topic Re: what's the best start? in Rebuilding Your Credit

what's the best start?

palagretto — Sun, 18 Nov 2012 03:38:19 GMT

Hi to everyone,

I am having such a rough time getting started.

My goal is to improve my wife’s scores so we can qualify for a home mtg. A lender pulled her scores

on 10/29/2012 and they were:

EFX 604

TRU 600

XPN 612

I pulled her CR’s from myfreecreditreport.com

The Good:

-GM Financial Auto installment opened 4/2012 pmt $575/ bal $25,079

-Cap 1 CC AU opened 5/2004 never late bal $500/ CL $15,000

-BofA Mtg opened 3/2004 paid, closed, never late ( not sure why this shows as positive for her since this home

Foreclosed on me but not her).

The Bad:

-Two Cap 1 CC (one used to be HSBC) $300 CL with balances of $9 on each carried over and paid every month.

One was opened 11/2010 the other 1/2011, they are reporting negatively because each has 3 30-day late.

-Barclays Bank Delaware $0 bal Closed $3,225 CO DOFD 8/2007

-Chase $0 bal Closed $4,255 CO DOFD 7/2007

-GECRB/Care Credit Paid and Closed/ Account closed by credit grantor.

This account shows “Pays as Agreed” but it has a 30,30,60,60, and a 90 before we were able to pay it in full.

-Universal Recovery Corpo Medical CA $249 DOFD 9/2009 (I think, I take estimated date item will be removed and

Subtract 7yrs, right?)

-Stanislaus Credit Control Medical CA $161 DOFD 1/2011

- Stanislaus Credit Control Medical CA $221 DOFD 1/2011

-LVNV Funding, LLC DOFD 7/2007 I am very suspect of this acct. They list Washington Mutual as OC. We don’t

recall ever having a CC with WAMU. Furthermore, the acct. # LVNV reports is the same as the Chase CO CC listed above,

and the original amount that LVNV reports is $4,345 and Chase reports they CO’ed $4,344.

Another note is that it LVNV lists Responsibility of the acct. as individual, now I checked my CR and this same TL is on mine from LVNV saying WAMU OC stating responsibility individual…pardon my ignorance but wouldn’t it say joint with so in so? or am I being irrelevant.

Lastly, There are actually two TL’s when the lender pulls her CR for LVNV. For what ever reason they report to XPN on one line as and installment, or at least I think they do cause it shows INS 09. On the line right above is the one that reports to TRU and EFX and this one has a OPN 09 at the end, I’m assuming that means open?

Thanks in advance for anything you all have to offer

-Mike

Re: what's the best start?

Shogun — Sun, 18 Nov 2012 04:27:16 GMT

palagretto wrote:
Hi to everyone,

I am having such a rough time getting started.

My goal is to improve my wife’s scores so we can qualify for a home mtg. A lender pulled her scores
on 10/29/2012 and they were:
EFX 604
TRU 600
XPN 612

I pulled her CR’s from myfreecreditreport.com

The Good:

-GM Financial Auto installment opened 4/2012 pmt $575/ bal $25,079

-Cap 1 CC AU opened 5/2004 never late bal $500/ CL $15,000

-BofA Mtg opened 3/2004 paid, closed, never late ( not sure why this shows as positive for her since this home
Foreclosed on me but not her).

The Bad:

-Two Cap 1 CC (one used to be HSBC) $300 CL with balances of $9 on each carried over and paid every month.

One was opened 11/2010 the other 1/2011, they are reporting negatively because each has 3 30-day late.
The 30 day lates aren't too bad, they will lose their affect pretty quick. Let's look at the others first.
-Barclays Bank Delaware $0 bal Closed $3,225 CO DOFD 8/2007
Will fall off late 2014 or early 2015. What's the SOL of your state? Has been sold to a CA
-Chase $0 bal Closed $4,255 CO DOFD 7/2007
Same as above
-GECRB/Care Credit Paid and Closed/ Account closed by credit grantor.
This account shows “Pays as Agreed” but it has a 30,30,60,60, and a 90 before we were able to pay it in full.
Send GWs to GE, the account has been paid. Wouldn't hurt to try.

-Universal Recovery Corpo Medical CA $249 DOFD 9/2009 (I think, I take estimated date item will be removed and
Subtract 7yrs, right?)
Add 7 years + 180 days and that's when it will fall off. Can try for PFD
-Stanislaus Credit Control Medical CA $161 DOFD 1/2011

- Stanislaus Credit Control Medical CA $221 DOFD 1/2011
Pretty current, try for PFD
-LVNV Funding, LLC DOFD 7/2007 I am very suspect of this acct. They list Washington Mutual as OC. We don’t
recall ever having a CC with WAMU. Furthermore, the acct. # LVNV reports is the same as the Chase CO CC listed above,
and the original amount that LVNV reports is $4,345 and Chase reports they CO’ed $4,344.
Another note is that it LVNV lists Responsibility of the acct. as individual, now I checked my CR and this same TL is on mine from LVNV saying WAMU OC stating responsibility individual…pardon my ignorance but wouldn’t it say joint with so in so? or am I being irrelevant.
Lastly, There are actually two TL’s when the lender pulls her CR for LVNV. For what ever reason they report to XPN on one line as and installment, or at least I think they do cause it shows INS 09. On the line right above is the one that reports to TRU and EFX and this one has a OPN 09 at the end, I’m assuming that means open?
Chase took over the WAMU accounts so that explains why it's Chase, but if you don't recall having an account, you should file a direct dispute with them to make sure it's yours.
Thanks in advance for anything you all have to offer

-Mike

Re: what's the best start?

palagretto — Sun, 18 Nov 2012 04:48:53 GMT

Thanks for your reply and input Shogun and on a side note, Congrats to you for making Moderator.

Um... SOL is 4 yrs in my state Calif. and I don't see that Barclays Bank debt got sold to any CA or at least I haven't seen it show up yet. It seems pretty old already though for it to pop up now.

The medical Collections, yes they are fairly new and not very much, relatively speaking of course. And your advice would be to attempt a PIF for delete?

Lastly, The direct dispute, would this be done with LVNV? and how do I go about that? any help and direction would be great, thanks for your time

-Mike

Re: what's the best start?

Shogun — Sun, 18 Nov 2012 05:13:09 GMT

Yes, do a direct dispute with them, get the information for the original creditor and back track it from there. Like you said, you really don't know where this came from. It's with LVNV now, was with Chase and Wamu before that. Information that changes hands so many times gets watered down. Make them prove it was actually yours.

Re: what's the best start?

palagretto — Sun, 18 Nov 2012 18:36:25 GMT

Ok, I will do a Direct Dispute with LVNV .

Do I send this CMRRR?

Should the letter start out by stating explicitly " This letter is a direct dispute of the debt you claim to be mine" ?

Is the language along the lines of : " I do not recognize this as my debt. Therefore, I demand you provide documentation from the original creditor with my signature on it" ? Or should it be written another way?

(sorry bout the delayed reply times occasionally, I have a 14 mo. old who is cutting his molars and not happy when Daddy is on the CPU)

-Thanks for the help

-Mike

Re: what's the best start?

Shogun — Sun, 18 Nov 2012 18:54:54 GMT

I don't know if I would go with the demand part. But I would put in there that you have never had an account with the OC and you are requesting validation of the debt.

Re: what's the best start?

palagretto — Sun, 18 Nov 2012 22:26:01 GMT

So dial down the tough guy bit, gotcha. Thanks

I'll go with "request" instead of "demand".

How about method of delivery ? Does it go CMRRR or just regular stamp?

-Mike

Re: what's the best start?

palagretto — Tue, 20 Nov 2012 03:36:36 GMT

Anybody in the know,

I don't know if this adds any dimension to this LVNV scenario but they add approx $30 every month to the balance and say it's past due. Again we don't believe this is actually believe this to be our debt but it shows DOFD 7/2007 and SOL is 4yrs for us. Are they breaking addition statutes here?

-Mike

Re: what's the best start?

beb86 — Tue, 20 Nov 2012 03:41:11 GMT

Now are these COs paid? If not I dont think you will be able to get a mortgage. Also she will need 12 months of + history.

Re: what's the best start?

palagretto — Tue, 20 Nov 2012 04:19:28 GMT

We didn't pay them, but they have zero balances. Is that what you mean?

-Mike

Re: what's the best start?

beb86 — Tue, 20 Nov 2012 04:28:38 GMT

palagretto wrote:
We didn't pay them, but they have zero balances. Is that what you mean?

-Mike

Past due is $0? If so you may be alright.

Re: what's the best start?

palagretto — Tue, 20 Nov 2012 05:02:19 GMT

Well the past due on the LVNV is $6,351ish and keeps increasing every month but they are a CA claiming the OC is WAMU. We don't recall ever having an account with WAMU, of course Chase took over WAMU acct's and that's one of her CO's the other is Barclays Bank, also a CO and both past SOL.

I was asking about the LVNV adding to the debt every month (since they bought it as far as I can tell) being a CA just buying debt and not being an OC.

Is this against a statute?

-Mike

Re: what's the best start?

rootpooty — Tue, 20 Nov 2012 09:08:53 GMT

As far as reporting goes for clarification the OC can report a zero balance and report the amount charged off.

Now lets start from the bottom. If you send a DV letter to LVNV they are going to respond with a letter asking you to provide documentation to further assist them in locating your file. They are basically asking you to feed yourself to the wolves. This is their stall tactic.

Now if you've never had a Washington Mutual Account then they cant report it as a WAMU account. But if you did they could report it as Chase being they now own it.

As to answer your question whats the best start? I would do a direct dispute with LVNV reminding them that it is their duty to report accurate information.

"FCRA 623(a)(2) Duty to correct and update information

A person who

(A) regularly and in the ordinary course of business furnishes information to one or more consumer reporting agencies about the person's transactions or experience with any consumer, and

(B) has furnished to a consumer reporting agency information that the person determines is not complete or accurate, shall promptly notify the consumer reporting agency of that determination and provide to the agency any correction to that information, or any additional information, that is necessary to make the information provided by the person to the agency complete and accurate, and shall not thereafter furnish to the agency any information that remains not complete or accurate. "

I would take a two-pronged approach. I would file a direct dispute with them, asserting inaccuracy in their current reporting, requiring them to either contest the correct balance, promptly correct their reporting, or delete the inaccurate information. They have 30 days to do one of those three.

If you want to put more teeth into your bite, also file a formal complaint with the FTC for their failure to comply with section 623(a)(2).

Re: what's the best start?

palagretto — Tue, 20 Nov 2012 20:28:48 GMT

Thanks rootpooty for the advice.

I'm still cloudy though,

Is the CA (LVNV) able to increase balance owed every month?

-Mike