That is not what you said above.
You clearly stated collection reports are not legitimate unless they are proven in court.
Lets repeat what you said:
Reporting an uncollected claim is a process within itself as one of the many remedies under default rules.
If you have a credit product from us that was opened in 2000 all the payment history and account activity is saved on microfilm. Even if you have a 30+ year credit account that is still open and ongoing we will have all that history on microfilm. There is not a single lender out there that does not do this.
There is no grey area here. Proving an existing account that went into default status is never an issue. NO need to have it proven in court that the account was delinquent.
As far as we are concerned every collections tradeline is to be treated as legitimate. It's not up to us to question how the default occurred.
It's as clear as day within the members agreement(s). Misuse and/or fraudulent reporting to the credit bureau system will result in rescindment of the members license.
Many businesses can't operate let alone survive without the credit bureau system. No credit puls no credit reporting. They would be lending and qualifying blindly.
While some businesses may not be P2P lenders they still need the system for wholesale purposes extending credit services for business use to large clients.
The only reason anyone would say the collection reporting process is illegitimate unless proven in court is from someone who has experience with skipping on financial obligations. It's the catch me of you can mentality.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again