I have been do some "light" reading of the GLBA and it's relationship between OC's/CA's and CRA's. Clearly there is nothing that we as consumers/debotrs can do to "opt-out" of reporting information to CRA's, but is there anything we can do to stop the reporting to CA's???? From what I read and try to understand, if we as consumers opt-out then a creditor cannnot send Non-public Information to a CA, such as our SSN's and account numbers and they, CA's reporting that information to the CRA's. The Act defines both a "consumer" and a "customer". From what I read when an OC sends an account to a CA, we, the debtor are neither a customer or a consumer, as deifned in the Act, unless we agree to make payments to a CA. We only become consumers and/or customers if the CA purchases the account. When an OC "assigns" and account to a CA and the CA reports that assignement to the CRA's are they in violation of the GLBA?? And must the provide opt-out notices to us? I am trying to tie this all together here and need some help to make the pieces fit. Furthmore, if a CA buys an account and they do not proivde us opt-out notices, how can we use that as a violation to force the CA to cease collection activities?? What about in the case of a deby buyer. Say West Financial for example, they buy large portfolios of CO's, according to the Act they are now required to provide us an opt-out notice PRIOR to them (West) shopping our account to the bottom feeders. I have never received one, have you? I would like your thoughts on how we can tie this all together and use it to our advantage. _________________
Re: GLBA --> Tie IN Let me gather my notes and get them order and I'll post back. One thing that strikes me though is that we have no private right of action under GLBA.
