Video: Answering More of Your Credit Reporting Questions

Compliance is not always binary. It is not always black-and-white. Sometimes, companies are going to have to make choices based on how risky or conservative they want to be. Those situations feature prominently in the latest episode of “Ask The Credit Reporting Expert” in which Sarah DeMoss, the Director of Compliance and Licensing at Premiere Credit of North America answers three questions that were submitted by the audience of And while making a choice about a compliance issue may not be black or white, it is paramount for companies to be consistent once that choice is made, DeMoss said when providing her answers.

The questions asked in this week’s episode are:

  • Do we have to respond to indirect disputes filed by credit repair organizations? Should we report our suspicions to the credit reporting agencies?
  • Should collection agencies be using the dispute codes XC and XH once a dispute has been investigated?
  • What are the proper credit reporting protocols when an individual files for bankruptcy protection?

While the answers to the first two questions are fairly straightforward, with some legal caveats, the third question is definitely not as simple to answer because case law differs from jurisdiction to jurisdiction, DeMoss noted. In many of the different scenarios that could present themselves in a bankruptcy situation, the answers are “really tricky,” DeMoss said. At the end of the day, what matters most is accuracy, she said.

See previous episodes of Ask The Credit Reporting Expert here. Have a credit reporting question you want to get answered? Fill out this form.

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