I came across this excerpt from an attorney on another forum, and found it very interesting regarding CA accounts and reporting on CRs: "The CDIA Manual requires that collectors DELETE accounts that were returned to the original creditor or sold. Yet, few collectors comply and I often see 3 or more collectors reporting the IDENTICAL collection. Many collectors report improperly as tradelines with current delinquent amounts (LVNV). " I'm assuming the "CDIA" is an industry manual or uniform practices standard, but I found it very interesting! Collectman, you're probably the most knowledgeable about this, any feedback?
The only way for the consumer to know this is done correctly is for him/her to check each CR and dispute. Thank goodness for our Federal Laws, eh?
Although I'm not sure if this is a law, I guess that's one aspect of my question. Or is it under a "self-regulation"? For example, in the securities industry, there are "self regulating" regulations. A "violation" may not be a violation of law, but it is a vilation of an industry regulation. The regulatory agency is an "overseer of the regulations. But, this is an interesting point. Per your post, but how does a consumer "know" if an account is returned? I will say that the "requirement" does make intrinsic sense in the thesis that "continued reporting" (after sale of debt) would be "continued collection activity.
I found the CDIA Manual-WOW!! I found the CDIA manual, and WOW, is it applicable to this site. I will post link if anyone is interested in reading a 201 page document!
Here it is: CDIA Manual http://www.cdiaonline.org/files/PDFs/2006CRRGWholeManual.pdf A tough read: 201 pages, but some great info!
Looking it over, it seems to open your eyes to "possible" errors in reporting. It also seems to bring the question up about "proper verification" of a disputed account. Based on these "reporting requirements", you wonder how often they report "correctly". Where I originally found this, the attorney spoke of requiring 4-5 hours to review each tradeline, and I thought that was nuts! But after skimming this manual, I realize he was correct. So......I wonder if every field is "verified" upon a dispute? "Survey says....."!! Welcome to the next level I guess.......!
This is definitely a very painful read, but great information...I am virtually thumbing through it right know myself...
Good grief, thats really boring information. I know some of the codes, but I dont deal with our reporting so I had no clue there was a technical manual on it.
