , no other information than that . I know what it is because of it's listed on the other 2 CRA's . Im guessing the only way we will know whom it is , would be to request a hard copy from one of the big 3 of our CR . The only thing this might allow is Hospitals to put it on your credit without a CA doing the dirty work . Changes the old law of not being able to report medical on your credit , which they found a loophole for years ago anyway.
Quote : "The cost is prohibitive for small businesses. Not only do we pay to be a member of the bureaus each month, but now we must pay to be members of e-oscar. I have been dragging my feet on this one. I am unclear of what we intend to do. We have been notified that unless we sign up for e-oscar that our tapes will be rejected. For a large agency this would be a nominal cost, however for a small agency it is a big nut to crack. This will eliminate many smaller agencies from reporting and nullify the real benefits of a credit bureau file for creditors. Who knows what kind of debt the consumer will have lurking out there. What this nation will end up with willl be "Wally World Collection Agencies" and all the small guys like myself will be gone. " Good Bye ! Edit for 2nd quote : " I bet the same thing for the collection agencies, that creditors are not going to want to hire them if they are not going to report their collections and work them to the fullest with the services provided by the CRAs. I think it is extortion, I know there is something else missing here that I am not seeing, just not sure what it is though - " Funny to hear a CA say they are being extorted . "You know the consumers with the bad credit are just being given a free for all here, when this goes through." I guess that's because the CA has to be able to verify the information before uploading it , rather than just sticking it on .... for extortion . " I am more then aware of Experian's witch hunt - currently going through Audit on customer files and it has been a nightmare trying to comply with all the new documents needing to be completed on each customer. I would say that maybe 2/3 of our customers are individual landlords or such and the paper work on these have doubled. I am not at liberty to disclose information that would identify my employer." Maybe this is because the CRA's have gotten tired of having suits smacked on them for reporting incorrect information the CA "Verified" ?
So after reading this link, do you think it will benefit those of us trying to clean up their credit? The way I read it is the collection agencies are "crying" over the new regs and how much business they will be losing because it will require more work to validate. It could be a good thing for some and not for others. Anyone else read this linK? Would be interesting to watch carefully how this new regulation affects the collection industry. What do you think? aafemale "knowledge is power"!!
I have the same thing. Using PG the name of the creditor for TU is Medical, which doesn't say much. Last month it listed the actual name of the CA. TU has changed something.
lol Bless yer heart. That board is merely comic relief. A useful site in times of frustration or tension.
