Credit Repair Q & A
February 3rd, 2010 | by admin |- Submit this to Script & Style
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In our Members area for DIY Credit Repair we have an interactive feature called Ask the Expert Q & A. This is where members pose questions to our credit expert and can receive expert opinions on the fly. Because its interactive, a member can pose a credit or debt question and within minutes to a few hours, have an experts opinion. This is extremely useful if you’re currently working on your own credit improvement or debt reduction plan. Each week we are going to offer a few highlights of these credit repair questions.
I have credit card chargoffs by card companies on my reports that have certain begin dates. Collection agencies are now reporting these also but some of the begin dates have been changed. Is this legal for the CA to change the begin dates to try and keep it on your credit longer? Can I get them to change the begin dates to match the original creditors? Thanks
Answer: When a collection agency buys the account from the creditor and begins reporting it, the account details must still be accurate and that includes the open date, close date, charge off date etc. This is good grounds to make the CA validate the debt and if it turns out to be inaccurate then it must be corrected or deleted.
I am currently in the middle of a loan modification on my mortgage. I have not paid my mortgage for 6 months and would like to take those late payments off so that I can apply for a personal loan. Could this be done by challenging the credit bureau? Please give me some advise
Answer:Is it really a good idea to apply for a personal loan if you cannot pay your mortgage? If there’s a very good chance that the loan history is false in some way then yes, you can have that information corrected. Any disputes you have with a payment history should go through a dispute process with the credit bureau.
I requested Validation under the FDCPA. Response was that they did not have a time limit to get back with me. They are basically saying that since I challenged them under the FDCPA they do not have to remove the item, even if it is not validated, because there is no set time limit. Do you think I can challenge them under the Fair Credit Reporting Act, Specifically: Sec. 1681s-2. – Responsibilities of furnishers of information to consumer reporting agencies (b) Duties of furnishers of information upon notice of dispute?
Answer:The federal rule is that upon notice from the alleged debtor, the CA must inform the CRA that the account is in dispute. While there is no time limit to how long they take to validate it, they must still, upon notice from the debtor inform the CRA of the dispute. If they continue to report the disputed debt to the CRA while they are validating it (or just sitting on it) you can advise them that you have the right to sue them for FDCPA violations for failing to follow appropriate steps as afforded to you under the FDCPA and in essence- holding your credit report hostage. The CA MUST advise the CRA that the account is in dispute. Not doing so is a clear violation of FDCPA section 809. You also claim FCRA violations because the CA is a “furnisher of information” and has a duty to report only truthful-accurate information.
These Credit Repair Q & A are for general and non personalized purposes only. If you find this information on any other website, it has been stolen. CarreonandAssociates.com
