A debt collector systems support company called Ontario Systems, LLC put out a memo recently on how to "End the Credit Reporting Nightmare"-- which, despite what you'd think based on its name, is actually a how-to for debt collectors looking to avoid lawsuits and credit reporting issues. The suggestions, which are all very good ideas, are:
1) Wait at least 45 days after the expiration of the validation period to report.
-- This is even more aggressively pro-consumer than I would have suggested! But it makes sure that there are no unvalidated accounts that get reported, which is good.
2) Respond promptly to consumer complaints and disputes.
3) Promptly update all newly acquired consumer information.
-- Yes! Too often I see debts that have been paid off, disputed, etc. that get left un-updated for years-- years!-- on people's credit reports. The debt collector gets to argue, truthfully, that they never sent a false update. This is frustrating, and does not reward proper repayment like it should.
4) Become a complaint magnet.
-- Meaning be sure complaints come to the company, and not the CFPB or the Attorney General's office.
5) Don't make false statements.
-- Sign of the industry that you need to include this in a list of major suggestions.
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