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Ellen, Lawyer
Category: Consumer Protection Law
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Experience:  25 years of private practice
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I am an insurance agent. There is a company called Vector-One

Resolved Question:

I am an insurance agent. There is a company called Vector-One that Insurance companies submit reports if the claim you owe them commissions they advanced. I had a claim put on this report. I did not owe it and I refused to pay. It has been well past 7 years I have asked to have it removed. However Vector-One claims they can keep it on the report forever and they are not subject to the statute of limitations as the credit reporting agencies. I find this very difficult to believe. Can anyone tell me if this is true or what I can do about it.
Submitted: 8 years ago.
Category: Consumer Protection Law
Expert:  Ellen replied 8 years ago.

Vector-One is not subject to the limitations imposed on the credit reporting agencies.

The Fair Credit Reporting Act is federal legislation that governs consumer credit reports. It contains many safeguards for consumers relating to outdated or erroneous items on the report. The protection does not extend to a purely commercial transaction. The collection of business, trade, and commercial credit reports are not covered by FCRA.

Vector-One reports only commission-related debit balances. Commission-related debts are by their nature commercial and not consumer. Thus, Vector-One reports deal with commercial and not consumer transactions and does not have the requirement to delete old matters.
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