What are Small High Interest loan co forced to follow? FCBA or FCRA? Had a loan about 6yrs ago, from one of those high finance local companies. I left a small bal, which was disputed. It came off. recently it's reappered. It was disputed with EQ and verified. I didn't know if they fell under FCBA since technically they are the original creditor, no CA involved, so i fired off a validation letter and in it i made reference to FCBA and FCRA. I know OC don't have to Validate, but this company is a moms and pops so i'm sure they're not up on what they can and can't. Regardless they've reported conflicting amts 3 dfiff times.... Thoughts?
Looks like i got an answer on this today!!! This co sent my validation to a an outside company who indicated they provide Accounting and Auditing for the finance co. This Auditing co went on to say the bal was incorrect, but also included an amt of "After maturity interest that has accrued at 16% annum". (Question 1. Can they charge Interest after an account is Charged off???) They also instructed to contact the OC because the balance is subject to change daily. Again i'm back on how can they charge or claim to charge interest on a chargeoff in 1998?.... The best part is in the closing this Co indicated "In accordance with the FCRA, you are hereby requested to provide any documentary or other concrete evidence that would result in a correction within 45days". **I've never heard of that one** However they've admitted FCRA guidelines.. Now I can get their ass on a few accounts.. Oh by the way they didn't report to the bureau that the acct is in dispute within the 5 days either(Count 1) The letter looks cheesy and they referred to the FCRA on the letter as F.c.R.A!!!!! Thoughts????
What are Small High Interest loan co forced to follow? FCBA or FCRA? backspace ==================== BOTH The END ************************* LB 59
