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They have a statutory requirement to do so. That is why you want to file a formal direct dispute.
They must complete their investigation in 30 days, and send their notice of results of their investigation to you witnin 5 business days thereafter.
If they fail to do so, you have solid basis for a formal complaint to the CFPB, who has authority over compliance with the FCRA, and they will have to answer to them.
Being a corner-lot creditor, I doubt they have the means or knowledge to offer any substantive defense, and are likely to bail simply upon receipt of the direct dispute by deleting their entire account.
@RobertEG wrote:
Being a corner-lot creditor, I doubt they have the means or knowledge to offer any substantive defense, and are likely to bail simply upon receipt of the direct dispute by deleting their entire account.
LOL...probably so. Thanks for all the good info my friend.
All I can suggest is an attempt to negotiate a settlement with them in exchange for deletion of their reporting.
They may care much more about some $$ in their pockets than preserving their credit reporting.
The issue for you will be the age. If this was a 5-6 year old debt you would have more leverage with them as the debt would be dropping off soon. In your case you have 5 more years of this so you ability to deal is less. Go ahread and try to make a PFD offer and see where it gets you.
After years of rebuilding my credit I did a VA loan through VUHL and can say for sure this will not get by underwriting...no way no how. You need to get it deleted completely or pay, or wait and keep saving.
One thing you may want to do at a point in the future is dispute the account as a repo. What I mean is today the account is not showing as a negative so it will never drop off your CR. The time will come when, if you don't settle, you are going to want this to show as a negative so the CRA will delete at the 7 year mark.
I really don't think you're in a good position to buy a house. I would rent a nice and VERY affordable home/apt and start saving.
Good luck!
@NotTellinYou wrote:The issue for you will be the age. If this was a 5-6 year old debt you would have more leverage with them as the debt would be dropping off soon. In your case you have 5 more years of this so you ability to deal is less. Go ahread and try to make a PFD offer and see where it gets you.
After years of rebuilding my credit I did a VA loan through VUHL and can say for sure this will not get by underwriting...no way no how. You need to get it deleted completely or pay, or wait and keep saving.
One thing you may want to do at a point in the future is dispute the account as a repo. What I mean is today the account is not showing as a negative so it will never drop off your CR. The time will come when, if you don't settle, you are going to want this to show as a negative so the CRA will delete at the 7 year mark.
I really don't think you're in a good position to buy a house. I would rent a nice and VERY affordable home/apt and start saving.
Good luck!
I think you may be right as far as buying a house. I already have two repos on my report that are over four years old. This is dis-heartening to know that I'll have another repo on there unless I can figure something out.....such as paying them nearly $7000 for a bowl of air. My ex did not give me an opportunity to take possession of the vehicle before turning it in. That would have been behoove of her to call me before turning it in. My family is not rich by any means and throwing away $7000 is......unimaginable to say the least. I did have a thought though, wonder if they could report good payments monthly on that "open" account???? Such as, I will pay you monthly payments if you report those payments to the CRA's on a monthly basis.