Collection agencies must follow rules as stated in the FDCPA, or Fair Debt Collection Practices Act.
I wonder if Arrow or Transunion is following these rules...
Arrow: Placed two inquiries on my credit report. They show as inquiries from a "Collection Agency".
Transunion is obviously not paying attention to a law, which I think is in the FCRA, (?), which states that the business (transunion) passing on this information must have proof from the requestor (arrow) legally has the right to request my file.
Arrow does not have this legal right from what I understand. And it seems Transunion did not have the right to give them a copy of my current credit file.
The account in question is a very old revolving credit card. It went unpaid as a charge off and has well passed the statute of limitations in my state. The 4 year time table to sue is now about 7 years past... And the 7 year reporting time is 5 or so years old.
If anyone has any real advice (besides the general, contact the FTC or buy my E-book for $39.95) I would appreciate it.
Will update as this horror progresses.
You know we work so hard to repair our mistakes and move on... I have read I would be a fool to pay this company a dime because they will keep jacking up the price and it begins my credit clock again which could damage my rating. There are tales of their scams all over the internet, I am suprised they are still in business.
Thanks! I am sure there are a lot of you out there who have had this happen, speak up!
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