Curious~~~~How Creditors Report YOU

This was posted by Sassy yesterday. Although it speaks of investigations, I'd bet the regular monthly reporting is also done this way.


sassyinaz | 775 posts since Jan 2002 63.11.160.157 | 08.31.2002 @ 16:40



whatchamean whatImean, Butch dude,

Section 611 5(d) which states:

(D) Automated reinvestigation system. Any consumer reporting agency that compiles and maintains files on consumers on a nationwide basis shall implement an automated system through which furnishers of information to that consumer reporting agency may report the results of a reinvestigation that finds incomplete or inaccurate information in a consumer's file to other such consumer reporting agencies.

The CRA's SHALL have the system, the furnishers MAY use it to report results that are incomplete or inaccurate to the OTHER CRA's.

The furnishers, per the FCRA, have a duty to update and correct information to ALL CRA's they report to, not just the one you happened to dispute a tradeline with (if it's not verified).

This site is where the reporting occurs, the mama of all reports, I'm betting. LOL.

http://www.acb-credit.com/acdv.cfm

The CDIA Automated Consumer Dispute Verification (ACDV) Process was developed by an industry task force and its credit grantor steering committee on behalf of the credit community. CCNS is provided by GE Information Services and runs on its teleprocessing network. The personal computer application software was developed by certified software providers.

Each participating consumer reporting agency and data provider has its own CCNS mailbox. Consumer dispute information is transmitted electronically using a standard data format developed by the CDIA task force and based on the industry standard Metro Format. The CDIA Automated Consumer Dispute Verification format allows the consumer reporting company to transmit the consumer's dispute and, in return, allows the data provider to respond.

When a consumer contacts the reporting agency with a dispute, the consumer reporting agency transmits the information in question to the appropriate data provider's electronic mailbox using the CDIA ACDV format and standardized dispute codes. The data provider accesses the GE CCNS network, receives the dispute data on its personal computer, researches the disputed customer account information, and transmits a response back to the consumer reporting agency's electronic mailbox.

If the data furnisher finds that the information is correct, the response goes back only to the reporting agency that initiated the dispute.

However if the data provider finds that changes should be made, the response not only goes back to the credit bureau that initiated the dispute but also automatically, via electronic copies, to the other nonreporting bureaus -- at no additional charge to the data provider. The originating consumer credit reporting agency and the nonreporting bureaus retrieve the data furnisher's response from their mailboxes and update their credit files accordingly. The originating reporting agency then responds back to the consumer who filed the dispute. It's the responsibility of the data furnisher to update its internal accounts receivable information to ensure that disputed data will not be reported in the future.

You notice YOU don't get to have that information -- for now they are getting around it by pretending to be CRA advocates.

Notice the system only shares information if it is found to not be correct -- there's an underlying assumption that the information is reported the same to each CRA.

Or, if my paranoia takes over, that you have the burden of making sure it is.

Now that there's a mama-system, the FCRA should be updated to the furnisher SHALL...

but then, that would put two of three out of business.

Sassy

 

Depends on the size of the company and the frequency of reporting. Large companies with regular credit postings will have automated posting systems and uploads from CSR terminals. Smaller companies with limited IT ssytems or infrequent credit reporting systems will have manual techniques.

 

How in the hell can they sell the FCRA and FDCPA and not be in violation?