2006-09-19 08:50:17 · 4 answers · asked by Seriously 1 in Business & Finance ➔ Credit
Meaning following laws and reporting fact not what they want
2006-09-19 10:12:43 · update #1
So if they don't follow law and I don't sue they can do what they want? We should not have to sue if one shows proof that should be enough but they show compassion for the creditor and consumers are guilty. Lets not forget they are people to and are a high power that controls our lives, personally I hate them.
2006-09-19 10:17:31 · update #2
Calm down dude! Don't get mad...get even.
The laws were changed in 2003 that places a lot of regulation on credit reporting agencies. It forces them to follow a very specific dispute procedure. It also places more regulations on creditors.
Yes, you may have to sue in order to seek punitive action. But it's not all that difficult to do. It's a simple small claims lawsuit. Cost between $25-50 depending on the state you live in. The forms are not too complicated, and you don't need a lawyer.
If you follow the procedures exactly, document everything, have proof of letters you send, you will easily win $1000 for each violation these guys do.
I had to do this last year against a jerk of a collection agent. Cost him $1200.
Take the time to read the Fair Debt Collections Act and the Fair Credit Reporting Act. Send out letters to these people.
The reason they get away with it is because people do not know the law. Once you show them that you do, they will leave you along. Trust me!
2006-09-19 12:46:34 · answer #1 · answered by Anonymous · 2⤊ 3⤋
I agree with Studly.
Unfortunately many times a suit is what it takes for them to stop reporting inaccurate information.
As far as them showing compassion to the creditors - well.... that's where their bread and butter comes from.
They make peanuts off of the average consumer, and many times not even that much since people can now get a free report every year.
But the creditors, collection agency's, junk debt buyers pay big to be able to report information and to purchase the right to go through the general consumers files in search of bad debts.
So, naturally the reporting agency's are on the creditors side - money talks.
Ethical - No, but it's business (though for the most part, underhanded)
2006-09-19 21:45:21 · answer #2 · answered by echo 7 · 1⤊ 1⤋
They are bound by laws - however, if you mean can they keep from telling people that your credit is bad = that is their function
2006-09-19 15:58:17 · answer #3 · answered by Been there 3 · 0⤊ 0⤋
they have rules and regulations that govern them. you can sue them if you have cause too.
2006-09-19 17:01:50 · answer #4 · answered by bella_4624_19 4 · 0⤊ 2⤋