Even when it’s working right, the U.S. credit reporting system affects all of us. Consumers who pay their bills promptly receive higher credit scores; debt collectors who accurately report consumer accounts experience increased recoveries; and lenders who rely on the credit reporting system make better lending decisions.
But the U.S. credit reporting system is in a state of disarray and this spells “n-i-g-h-t-m-a-r-e” for data furnishers. In February of 2013, the FTC released its fifth interim Report to Congress on a national study of credit report accuracy — which laid out just what kind of nightmare we’re all dealing with.
There is a way out of this nightmare.
This whitepaper from Ontario Systems offers practical tips to data furnishers, particularly those who collect debts on behalf of the credit granting community, on how to navigate the credit reporting mine field, implement technology solutions to reduce exposure to liability, and decrease costs associated with their data furnisher responsibilities.
Ontario’s Whitepaper Explains Why:
- You should wait at least 45 days after the expiration of the validation period to report.
- You should respond promptly to consumer complaints and disputes.
- You should promptly update all newly acquired consumer information.
- You should become a complaint magnet.
- You should not make false statements.