The lien is the last baddie, yes. I just had the two. I didn't used to monitor closely enough to catch that stuff when it occurred.
I always thought that my debt utilization - which was as high as 90 percent - was weighing down my score. But I guess it was the baddies, as well. I knew they were a little bit, but not that much.
Still good to lower it, though, I think, for when I go mortgage shopping for DTI purposes.
The FCRA, in recognition that anyone can assert that they have no recollection of an account, establishes specific requirements to support such an assertion.
The consumer must put that assertion into a sworn statement before a law enforcement agency, which carries criminal penalities for knowingly false statements.
The FCRA then imposes requirements on the CRA to block the information from the consumer's credit report (section 605B) and on the furnisher to provide all business records pertaining to the alleged account (section 609(e)). Both processes require supplying a copy of the police report as basis for their acceptance.
With the form of documentation for such assertions clearly specified in the statute, a dispute that simply contests "account not mine" lacks adequate supporting documentation. By providing a block of the information from the consumer's credit report, the FCRA essentially treats the matter outside of any dispute process.
The dispute process does not really work for such issues, as the OC can simply verify the accuracy based on their records. They have no way of knowing if their records resulted from identity theft, and the dispute processes dont require proof in order to verify accuracy. The FCRA identity theft process of CR blocking addresses that catch-22 dilemma without first having to decide the facts. The consumer's sworn statement is sufficient.
Are your tax liens federal or state?