on collectionindustry.com.....? Beginning July 1, 2004 all reporting members of Equifax must report consumer accounts updates monthly. Members that do not report monthly all accounts will be purged and your reporting to Equifax will be flagged as inactive. Once inactivation take place, no further reporting of your office or customers' will be allowed. Direct quote from Equifax Data Management.
So does this mean that Equifax is all in such an uproar with companies trying to update thier info etc... that now would be a good time to try to get derogs deleted?
True, crowmom. However, it could be potentially wonderful for consumers. I have a couple of PIA TLs that haven't updated in forever, but won't dispute off. That being said, this looks like a scenario where those type of TLs will be easier to get rid of. (initially as they begin to enforce this) Whadda you think?
It sounds like they are getting ready for a flood of error disputes when FACTA goes into effect in December. They know how many disputes are generated for the number of consumers who pull reports now; they can estimate what it will be if all consumers get a set free every year. Perhaps the strategy is to shift as many disputes as possible to the furnisher, but require the furnisher to keep the CRA records automatically up to date with their own, reducing their own liability and service burden.
In the collection industry site, this and the new TU rules are a burden to the "small" CAs. They are saying that this will put them out of business and only the Wal-Mart's of CAs will survive (NCO comes to mind! ARGH!) On one hand, I would love to see CAs out of business, on the other, the small guys more readily work with the consumer (ie: pay for deletes), or don't respond and get deleted, etc.
So... if there is a dormant account which they've stopped submitting under section 623(a) with their monthly updates, they could lose all rights to report all their accounts, if they don't delete the dormant accounts? Are all three making a zero tolerance policy on dormancy? Actually, this is the way that it should have always been. There is no excuse for an account to just sit there for 6 1/2 years without them touching it, just because of an we only have to update it if they want to, and they don't want to attitude.
