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If you do not know the FDCRA or the FCRA top to bottom you wont know what to look for.
There is no such thing as a perfect credit report.
Dont confuse a good credit report with a CORRECT credit report.
FTC has already reported that 99.0% of all credit report have inaccuracies on them.
I have seen more then 300 credit reports in the past year and not one of them was 100% totally accurate. Even the best has a wrong street number, wrong zip code, wrong middle initial, wrong type of account.
If you know you credit report is perfect in every single way then why not jump in and help someone get their corrected?
I ordered all of my credit reports Friday and so far I have received 2 out of 3. I can honestly tell you that by Sunday I had disputed a few things on each one. There is a website I believe called Ripoffreports.com or something like that where you will see there are tons of people dealing with shady collection agencies and debt buying lawyers. There is something that says a negative account should clear off your account in 7 years, the keyword is SHOULD. Natalay is correct companies buy and sell debt all the time and they can put on your credit report it is a new debt. It's new for them because they bought it for a few bucks and come after you for 20 times that amount (the original debt, not including any payments you have made, and their fees). It is up to the consumer to get their report and scrutinize it. I found one medical debt on my report for $75 which went up on 10/2007. WHERE DID THAT COME FROM??? And who wouldn't pay a $75 debt???? It will be interesting to see how this dispute turns out. Will I be given time to respond or will a "default judgement" be given to me by the credit bureau.
Anyway I am not trying to get into another silly debate on this mind numbing thread about who is right and who is wrong just wanted to add my recent experience.
I ordered all of my credit reports Friday and so far I have received 2 out of 3. I can honestly tell you that by Sunday I had disputed a few things on each one. There is a website I believe called Ripoffreports.com or something like that where you will see there are tons of people dealing with shady collection agencies and debt buying lawyers. There is something that says a negative account should clear off your account in 7 years, the keyword is SHOULD. Natalay is correct companies buy and sell debt all the time and they can put on your credit report it is a new debt. It's new for them because they bought it for a few bucks and come after you for 20 times that amount (the original debt, not including any payments you have made, and their fees). It is up to the consumer to get their report and scrutinize it. I found one medical debt on my report for $75 which went up on 10/2007. WHERE DID THAT COME FROM??? And who wouldn't pay a $75 debt???? It will be interesting to see how this dispute turns out. Will I be given time to respond or will a "default judgement" be given to me by the credit bureau.
Anyway I am not trying to get into another silly debate on this mind numbing thread about who is right and who is wrong just wanted to add my recent experience.
I am not going to debate it either, because it seems the same people who are on the lending side always use the credit reports to their advantage to screw over consumers.
It is the job of any creditor to report item accurately, many fail to do so, many do it on purpose to destroy ones credit report.
There have been multi million dollar fines levied on collectors for wrongful collection activities.
If you expect the consumer to do everything right, then I EXPECT the same of the creditors and scumbag collectors who seem to never follow the law.
Consumers get screwed for making mistakes in their life and yet the lenders, collectors, junk debt buyers and such do the exact same thing but act like it is ok.
The law protects consumers from the ones who are the teal con artist, the collectors and junk debt buyers, most consumers are not aware of the laws therefore have to pay higher rates causing them thousands over time.
I just wanted to let people know to check their reports for inaccuracies because it is costing you allot of money that should not be. If it is inaccurate their are laws to force them to correct it. But, many scum collectors will try to find ways to conmtinue to report the false information because after all there mission is to force you to pay them and they will stop at nothing to do so.
Law requires your credit report to be 100% accurate, if not, they must correct or remove the item.
It is the lenders, collectors and junk debt buyers who get away with willful intent to harm a consumers life, it been proven and I have helped plenty of them collect checks for their violations of the FDCRA.
I never tell anyone to run away from the debt, but I do tell them that you have the right to an 100% accurate credit report.
Problem is most consumers are unware of how a credit report is suppose to be reporting and therefore get screwed by the willful intent by the creditors to screw them over.
Example: If you get a collectors notice in the mail, there are laws they have to follow, the consumer has 30 days to dispute it, but in many cases the collector breaks the law anyway by not allowing the consumer to dispute it.
I have helped many get paid because the collector wont even validate the debt they say they owe you. Its the law that if a collector tells you that you owe them, they have to show you why and how they say you owe it. Its not just because they say so.
Remember something folks, just because a collector says you owe them doesn't mean you do. They have to prove it to you. Its the law.
I am not going to debate it either, because it seems the same people who are on the lending side always use the credit reports to their advantage to screw over consumers.
It is the job of any creditor to report item accurately, many fail to do so, many do it on purpose to destroy ones credit report.
There have been multi million dollar fines levied on collectors for wrongful collection activities.
If you expect the consumer to do everything right, then I EXPECT the same of the creditors and scumbag collectors who seem to never follow the law.
Consumers get screwed for making mistakes in their life and yet the lenders, collectors, junk debt buyers and such do the exact same thing but act like it is ok.
The law protects consumers from the ones who are the teal con artist, the collectors and junk debt buyers, most consumers are not aware of the laws therefore have to pay higher rates causing them thousands over time.
I just wanted to let people know to check their reports for inaccuracies because it is costing you allot of money that should not be. If it is inaccurate their are laws to force them to correct it. But, many scum collectors will try to find ways to conmtinue to report the false information because after all there mission is to force you to pay them and they will stop at nothing to do so.
Law requires your credit report to be 100% accurate, if not, they must correct or remove the item.
It is the lenders, collectors and junk debt buyers who get away with willful intent to harm a consumers life, it been proven and I have helped plenty of them collect checks for their violations of the FDCRA.
I never tell anyone to run away from the debt, but I do tell them that you have the right to an 100% accurate credit report.
Problem is most consumers are unware of how a credit report is suppose to be reporting and therefore get screwed by the willful intent by the creditors to screw them over.
Example: If you get a collectors notice in the mail, there are laws they have to follow, the consumer has 30 days to dispute it, but in many cases the collector breaks the law anyway by not allowing the consumer to dispute it.
I have helped many get paid because the collector wont even validate the debt they say they owe you. Its the law that if a collector tells you that you owe them, they have to show you why and how they say you owe it. Its not just because they say so.
Remember something folks, just because a collector says you owe them doesn't mean you do. They have to prove it to you. Its the law.
Speaking of validation. I received a letter last Tuesday from a collection agency saying I owed a hospital $670. I knew I was in the hospital last year but I was covered and the bills were paid. So I called the agency and asked what is this for? The lady proceeded to tell me it was from an ER visit in 2001!!!! I had to think back and I said from "2001 that was when I broke my ankle but I had health insurance". She said well it wasn't paid. I told her "look I have been with 2 different companies and the company I was with in 2001 merged with another company and plus these companies change insurance carriers every other year so how am I supposed to find out if this was paid???". I also told her no insurance company would pay this anyway because the statute of limitations has past on this bill. Just to see what kind of business this was I asked for validation of the debt. Her response was "we don't have that this was sold to us by another company". I told her I was not paying this because it's too old and it should have been submitted to my insurance years ago. That is what prompted me to check my credit reports. I am also sending a written notice to them and to the 3 credit bureaus in case this debt ever shows up on my reports.
Alot of young people don't check their report because it doesn't seem like a big deal. I am honestly one of those people that will not order their credit report because I am not ready to make any big purchases. I think between that letter I received and a couple of the posts I have read on here, only from those who offer opinions and advice without bashing anyone or underhanded name calling being used, actually made me want to check mine out and see what was on there. I am glad I did.
Thanks
Last edited by neekah18; 02-04-2008 at 09:36 AM..
Reason: Addition
Excellent post, neekah and Floridabound! Personally, I trust everything to American Express. They have all kinds of alerts and protections from fraud, as well as excellent customer service. I have not had the experience of using online credit reporting/monitoring agencies as it makes me shiver to provide someone online my SSN. We used our mortgage broker to run our credit reports on an annual basis so we could check it for any unusual activity.
Taking control and preemptive action is the best thing a consumer can do to protect himself.
You need to check your SOL laws in your state for this type of account.
They vart from state to state.
She just told you EXACTLY what you wanted to hear, she has no validation. They are a junk debt buyer who bought the account without the proper paperwork and they cannot validate the debt.
You have to be careful here, more then likely they will show up on your report as most JDB kinda forget to follow the laws.
Most important is to find out the SOL in your state.
Call the same lady back and record her saying they dont have the paperwork, check your laws on recoding a conversation.
Make sure the letters you send that you send them CMRRR. Keep good records.
They have nothing and will be in violation of the FDCRA if they do validate the item to the CRA's.
PM if you need help.
Quote:
Originally Posted by neekah18
Speaking of validation. I received a letter last Tuesday from a collection agency saying I owed a hospital $670. I knew I was in the hospital last year but I was covered and the bills were paid. So I called the agency and asked what is this for? The lady proceeded to tell me it was from an ER visit in 2001!!!! I had to think back and I said from "2001 that was when I broke my ankle but I had health insurance". She said well it wasn't paid. I told her "look I have been with 2 different companies and the company I was with in 2001 merged with another company and plus these companies change insurance carriers every other year so how am I supposed to find out if this was paid???". I also told her no insurance company would pay this anyway because the statute of limitations has past on this bill. Just to see what kind of business this was I asked for validation of the debt. Her response was "we don't have that this was sold to us by another company". I told her I was not paying this because it's too old and it should have been submitted to my insurance years ago. That is what prompted me to check my credit reports. I am also sending a written notice to them and to the 3 credit bureaus in case this debt ever shows on my report.
Excellent post, neekah and Floridabound! Personally, I trust everything to American Express. They have all kinds of alerts and protections from fraud, as well as excellent customer service. I have not had the experience of using online credit reporting/monitoring agencies as it makes me shiver to provide someone online my SSN. We used our mortgage broker to run our credit reports on an annual basis so we could check it for any unusual activity.
Taking control and preemptive action is the best thing a consumer can do to protect himself.
Dead on, everyone needs to be on the offensive not only for credit but for ID theft reasons etc.
I can PM anyone credit monitoring service website if they need it.
Credit card companies get away with this crap because very few challenge them. I recently challenged all 3 reporting agencies to investigate and repair everything they had in my credit report...from extremely minor (wrong balance) to extremely serious (an unpaid tax bill that is/was non existent).
They DO make mistakes. Question is, if you do not call them to task will they make repairs on their own? NO!.
I have found TransUnion to be the most cooperative and the fastest to respond. I get my 3 free credit reports every January along with my credit scores even though I have no major credit cards...don't care for them...as I overwork my debit card.
My two cents
Last edited by RuralCoastalGuy; 02-04-2008 at 11:30 AM..
Reason: mis spelled word
UB
another option you can try is pull one every quarter that way you can monitor it yourself through out the year.
this works well for folks that regularly review their credit.
If you haven't pulled your credit in a few years then do them all at once.
Did I say similar rates? I'm not stupid. I wasn't thinking 7% but they offered her 22.5 percent or something like that.
Again, the people giving out the money can always do something else with it. If the potential advantage is not high enough they will do something else with the money. There are tons of other investments that can yield 22.5% (of they are very risky too), so given the loan is so risky the yield needs to be that high. What is the alternative? No loan at all. This is how free markets work.
Quote:
It just seems to me that by making the price so high, you're pretty much guarenteeing you won't be getting paid.
No, because its a secured loan. If the borrower stops making payments then the car can be taken back.
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??? And who wouldn't pay a $75 debt???? It will be interesting to see how this dispute turns out. Will I be given time to respond or will a "default judgement" be given to me by the credit bureau.
