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Is it true that any random company I once did business with can call up a credit ratings agency and claim that I owe them money? What standards of proof do the

by bloat 13y ago

Is it true that any random company I once did business with can call up a credit ratings agency and claim that I owe them money? What standards of proof do the credit agencies require?

tehwebguy 13y ago
This was pretty surprising to me - it would be one thing if it were sent to a shady collections agency but it seems like the credit reporting agencies wouldn't be able to accept something like this. This is a unilateral "fine", it's not an actual credit line that was taken out. Very strange, my guess would be that this company is breaking the rules for reporting actual credit issues.
- chilldream 13y ago
  There's only so much oversight such a bureau can have, especially if a company is willing to lie to them. According to Popehat, they've also done things like falsely list positive BBB ratings on their website, so it's not hard to imagine them coming up with some way to pretend the charge is legitimate.
  - carsonreinke 13y ago
    http://www.bbb.org/western-michigan/business-reviews/novelties-retail/kleargear-in-grandville-mi-38143064# http://www.bbb.org/western-michigan/business-reviews/novelti... They have alert on their site.
jxf 13y ago
> Is it true that any random company I once did business with can call up a credit ratings agency and claim that I owe them money? Anyone can report to a credit ratings agency. However, you first need to be approved by the corresponding agency, and each one has a process. It's similar to getting API access to a proprietary corporate API; they want to know who they're dealing with before they hand over the keys. For example, here are the instructions on reporting to Experian: [0] http://www.experian.com/consumer-information/reporting-to-credit-agencies.html http://www.experian.com/consumer-information/reporting-to-cr... > What standards of proof do the credit agencies require? They take your word for it once you've been established as an authorized reporter. In the event of a dispute, the credit reporting agency is required to open a formal investigation. If you don't produce the appropriate documentation, they remove the item from the credit report. You may also be subject to various civil penalties and fines under the FCRA if the reporting error was egregious, malicious, or otherwise not merely a clerical error of minor import.

by bloat 13y ago

Is it true that any random company I once did business with can call up a credit ratings agency and claim that I owe them money? What standards of proof do the credit agencies require?

tehwebguy 13y ago

This was pretty surprising to me - it would be one thing if it were sent to a shady collections agency but it seems like the credit reporting agencies wouldn't be able to accept something like this. This is a unilateral "fine", it's not an actual credit line that was taken out. Very strange, my guess would be that this company is breaking the rules for reporting actual credit issues.

chilldream 13y ago
There's only so much oversight such a bureau can have, especially if a company is willing to lie to them. According to Popehat, they've also done things like falsely list positive BBB ratings on their website, so it's not hard to imagine them coming up with some way to pretend the charge is legitimate.
- carsonreinke 13y ago
  http://www.bbb.org/western-michigan/business-reviews/novelties-retail/kleargear-in-grandville-mi-38143064# http://www.bbb.org/western-michigan/business-reviews/novelti... They have alert on their site.

jxf 13y ago

> Is it true that any random company I once did business with can call up a credit ratings agency and claim that I owe them money? Anyone can report to a credit ratings agency. However, you first need to be approved by the corresponding agency, and each one has a process. It's similar to getting API access to a proprietary corporate API; they want to know who they're dealing with before they hand over the keys. For example, here are the instructions on reporting to Experian: [0] http://www.experian.com/consumer-information/reporting-to-credit-agencies.html http://www.experian.com/consumer-information/reporting-to-cr... > What standards of proof do the credit agencies require? They take your word for it once you've been established as an authorized reporter. In the event of a dispute, the credit reporting agency is required to open a formal investigation. If you don't produce the appropriate documentation, they remove the item from the credit report. You may also be subject to various civil penalties and fines under the FCRA if the reporting error was egregious, malicious, or otherwise not merely a clerical error of minor import.