Hey, Mr. Wonderful here and I want to talk about credit scores. Why? Because if you have a bad credit score it’s really expensive. People with bad credit scores have a hard time borrowing money, cause lenders don’t want to take the risk and they charge really high interest rates. So one of the best things you can do is drive up your credit score so you drive down your interest expense. It’s kind of crazy that anyone pays a bill and doesn't get credit for it. So, what I say is pay your bill, report it and lower your interest expense. Well how do you do this? You have your property management company get with Sperlonga. It's a great idea, that’s why I’m doing this shout out for Matt Martin. He’s driving this whole process. Sperlonga helps you reduce your interest expense by making you have a higher credit score. A very good idea. In today's world you want to be the best you can be, particularly when it comes to credit score. Sperlonga can help. Fair Credit Reporting Act | Sperlonga Data

Fair Credit Reporting Act (FCRA) 

vs.
Fair Debt Collections Practices Act (FDCPA)

Which regulation governs payment credit reporting?

The Fair Credit Reporting Act (FCRA) and the Fair Debt Collections Practices Act (FDCPA) cover entirely different business practices and industries. Reporting of account payment activity facilitated by Sperlonga's data aggregation service is entirely governed by the Fair Credit Reporting Act (FCRA), not by the Fair Debt Collections Practices Act (FDCPA). The following table illustrates the important differences between the FCRA and the FDCPA.

FAIR CREDIT REPORTING ACT

FAIR DEBT COLLECTIONS PRACTICES ACT

  • Full governance of credit reporting

  • Regulates the reporting of consumer debt to credit bureaus

  • Can report payment history without being considered a collection agency

  • Can report both current and delinquent payments to credit bureaus

  • Can make a mistake reporting data to a credit bureau

  • Data furnishers are not liable for inaccurate reporting 

  • Reporting delinquent debt is not considered abusive

  • On time payment history can increase a consumers credit score

  • No governance of credit reporting

  • Regulates practices that are used to collect a debt such as methods, treatment, and times of outreach to consumers

  • Cannot call a consumer before 8am or after 9pm

  • Cannot call a consumer at their place of employment

  • Cannot contact a consumer known to be represented by an attorney

  • Consumers can sue a collection agency

  • Cannot abuse, annoy, or harass a consumer when making contact

  • Cannot contact consumer after they have provided written notice to no longer contact them

A Brief History of Credit Reporting in America

Retail Credit Company which later becomes Equifax is founded in Atlanta, GA

1899

General Motors begins offering installment plan financing, creating millions of consumer credit histories.

1919

Consumers begin buying appliances and other household goods on installment plans, increasing the number of consumer credit payment histories. 

1930

The first independent credit card company in the world, Diners Club offers consumer credit to millions worldwide, further expanding the consumer credit marketplace.

1950

Even though records are all paper based, credit bureaus issue 60 million credit reports by year 1960.

1960

U.S. Congress passes the first Fair Credit Reporting Act giving guidance for credit reporting agencies.

1970

FICO scores are introduced and quickly become the standard across the industry for indicating credit worthiness based on objective factors and account data.

1989

Sperlonga Data & Analytics begins reporting homeowner assessment payment data for property management companies nationwide, giving small business the same tools as big business for impacting consumer credit reports.

2016

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Canoga Park CA 91303

info@sperlongadata.com  |  818-200-0530 

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