topic Re: Apologizing for incorrect information being passed around. in Rebuilding Your Credit

Apologizing for incorrect information being passed around.

DaBears — Tue, 09 Apr 2013 17:35:07 GMT

I want to apologize to everyone that I gave certain information on in the past. I have just learned from my consumer attorney that once a unpaid debt is deleted from your credit reports is does NOT stay in your credit file. It is permanately deleted. So if you go to apply for a mortgage the lender will NOT see the unpaid debt it just can't be relisted after 7.5 yrs. If a JDB gets a hold of it. Unpaid debt will always follow you but it's up to you if you want it can permanately. Some people call me a professor on here and im flattered but I do myself make mistakes. I myself is still learning and learning something new everyday. I was told a lot of information in my 45 min phone call. Once again I wanted to apologize and lets keep trucking away and improving our credit!!!!

BRB i need to go milk a cow, shogun and llecs is requesting fresh milk

Re: Apologizing for incorrect information being passed around.

DiabolicallyRandom — Tue, 09 Apr 2013 16:00:46 GMT

I will accept your apology, I suppose. Lol j/k. It sounded appropriate enough to believe.

Re: Apologizing for incorrect information being passed around.

dddewdrop — Tue, 09 Apr 2013 16:01:21 GMT

Omg. Thank you for all the info you provide on here for people. I have made a ton of mistakes myself and given some bad advice. However by providing advise that is accurate and too the best of my knowledge true, and when someone here corrects me, I learn more and come back better and more on for the next new person I try to help. We are all learning together. It seems there are certain levels of knowledge here. It is like learning physics. First you learn the basic rules. Then you learn the exceptions. Then as you study more you realise that the basic rules end up not applying to almost anything. It is like here with utilisation. First you hear from many that the best way to go is to have several active credit cards all with a zero balance except for one with a small balance. I gave that advice to some new people and was corrected that my advice was not correct and it is more of a YMMV thing. Another example is rebucketing/scorecards. You give a person advice here and they do what they should but if it happens to rebucket the person then their score can react in unpredicable ways. The unpredictability that comes here is in fine tuning things because no one has backed out the exact formulae for the models. The general principles of how to inprove credit scores still apply however and a new person can be helped by teaching them the basics. It is just when it comes to fine turning and very specific situations, things get a bit more dicey.

I apologize myself for the many mistakes i have made/make in trying to advise people. i am getting better however and only by responding to people's questions and being engaged with the process can I learn myself and get better at this. Once again you are a great asset to this community and as kids say these days, "keep it poppin'",

Re: Apologizing for incorrect information being passed around.

InvincibleSummer3 — Tue, 09 Apr 2013 16:32:06 GMT

Hey the best professors will absolutely admit when they're wrong. If you wanted to be all academic, just mention that "new evidence has come to light that has disproved your previous theory".

And yay for old debt not showing up!

Re: Apologizing for incorrect information being passed around.

llecs — Tue, 09 Apr 2013 16:51:34 GMT

Your penance shall be to give everyone reading this 5 FICO points to the report of their choosing. Mods get 50.

Re: Apologizing for incorrect information being passed around.

DiabolicallyRandom — Tue, 09 Apr 2013 17:04:58 GMT

@llecs wrote:
Your penance shall be to give everyone reading this 5 FICO points to the report of their choosing. Mods get 50.

+100

I only need 4.....

Re: Apologizing for incorrect information being passed around.

DaBears — Tue, 09 Apr 2013 17:07:06 GMT

@llecs wrote:
Your penance shall be to give everyone reading this 5 FICO points to the report of their choosing. Mods get 50.

LMAO, we have jokes this afternoon eh llecs?

Re: Apologizing for incorrect information being passed around.

DaBears — Tue, 09 Apr 2013 17:16:19 GMT

Follow up what else I found out I even had a manager at TU laughing. He stated there is no such thing as credit file for consumer the lenders can pull. Only Credit reports. Unpaid debt from 15+ yrs ago is not in a "so called" file they have. Once the CRTP has expired they must remove the TL and it gets permanately deleted but just can't be relisted on your credit report. This has been confirmed by TU,EQ,EX, my consumer attorney and a mortgage lender.

Re: Apologizing for incorrect information being passed around.

DiabolicallyRandom — Tue, 09 Apr 2013 17:21:48 GMT

It sounds like a very convenient urban legend when you think about it. I dont know why, but it sounds like something a CA would come up with. Go figure lol

Re: Apologizing for incorrect information being passed around.

DaBears — Tue, 09 Apr 2013 17:31:46 GMT

I respect everyones help and knowledge here, believe me. But when I have my consumer attorney who went to law school and does this for a living and is very good at what he does tell me the laws for cosumers well u decide. the better the information i have and make more sense of it, the better i can give advise to others.

Re: Apologizing for incorrect information being passed around.

Anonymous — Tue, 09 Apr 2013 17:34:13 GMT

Just curious, why does the FCRA say during certain times these items are exempt?

Re: Apologizing for incorrect information being passed around.

tdrjustus3 — Tue, 09 Apr 2013 17:37:43 GMT

Thank you for clearing this up for us. I am sure you have forgotten more than some of us will ever know

Re: Apologizing for incorrect information being passed around.

Gunnar419 — Tue, 09 Apr 2013 17:50:55 GMT

Very good of you to apologize, DaBears, but if you made a mistake about us having a permanent record of unpaid debt, you're not alone.

Mint.com says the same thing:

http://www.mint.com/blog/goals/credit-report-statute-of-limitations-05022011/ (scroll down to "The Forever Club")

I don't know what's true and hope I never have to find out. It would certainly be more sensible and humane to not count a single problem against people forever.

EDIT: Now I have to write a correction, or at least a clarification. Mint says the bureaus could keep debt records forever for use in some circumstances (the ones that have been stated repeatedly: applying for a mortgage over $150k or a job over $75k), but that they don't. This credit business is really confusing!

Re: Apologizing for incorrect information being passed around.

DiabolicallyRandom — Tue, 09 Apr 2013 17:47:15 GMT

Maybe its an elective sort of thing Guiness? Or maybe in reference to PR's? The CRA's may just not want to bother with it.

Re: Apologizing for incorrect information being passed around.

Anonymous — Tue, 09 Apr 2013 17:52:53 GMT

@DiabolicallyRandom wrote:
Maybe its an elective sort of thing Guiness? Or maybe in reference to PR's? The CRA's may just not want to bother with it.

That's what I am thinking because the FCRA clearly states that those items are exempt under certain circumstances. That includes CO's, PRs, collections etc.

I am not going to argue with DaBears.

In my case, when the government pulled my reports they did in fact show things from 25 years ago.

Re: Apologizing for incorrect information being passed around.

DaBears — Tue, 09 Apr 2013 17:54:02 GMT

I will ask more questions at dinner when me and my attorney meets up later this evening. For now, im going to rest my eyes, been up since 5am with my daughter and being on the laptop all day lol. I will be on later.

Re: Apologizing for incorrect information being passed around.

dddewdrop — Tue, 09 Apr 2013 20:14:03 GMT

What if someone like Amex were to hold onto reports after they pulled them? They could do that couldn't they? So they could look back in their files and say, "oh I pulled DaBears' credit report in 1997 and he had a past due bill from Coach Ditka's restaurant and even if it is deleted now, they know about it cause they still have the old reports that they got from you a long time ago. It certainly seems possible a mortgage lender may pull reports and hold them in a file somewhere. Is there anything legally stopping creditors from doing that?

Re: Apologizing for incorrect information being passed around.

Henchman21 — Tue, 09 Apr 2013 22:09:52 GMT

@Anonymous wrote:
@DiabolicallyRandom wrote:
Maybe its an elective sort of thing Guiness? Or maybe in reference to PR's? The CRA's may just not want to bother with it.
That's what I am thinking because the FCRA clearly states that those items are exempt under certain circumstances. That includes CO's, PRs, collections etc.

I am not going to argue with DaBears.

In my case, when the government pulled my reports they did in fact show things from 25 years ago.

Obviously this information is being kept by somebody, for some reason.

Re: Apologizing for incorrect information being passed around.

Anonymous — Tue, 09 Apr 2013 22:20:14 GMT

@Henchman21 wrote:
@Anonymous wrote:
@DiabolicallyRandom wrote:
Maybe its an elective sort of thing Guiness? Or maybe in reference to PR's? The CRA's may just not want to bother with it.
That's what I am thinking because the FCRA clearly states that those items are exempt under certain circumstances. That includes CO's, PRs, collections etc.

I am not going to argue with DaBears.

In my case, when the government pulled my reports they did in fact show things from 25 years ago.
Obviously this information is being kept by somebody, for some reason.

I know of several who applied for a mortgage and the lender got their entire history. It could be in certain parts of the states that use it more than others. Housing in WA state is expensive. My sister's mortgage payment is almost $3000 a month.

Re: Apologizing for incorrect information being passed around.

Henchman21 — Thu, 11 Apr 2013 00:10:04 GMT

bump.