The definition of a factoring Company is not something that Government is involved in. The definition is something that evolved as an Industry Standard........I am convinced the Courts would rely heavily on Accepted Industry Practice, which AA just doesn't meet.
Ok, let's follow that logic.
We're talking about a credit report listing an account as factored, or a JDB being a factoring company.
As I'm sure you know, the Consumer Data Industry Association is an international trade association representing the consumer credit, mortgage reporting, employment and tenant screening and collection service industries. They also provide legislative assistance and a lobbying function to its members, and works with all of the CRA's to establish standards for the consumer reporting industry. I would think a court would give more weight to the fact that the reporting industry itself recognizes a JDB as a factoring company.From the CDIA's reporting guidelines:
Glossary of Terms:Factoring Company
: See Debt Purchaser.GENERAL REPORTING GUIDELINES
A Third Party Collection Agency is a company or individual who specializes in collecting
outstanding debts for other businesses or individuals. A Debt Purchaser/Factoring
Company is a company or individual who purchases accounts with the intent of collecting
debts owed.3. Account Type Codes
(Base Segment, Field 9)
• 0C — Debt Purchaser (a/k/a Factoring Company)