topic Re: Help with next steps in Rebuilding Your Credit

Help with next steps

Anonymous — Wed, 10 Apr 2013 20:10:28 GMT

Ok I am working hard to rebuild my credit. Took my average score from 501 to 598 in a year. I disputed all with Credit Reporting agencys. Paid every bill on time ahead of time. got a $300 and $500 credit card and keep the balence below 15% etc.

I have resently sent Valadation letters to Midland, Porfolio, and LVNV. I also sent good will letters to all the OC's and inquirey removal request to 17 different companys. The DC's are set to be removed between dec of 2015 and feb 2016 for the 7 year rule.

The goodwill and inquiry removal letters were sent out this week. I got the return receipt for the 2 midland, 1 porfolio, and 1 LVNV and it has been over 30 days since they received the Valadation letters. I have not received the required responce from them. Just pulled my three reports and Midland, Porfolio and LVNV are still there. I have all the documentation where I sent letters etc...

WHAT are my next steps?

Thanks in advance for your help

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 20:46:34 GMT

I have read about a dozen threads and are even more confused as to what my next steps should be, from what I can tell Midland is a beast to get removed even after they do not valadate. I know there are some success stories out there, just want some advice on what I should do next.

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:03:35 GMT

There's no timeframe for Midland, Portfolio and LVNV to respond. They just can't update anything on your CR until they validate the debt. Sometimes they don't respond at all....

Wait - I should have asked: are you perchance in Texas?

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:05:53 GMT

I am in Texas!

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:12:31 GMT

@Anonymous wrote:
I am in Texas!

Well lucky you!

Try this thread:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/No-Response-to-Debt-Validation-Request-Texas/m-p/1403324/highlight/true#M187409

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:15:09 GMT

@Anonymous wrote:
I am in Texas!

It is the Texas Finance Code you need to reference and not the FDCPA. A DV under FDCPA requires no response where TX Finance code does.

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:21:32 GMT

So I should send copies of the origional letters, copies of the return receipts, and a new letter demanding removal under Texas Finance Code or I report with evidence to the Texas attorney General?

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:26:05 GMT

Is this the part of the Texas finance code I reference?

Sec. 392.202. CORRECTION OF THIRD-PARTY DEBT COLLECTOR'S OR CREDIT BUREAU'S FILES. (a) An individual who disputes the accuracy of an item that is in a third-party debt collector's or credit bureau's file on the individual and that relates to a debt being collected by the third-party debt collector may notify in writing the third-party debt collector of the inaccuracy. The third-party debt collector shall make a written record of the dispute. If the third-party debt collector does not report information related to the dispute to a credit bureau, the third-party debt collector shall cease collection efforts until an investigation of the dispute described by Subsections (b)-(e) determines the accurate amount of the debt, if any. If the third-party debt collector reports information related to the dispute to a credit bureau, the reporting third-party debt collector shall initiate an investigation of the dispute described by Subsections (b)-(e) and shall cease collection efforts until the investigation determines the accurate amount of the debt, if any. This section does not affect the application of Chapter 20, Business & Commerce Code, to a third-party debt collector subject to that chapter.

(b) Not later than the 30th day after the date a notice of inaccuracy is received, a third-party debt collector who initiates an investigation shall send a written statement to the individual:

(1) denying the inaccuracy;

(2) admitting the inaccuracy; or

(3) stating that the third-party debt collector has not had sufficient time to complete an investigation of the inaccuracy.

(c) If the third-party debt collector admits that the item is inaccurate under Subsection (b), the third-party debt collector shall:

(1) not later than the fifth business day after the date of the admission, correct the item in the relevant file; and

(2) immediately cease collection efforts related to the portion of the debt that was found to be inaccurate and on correction of the item send, to each person who has previously received a report from the third-party debt collector containing the inaccurate information, notice of the inaccuracy and a copy of an accurate report.

(d) If the third-party debt collector states that there has not been sufficient time to complete an investigation, the third-party debt collector shall immediately:

(1) change the item in the relevant file as requested by the individual;

(2) send to each person who previously received the report containing the information a notice that is equivalent to a notice under Subsection (c) and a copy of the changed report; and

(3) cease collection efforts.

(e) On completion by the third-party debt collector of the investigation, the third-party debt collector shall inform the individual of the determination of whether the item is accurate or inaccurate. If the third-party debt collector determines that the information was accurate, the third-party debt collector may again report that information and resume collection efforts.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 851, Sec. 1, eff. Sept. 1, 2003.

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:38:41 GMT

Yes. That is it. They have to delete or validate under this. FDCPA they do not.

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 21:59:32 GMT

So I send copies of original letters copies of return receipts and a new letter stating they must remove as per Texas financial code. State I will pull my credit reports 5 days after receiving the new return receipt and if items are still there report to Texas attorney general???

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 22:10:12 GMT

They have 30 days to respond so at least give them that amount of time. But if after that they haven't, yes file a complaint with the AG.

Re: Help with next steps

DiabolicallyRandom — Wed, 10 Apr 2013 22:15:58 GMT

That is a handy state law. Possibly even better than New Yorks 5 year rule.

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 22:20:27 GMT

I gave them 30 days with the first letter and they didn't respond. Do I have to extend them a second 30 days with the second letter

Re: Help with next steps

DiabolicallyRandom — Wed, 10 Apr 2013 22:24:30 GMT

Would you have to specify the law in order for it to apply? They would see from the account information he was from texas.

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 22:43:16 GMT

Under FDCPA there is no time limit for the to repsond and you cannot give them one. They either do or do not.

Under Texas Finance Code you can request validation at any time and they have to respond within 30 days. You cannot give them a time frame.

Remind them of Texas FInance Code 39.202

(b) Not later than the 30th day after the date a notice of inaccuracy is received, a third-party debt collector who initiates an investigation shall send a written statement to the individual:

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 22:43:47 GMT

So do I send new letter referencing the old one demanding they remove because its been over 30 days since the first one

Re: Help with next steps

Anonymous — Wed, 10 Apr 2013 22:46:06 GMT

If you sent the first under FDCPA 809 you will need to send another under the state code.

Re: Help with next steps

Anonymous — Thu, 11 Apr 2013 02:27:29 GMT

Can't somebody point me to where I can find a good sample letter for the state code or post one on here? Thanks in advance.

Also: I have 2 credit cards a $500 capital one and a $300 orchard. I have had the capital one a year and the orchard a year.ade all payments ahead of time and carry over a valence of less that 10%. I just bought anew rv I paid a substantial cash down payment and got a decent interest rate through Merrick bank. Was ticketed to death I got approved and was able to replace my 40 year old camper. Was too small for me my new wife and 5 blended kids. Lol. Merrick bank just sent me a MasterCard offer no annual fee $500 limit with an increase to $1000 limit after 7 months of onetime payments. Should I take it or hold out till my credit gets even better and go for the Citibank preferred rewards card that I really want ?

Re: Help with next steps

Anonymous — Thu, 11 Apr 2013 02:31:35 GMT

Sorry for the funky wording above. Getting used to this iPhone.

Re: Help with next steps

Anonymous — Thu, 11 Apr 2013 02:39:05 GMT

2 cards are good for now. It is more how you manage them. Do you know anyone who could put you as an AU on one of their high limit, low balance cards?