Collector - October 2016 - 46
What Can You Say to Your CRA?
Federal law, state law and business policies all dictate the type
of consumer information that may be furnished to a CRA.
I
n addition to letters and phone calls,
reporting a consumer's debt to a
consumer reporting agency (CRA) is
a legitimate collection method. However,
not all data or all debt is reportable. The
Fair Credit Reporting Act limits what
information can be reported and how
long information can be reported on a
consumer's credit report.
Furnishers of information to CRAs
also have to be aware of the limitations
imposed by the National Consumer
Assistance Plan (NCAP), which further
limits the information that CRAs will
accept. NCAP is the result of an agreement
reached between the three major CRAs
(TransUnion, Equifax and Experian) and
multiple state attorneys general to modify
the current credit reporting practices.
While the FCRA typically permits
furnishers to report information about
consumer debts, the FCRA does not
allow a delinquent debt to be reported
in perpetuity. It requires a furnisher to
provide a date as to when the debt became
past due (i.e., date of delinquency).
Generally, the FCRA allows a debt to
be reported seven years from the date
of delinquency. At the end of the seven
years, the debt must be removed from the
consumer's credit report. The seven-year
reporting period for accounts placed
in collections begins to run 180 days
after the date of delinquency. Longer
timeframes generally exist for reporting
information pertaining to judgments,
liens and bankruptcies.
Even if the FCRA may legally allow the
accurate reporting of certain consumer
information, CRAs may have policies
restricting the reporting of certain
information. Furnishers need to be aware
of and understand these limitations
as well. For instance, under NCAP
furnishers may not report debts that did
46
not arise from a contract or agreement
to pay. Some examples of these types of
debts are certain fines, tickets and other
assessments, such as library fees or fines,
parking tickets and court fines and fees.
NCAP also contains initiatives that will
restrict the reporting of certain medical
debts and judgments. Because each CRA
may also have its own policies regarding
acceptable data types, furnishers should
reach out to the CRAs to understand what
type of data is acceptable.
Furnishers can learn more about what
information may be reported to CRAs
in ACA SearchPoint document #3001,
Reportable Information.
Have you checked out ACA's member-only
SearchPoint library? ACA SearchPoint is filled
with documents that put important compliance
information related to the FDCPA, FCRA,
TCPA, state laws and many other topics at
your fingertips. To access ACA SearchPoint,
visit acainternational.org/searchpoint.
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http://www.acainternational.org/searchpoint
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http://www.ACAINTERNATIONAL.ORG
Table of Contents for the Digital Edition of Collector - October 2016
President’s Page
Industry News
Best Practices
FYI
Collection Tips
Connect the Dots
Looking Deeper
Head of the Class
Calendar
Honor Roll
The Formula of Five
How to Create Winning Bids and Proposals
A Running Start
ACPAC Election Watch
ACA’s Industry Advancement Program Aids Eleventh Circuit Win for Member Company
Compliance
ACA SearchPoint
Last Word
Collector - October 2016 - Cover1
Collector - October 2016 - Cover2
Collector - October 2016 - 1
Collector - October 2016 - 2
Collector - October 2016 - President’s Page
Collector - October 2016 - Industry News
Collector - October 2016 - 5
Collector - October 2016 - 6
Collector - October 2016 - 7
Collector - October 2016 - Best Practices
Collector - October 2016 - 9
Collector - October 2016 - FYI
Collector - October 2016 - 11
Collector - October 2016 - Collection Tips
Collector - October 2016 - 13
Collector - October 2016 - Connect the Dots
Collector - October 2016 - 15
Collector - October 2016 - 16
Collector - October 2016 - 17
Collector - October 2016 - 18
Collector - October 2016 - 19
Collector - October 2016 - Looking Deeper
Collector - October 2016 - 21
Collector - October 2016 - 22
Collector - October 2016 - 23
Collector - October 2016 - Head of the Class
Collector - October 2016 - 25
Collector - October 2016 - 26
Collector - October 2016 - 27
Collector - October 2016 - Calendar
Collector - October 2016 - Honor Roll
Collector - October 2016 - The Formula of Five
Collector - October 2016 - 31
Collector - October 2016 - How to Create Winning Bids and Proposals
Collector - October 2016 - 33
Collector - October 2016 - 34
Collector - October 2016 - 35
Collector - October 2016 - A Running Start
Collector - October 2016 - 37
Collector - October 2016 - 38
Collector - October 2016 - 39
Collector - October 2016 - ACPAC Election Watch
Collector - October 2016 - 41
Collector - October 2016 - ACA’s Industry Advancement Program Aids Eleventh Circuit Win for Member Company
Collector - October 2016 - 43
Collector - October 2016 - Compliance
Collector - October 2016 - 45
Collector - October 2016 - ACA SearchPoint
Collector - October 2016 - 47
Collector - October 2016 - Last Word
Collector - October 2016 - Cover3
Collector - October 2016 - Cover4
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