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IMHO I dont think a lawyer would generally want to get involved in a case like this, not enough money in it and the bank probably has in the terms and conditions that they can close account at anytime (I could easily be wrong on this tough so dont take my word for it, keep checking) but if they are willing to give you a letter stating the account is still open I would try disputing with the CRAs through the mail and sending a copy of the letter with your dispute stating that account status is incorrect it should be listed as open instead of closed per the letter. If the CRAs change it your mortgage lender should be able to do a rapid rescore to update right away once changed. Hope this helps
Any creditor must follow the agreement for that loan. You know that it says they can close the loan anytime. You should probably think of this as not really qualifying for a mortgage yet since the only positive account was one loan.
You seem to be saying that they did open a replacement loan for you. If so, that will help your credit after a short time.
You need some additional accounts on your reports. You aren't really "there" yet.
Id go the CRA route and get cras to update as open then it will show two accts loans open and being paid. However Id also try 2 cc secured or otherwise now and pay for 6 months to bring score up and over the fateful 640. you will take a ding for the two inq. and AAOA but in 6 months it should boost you considerably. If u can wait it out six more months Id do so. Who wants to move in the winter anyway hope that helps.
If you dispute through the CRA, it will go like this....
They will forward a copy to the creditor using their e-Oscar process, without any supporting documentation. The credtior will receive a two-digit dispute code, and either change their reporting or simply verify that what is currently reported is accurate.
They need not provide any documentation to the CRA, and in fact, the CRA e-Oscar process essentially precludes that.
The CRA wont be a substantive player in the dispute. In fact, they will be a detriment. They will conclude their reinvestigation based upon whatever the creditor reports back through the automated e-Ocar resolution form.... a checklist.
If you wish to dispute the accuracy of the current account status, I suggest sending the creditor a direct dispute under FCRA 623(a)(8) and leave the CRA out of the process.
That will ensure that all of your documentation is received by the creditor, which wont happen if you use the CRA. It may not change the resolution of the dispute, but it will at least get your documentation before the creditor.
The main problem is this..
I have no idea who to send the dispute to.
I understand I need to Send the dispute to the creditor directly,but which Department?? The bank has been completely unhelpful and any "front line" CSR suggests the collection department since they mainly deal with reporting to the CB's but the collection agency's state that they have no idea what to do.. The agents I spoke to told me that my problem I'll not likely be resolved until after February. If you pull my account online or if the bank does it is reported "current/open"and on the report it states "closed/current". I seriously have about 5 days to have this fixed. Any ideas are helpful.
Or if anyone has any contact information even more helpful.
The rules implementing the direct dispute process, found at 16 CFR 660.4, anticipated the issue of what constitutes a proper mailing address for direct disputes.
"16 CFR 660.4(c) Direct Dispute Address. A furnisher is required to investigate a direct dispute only if a consumer submits a direct dispute to the furnisher at:
(1) The address of a furnisher provided by a furnisher and set forth on a consumer report relating to the consumer;
(2) An address clearly and conspicuously specified by teh furnisher for submitting direct disputes that is provided to the consumer in writing or electronically (if the consumer has agreed to the electronic delivery of information from the furnisher); or
(3) Any business address of the furnisher if the furnisher has not specified and provided an address for submitting direct disputes under paragraph (c) (1) or (2) of this section."
I presume they have not provided an address to which direct disputes are to be sent, so the rule says that you should send it to the address they reported to the CRA, and if no addresss has been provided to the CRA, you can send it to any legitimate business address of the furnisher. You need not identify a particular dept or person if they have not specified in advance.