- 1 what credit bureau do apartments use
- 2 Bank of America and Cach LLC Involved in Suspicious Debt Collections Happenings
- 3 unfair credit bureau reporting late payment
- 4 Which Credit Bureau Does Your Lender Use?
what credit bureau do apartments use
Do not forget to check each note carefully and balance your checkbook on a regular basis to ensure that you do not have to write checks without equity in your account. Attach a photocopy associated with your credit report with the errors circled or even scored.
what credit bureau do apartments use
what credit bureau do apartments use
This will allow you to see what the credit companies see when you apply for a loan or mortgage. Joint Account: Your income, financial assets, and credit history, as well as your spouse are things to consider in a joint account.
Bank of America and Cach LLC Involved in Suspicious Debt Collections Happenings
A disturbing piece of collection harassment news has come to our attention via American Banker: Bank of America has apparently sold a debt collector the rights to sue consumers over credit card debt that it has internally confirmed to possibly be repaid or inaccurate. The company sold off credit card receivables to a Denver, Colorado-based organization called Cach LLC throughout 2009 and 2010. Cach snatched up debt valued as high as $65 million for the bargain-bin price of 1.8 cents on the dollar. Some of the debts are said to have been legacy accounts acquired by Bank of America subsidiary MBNA.
Why did Bank of America sell the debt off for just pennies? Because it was unable to make “any representations, warranties, promises, covenants, agreements, or guaranties of any kind or character whatsoever” in regards to the records it had kept of the debt, according to a credit card sales agreement that was submitted to California state court in 2010 during a related civil suit.
An explicit warning was offered by Bank of America that it could not furnish documentation proving that the debt being claimed was actually owed at the time of the sale and that it very well might never be able to do so. American Banker quotes Bank of America as saying some of the balances might have been “approximate” amounts and that consumers could have possibly already paid in full some of the debts that were purchased. Karen Stevens, a Maryland resident, is one victim that is cited as suffering from abhorrent collection harassment as a result. It’s very likely that many other Americans have equally suffered as a result of these shady dealings.
That being said, there are those in the industry who believe the wording Bank of America used to describe the debt should be regarded as standard for the industry and that the onus ensure the debt figures were accurate should have been on Cach. “The buyer has the primary responsibility to test the…quality of what they’re buying,” Samuel Golden, a former OCC ombudsman who is a managing director at consulting firm Alvarez & Marsal in Houston, Texas, told American Banker.
Regardless of whether or not what Bank of America did and said can be considered standard operating procedure, the company, along with the rest of the banking industry, is responsible for handing bad debt over to voracious debt collectors. Bank of America itself has charged off $20 billion in delinquent credit card debt over the past two years. The bank collects on or settles part of that debt on its own; retires some of it when the debtors go bankrupt or pass away; and sells some to collectors. The rights to the debt are often sold and resold many times over the course of several years before.
The fact that fellow banks U.S. Bancorp and JP Morgan Chase have been involved in similar dealings that have led to collection harassment issues only underscores how bad the situation has become. In this particular case, thousands of lawsuits were filed against consumers by Cach as a result of the unreliable debt figures they obtained from Bank of America. The original bank-creditor is required to testify in any such cases that reach trial. However, most of the cases end with a ruling in the collector’s favor when the debtors don’t bother showing up. But consumers don’t have to just give up and give in; they can put an end to collection harassment.
Shockingly, Bank of America staffers submitted sworn affidavits in some of these cases stating that the debt amounts were accurate to the cent, despite the bank previously disavowing “the accuracy of the sums shown as the current balance.” It’s one of many discrepancies that arose during legal proceedings.
For its part, Cach repeatedly submitted a sole page from its purchase agreements with Bank of America. What’s wrong with that? It routinely didn’t bother including the other 30 pages that detailed how Bank of America admitted it could not guarantee the accuracy of its records.
“We’re not getting what we need from the seller,” said Mark Schiffman, a representative of the American Collections Association. “Consumer groups want to see original contracts and original documentation. That would make a lot of these debts disappear because a lot of that documentation may not exist.”
Washington is also concerned over the lack of regulation and documentation in these matters. “Not enough information [is] flowing through to debt collectors,” said Tom Pahl, an assistant director in the Federal Trade Commission’s division of financial practices. Unfortunately, the FTC has no authority to regulate banking institutes.
“We can’t reach the banks to say ‘Thou shalt file the following pieces of information with the loans,'” explained Pahl. “We’re trying to do most of this through either law enforcement, which is case-by-case, or by jawboning the industry.”
The Consumer Financial Protection Bureau (CFPB), on the other hand, has authority over credit card companies, and it’s now inspecting the collections industry. Spokeswoman Jennifer Howard said that the CFPB is “very concerned that the same shortcuts and violations may be occurring with other kinds of debt collection.”
As the investigation continues, consumers should not just wait idly by. Those being persecuted over possibly faulty debt should seek legal counsel in order to put a stop to collection harassment.
I am a victim of this exact thing. Cach will not back down from an old B of A credit card debt that they claim belongs to me. Same name, address, etc. I asked for verification and they did not . Instead just kept churning docs over and over and dragging me into court where I kept trying to defend myself. I told them provide me the signed paper that says its me . Nothing . I even hold a current B of A card and can use it this minute! The judge signed off on a judgment and now they just garnished my wages leaving me barely $1,000. / month to live on. I am and have been so stressed over this whole issue . Losing sleep, etc etc. I can not find anyone to help me. I been severely stressed and an emotional wreck . I am afraid for what else they are about to do to me next and try and take and am going to see about filing Bk which I now am forced to do. This company is ruthelss and just brutal in their actions . No one does anything They need to be stopped. I have read of many many other people that suffer their unproved claims against them and do low things to them as well. These guys are lower than dirt and I wonder about the judge that granted the judgement as well.
Comment by Scott on September 2nd, 2012 at 3:22 pm
I had a leased car in 2006, left to Europe but turned in the car… now after years they are garnishing my wages, and I am head of household and a single parent they cannot do this.. was fired last week so now lets see who’s wages they will garnish
Comment by LISA GONZALEZ on October 18th, 2012 at 2:24 pm
I was sued by Cach LLC and they got a judgment and nearly garnished my wages, but I was able to pull the money together to pay the $2000 and move beyond it. This was in 2009 or 2010. I wish I knew then what I know today.
Comment by David R. on November 29th, 2012 at 12:19 pm
Cach called my husband’s job, called my house, called my cell phones told my 2 young daughters about a debt. Cach called me from different parts of the country, with numbers Unavailable. I want to know how I can sue them. I did not save the numbers. How I can prove they were the ones calling me and my family?, torturing me and my children
Comment by Nancy Damiani on February 22nd, 2013 at 5:47 pm
I need help, I wanted to refinance my house and the lender pulled my credit score almost 800 score, and then the title company came back saying i had a lien on my house for $1,776 dollars from CACH, LLC., case was opened in 2007 and closed in 2010, and that I had never been to court. This is such a lie and they have the wrong person. What can I do? I am furious
Comment by Gladys on March 9th, 2013 at 2:36 pm
Everyone needs to post and repost this until May 30, 2014 and take the time to make public comments for New York.
I found this site which may be helpful…. (link no longer exists, removed)
“The reforms, available at http://www.nycourts.gov/, are being issued for a 30-day public comment period, to expire on May 30, 2014, with implementation expected by mid-June 2014.”
CACH, CA Holdings along with Northstar Location Services, LLC are one of the same…collection agencies for BofA
Comment by Gail on May 3rd, 2014 at 6:57 pm
unfair credit bureau reporting late payment
Bank of America
I had been paying the same payment since Spring of 2008 and have never been late.
In August of last year I received a letter from BOA with a check for the amount of the payment I had made in July.
I contacted BOA and was told that the had me the check for my payment because I had paid the incorrect amount. They had upped my payment do to an adjustment they had decided to make on the escrow portion of my payment to the tune of $82.00 a month for a total of $984.00 a year.
I was connected to a specialist and I explained my situation that I was unemployed and could not afford the additional $82.00 due to my employment status. The representative offered me a lesser increase of $34.00 to my total payment which I agreed to pay.
I then immediately deposited the check they sent me and sent a new check for the new amount to BOA and have continued to pay this amount since.
In November I reviewed my credit with the Creditkeeper review service and found that BOA had reported my July payment as 30 days late which lowered my credit rating score by as much as 40-50 pts.
I called BOA and they have refused to correct the reporting even though the issue of the July payment even though I had made my payment in good faith and had never had a late payment on the history of the mortgage.
I feel this is extremely unfair way to treat a customer and I would like any advise of what can be done. I have filed a dispute through Credit Keeper but It is still showing on my recent credit report.
Which Credit Bureau Does Your Lender Use?
It seems that many people ask “which credit bureau does ______ use?” Just fill the blank with almost any bank, retailer, automotive brand, or mobile service provider. It’s amazing what one can learn through the type-ahead feature of a certain search engine.
Perhaps you are hoping that the credit reporting agency with the highest risk score will be used. The ultimate answer will be determined when you apply. But you may find it interesting to know that:
- There are more than three credit bureaus used by lenders
- Each lender uses multiple bureaus
- That the ultimate lender is often anonymous
Anonymous Lenders behind Common Brands
When people ask “which credit bureau does my lender use”, they often reference a brand rather than the ultimate lender. Lenders make the decision about which bureau to use for a particular transaction. We have to first identify the lender to narrow down which consumer reporting agency they might use, and when. Consider the ultimate lender for four main industry categories.
Most of the major automobile companies maintain their own vehicle financing companies. Financing and insurance are a big part of making car ownership possible for many motorists. Determining which credit bureau is used gets tricky with auto lenders.
Get an auto loan in 1 minute! End the drama of guessing which report each company uses.
Generic risk scores are used by auto insurance companies to determine premium costs. The insurers each decide which credit reporting agency to use. Sometimes auto dealers utilize secondary lenders for subprime borrowers who do not meet the underwriting criteria of the manufacturer’s finance company. And then we have confusion between companies and brands.
Auto Brands versus Finance Companies
In the automotive marketplace there ultimately are only eight automotive finance companies supporting hundreds of brands. Finding out which credit bureau is used by car brand means identifying the ultimate finance company. The finance company decides which report to pull.
Retailers offer store cards to build brand loyalty. Retailers run complex businesses and many make a business decision to outsource issuing and maintaining their cards. Others choose to keep their store card operation in-house.
Private label retail cards describe when a retailer outsources their card operation. The retailer’s name is on the card, but another company is issuing the loans, and deciding which credit bureau to use. In the United States, there are eight large private label card issuers: Alliance Data Systems, GE Capital Retail Bank, Citi Retail Services, Capital One, TD Bank, Wells Fargo, and JP Morgan Chase.
Below are some of the major retailers. You can identify the ultimate lender by reading the terms and conditions for their retail cards. This table was compiled in February of 2014. These relationships change all the time, so be advised.
Lenders use More than Three Credit Bureaus
In order to find out which credit bureau your lender uses, you first have to expand your horizons to include all the possibilities. Most people think only about the big three: Equifax, Experian, and TransUnion. Did you know that there are actually hundreds of reporting agencies in the United States?
Your lender may be using one or more of these other credit reporting agencies. These other reporting agencies come into play with non-traditional lenders, and with business loans. Sometimes different types of data are needed to make certain lending decisions. Each reporting company has unique sources of information.
Many time retailers such as Lowes and Home Depot lend to contractors. Automotive dealers sell trucks and fleets. Banks make commercial loans. Mobile carriers sell to businesses. There are credit bureaus specializing in business information such as Dun and Bradstreet, and Info U.S.A.
How Lenders Pick Which Credit Bureaus to Use
While the big three are the most commonly used credit reporting agencies, most lenders divide the pie by geography for traditional loans: revolving cards, auto loans, personal loans, etc. Each lender has different reasons for which agency they use in a specific region. Many times the determination is based on perceived data quality, but mostly it is based on price. Industry category of loan type can have an impact on which agency a lender might use.
Bank Issued Credit Cards and Loans
In this category, it is far easier to identify the lender and narrow down the credit bureau used. Most traditional revolving cards and personal loans come straight from the bank making the loan. Prominent lenders such as American Express, Bank of America, Chase, Citibank, Capital One, Discover, Key Bank, PNC, Sun Trust, and Wells Fargo issue loans under their own brand.
These traditional lending transactions are most reliant on traditional data. The big three credit reporting agencies split business from these banks fairly evenly.
Mortgages are traditional loan types and the banks noted above are also active in this market. Most conforming mortgages and mortgage refinancing require a merged consumer report, meaning your mortgage lender uses all three major credit bureaus. The Federal Housing Authority (FHA) insures the loans so that lenders can offer better terms, but does not pull consumer reports directly.
Visa and Mastercard are card associations. They are jointly owned by the card issuing banks. Card associations do not pull consumer reports directly from credit bureaus.
Mobile service providers often pull consumer reports when setting up an account. Providers allow customers to leave the store with very expensive smartphones with just a signature. Plus, the phone service is provided in advance of payment. A dishonest person could ring up thousands of dollars in overseas calls in just days.
Mobile service providers lend money in a unique way, and their primary users are often not well established. Many teens get service on their parents’ plans, but when they become adults their files may be very thin.
The major providers (AT&T, Sprint, T-Mobile, and Verizon) each uses credit bureaus to qualify new accounts. These mobile providers are far more likely to use non-traditional sources that compile different types of data. These reporting agencies are more likely to have data for younger, less established consumer populations.