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What does a consumer reporting agency do?
A consumer reporting agency is an agency that collects information on certain individuals. They then sell this information to possible creditors to help them decide the credit worthiness of the individual (or whether a person should be allowed extended credit).
How long can a cunsumer reporting agency reporting unfavorable information?
When I worked in debt management they told us it is 7 years from the last time the lender had any type of person to person communication with you about the debt. the second you talk to the lender about the debt again that 7 year clock starts all over again. Bottom line don't call the lender you owe the money too, and screen all your calls so you know who is calling before you speak to them.
What is the difference between a Consumer Reporting Agency and A Credit Reporting Agency under the guidelines of the Fair Credit Reporting Act?
there is no difference, it is the same. They were called Credit reaporting agencies several years ago, then the terms was changed to consumer reporting agencies as they are not used for more than just Credit Reporting.
Can a credit repair agent put derogatory credit back on your report?
No they can't. if they do they must notify you in writing within 5 days of doing so, if they don't they have just violated your FCRA rights.FCRA § 611, Procedure in case of disputed accuracy [15 U.S.C. § 1681i]Requirements relating to reinsertion of previously deleted material.Certification of accuracy of information. If any information is deleted from a consumer's file pursuant to subparagraph (A), the information may not reinserted in the file by the consumer reporting agency unless the person who furnishes the information certifies the information is complete and accurate.If any information that has been deleted from a consumer's file pursuant to subparagraph (A) is reinserted in the file, the consumer reporting agency shall notify the consumer of the reinsertion in writing not later than 5 business days after the reinsertion or, if authorized by the consumer for that purpose, by any other means available to the agency. Additional information. As part of, or in addition to, the notice under clause (ii), a consumer reporting agency shall provide to a consumer in writing no later than 5 business days after the reinsertion date.(I) a statement that the disputed information has been reinserted;(II) the business name and address of any furnisher of information contacted and the telephone number of such furnisher, if reasonably available, or of any furnisher of information that contacted the consumer reporting agency, in connection with the reinsertion of such information; and(III) a notice that the consumer has the right to add a statement to the consumer's file disputing the accuracy or completeness of the disputed information.
What does consumer agency mean?
A regular consumer agency collect and sell information about the creditworthiness of individuals. A credit reporting agency doesn't make any decisions about whether a specific person should be extended credit or not. Instead, it collects information that it considers relevant to a person's credit habits and history, and uses this information to assign a credit score to indicate how creditworthy a person is.
What is a credit reporting agency?
A credit reporting agency (CRA) is a company that gathers and sells financial history information
How do you remove a reposession from a credit report when the reposesion was the finance company's error?
File a consumer dispute with the credit reporting agency. You can do that online as each reporting agency has it's own website.
Which federal agency is responsible for computing and reporting Consumer Price Index?
Department of National Statistics
How can you dispute outdated collections on a credit report?
If you identify information in your credit file that is incomplete or inaacurate, and report it to the consumer reporting agency, the agency must investigate unless your dipute is frivolous. See www.ftc.gov/credit for an explanation and procedures
Where can someone find information about the credit reporting agency Trans Union?
One can find information about the credit reporting agency called TransUnion by visiting the website of TransUnion itself. Wikipedia also has useful information about TransUnion.
Where can one find information on consumer law?
Information on consumer law can be found on the specific country's government website for consumer law. It can also be found at the National Consumer Agency.
How long may a credit reporting agency take to reply to a consumer dispute letter?
30 days from the receipt of your letter
