New Post/Thread Notification: Credit repair discussions

Hello,

Creditwrench has just posted in the Credit repair discussions forum of CreditWrench under the title of 3 old late CC payments killing me. Help!.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=757

Here is the message that has just been posted:
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Me, angry?! nah, you all are doing us schmucks a great service. My wife is the one who made the late payment when she was not well, not me, but I am stuck with it..... I would not be the least bit surprised to learn that your wife probably could name one or more ways in which she is stuck with things you did or didn't do as well. Nothing new there.
Life's like that. (LOL)

Well, it dropped my credit score by 27 points, so since I need to refi now as my adjustable rate mortgage just went from 5.9 to 9%...major ouch..... Seems like a major out but there is a way to reduce that bite and that is to look at your score a year or two down the road and as soon as it increases refinance the house.

If you have not signed the mortgage yet then now is the time to look into the mortgage and be sure you don't get stuck with a non-judicial foreclosure type of mortgage, additional fees if you do refinance, pay off early and ect. Make sure you get disability insurance that will pay off the mortgage in the event you bounce off a speeding freight train, stub your toe while leaping tall buildings and end up splattered all over the pavement or some other mishap occurs so that you are disabled or meet an early and untimely demise.

See whether there are arbitration clauses in the contract or not. Make sure you understand the terms of the contract and if you can't understand the legalese in the contract then pay an attorney to check those things out for you.

Prepare yourself now for possible failure later on. You will be very glad that you did. Then when your score improves in a year or two you can refinance. at a much better rate.

If that one late charge is the only negative you have on your score then you might think about using the 3 bank trick to improve your score.
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New Post/Thread Notification: Credit repair discussions

Hello,

DaveBis has just posted in the Credit repair discussions forum of CreditWrench under the title of 3 old late CC payments killing me. Help!.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=757

Here is the message that has just been posted:
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One one particular credit card I had 3.5 late payments consecutively about 3 year ago. Those REALLY killed my fico score.

I was having the Mrs do the bookkeeping, and she was not well and overmedicated...and she justt lost track....

The minimal payments were only around $75 per month, so it is not like I didn't have the $....

Right now my middle score is 589....CreditInform tells me that two credit cards which have average balances on them of 6K, both near the limit are hurting me...they say if I reduce them just below 50% of maximum balance, that it will raise my score around 20-30 points....but...I would love to get it just above 670, the better rate threshold for a home refinance.

At 589 FICO on a stated income no points loan, these people want 8.2% interest rates! They're insane!

The credit cards with the 3 late consecutive payments is Chase Manhattan....

I need some advice on how I can tackle that with form letters, plots and strategies.....wish I could just hire someone to deal with all this...but, here I am......

Thanks folks!
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New Post/Thread Notification: Credit repair discussions

http://www.creditwrench.com/consumers/showthread.php?threadid=757
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At the risk of greatly angering you, yes, I do have a generic letter that should be used in all cases.

The letter should be the copy of the payment slip they sent you well in advance of the payment due date accompanied by a check of at least twice the amount of the minimum payment and should be religiously repeated every month. But then you already knew that, didn't you? (LOL)

The next best generic letter after the damage has already been done is to simply dispute the debt with the credit bureau claiming "never late" and hope that the credit card company will get tired of answering the same demand for verification and just ignore it and it will fall off.

Or the CRA will get tired of the same old demand for verification and refuse to let you keep on filing that complaint.

Truth is that you were late and the report is accurate, true and correct.
It won't mean much in a year or two so you may just have to wait until it quits getting reported.
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Credit repair discussions

http://www.creditwrench.com/consumers/showthread.php?threadid=754
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The law is very clear on this matter. If they deleated it once and you have proof of that. They must send you a notice within five days if they re-inserted if not they are in violation of FCRA.. If they have done this several time each time is a seperate violation Answer: talk to them on that basis one time ask them where the notice is they are suppose to send when they re-insert within 5 days. If they do not cooperate Take'm to FED court and I assure you it will come off your report pretty damn quick.. Of course you have to know how to proceed and that is what Creditwrench teaches you!! Here's the law section of FCRA that applies: In green
§ 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i]

(a) Reinvestigations of disputed information.

(1) Reinvestigation required.

(A) In general. If the completeness or accuracy of any item of information contained in a consumer's file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly of such dispute, the agency shall reinvestigate free of charge and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer.

(B) Extension of period to reinvestigate. Except as provided in subparagraph (C), the 30-day period described in subparagraph (A) may be extended for not more than 15 additional days if the consumer reporting agency receives information from the consumer during that 30-day period that is relevant to the reinvestigation.

(C) Limitations on extension of period to reinvestigate. Subparagraph (B) shall not apply to any reinvestigation in which, during the 30-day period described in subparagraph (A), the information that is the subject of the reinvestigation is found to be inaccurate or incomplete or the consumer reporting agency determines that the information cannot be verified.

(2) Prompt notice of dispute to furnisher of information.

(A) In general. Before the expiration of the 5-business-day period beginning on the date on which a consumer reporting agency receives notice of a dispute from any consumer in accordance with paragraph (1), the agency shall provide notification of the dispute to any person who provided any item of information in dispute, at the address and in the manner established with the person. The notice shall include all relevant information regarding the dispute that the agency has received from the consumer. </DD><DD>(B) Provision of other information from consumer. The consumer reporting agency shall promptly provide to the person who provided the information in dispute all relevant information regarding the dispute that is received by the agency from the consumer after the period referred to in subparagraph (A) and before the end of the period referred to in paragraph (1)(A). </DD><DD>(3) Determination that dispute is frivolous or irrelevant. </DD></DL><DIR>(A) In general. Notwithstanding paragraph (1), a consumer reporting agency may terminate a reinvestigation of information disputed by a consumer under that paragraph if the agency reasonably determines that the dispute by the consumer is frivolous or irrelevant, including by reason of a failure by a consumer to provide sufficient information to investigate the disputed information.(B) Notice of determination. Upon making any determination in accordance with subparagraph (A) that a dispute is frivolous or irrelevant, a consumer reporting agency shall notify the consumer of such determination not later than 5 business days after making such determination, by mail or, if authorized by the consumer for that purpose, by any other means available to the agency.(C) Contents of notice. A notice under subparagraph (B) shall include (i) the reasons for the determination under subparagraph (A); and(ii) identification of any information required to investigate the disputed information, which may consist of a standardized form describing the general nature of such information. <DL><DD>(4) Consideration of consumer information. In conducting any reinvestigation under paragraph (1) with respect to disputed information in the file of any consumer, the consumer reporting agency shall review and consider all relevant information submitted by the consumer in the period described in paragraph (1)(A) with respect to such disputed information. </DD><DD>(5) Treatment of inaccurate or unverifiable information. </DD></DL>(A) In general. If, after any reinvestigation under paragraph (1) of any information disputed by a consumer, an item of the information is found to be inaccurate or incomplete or cannot be verified, the consumer reporting agency shall promptly delete that item of information from the consumer's file or modify that item of information, as appropriate, based on the results of the reinvestigation.(B) Requirements relating to reinsertion of previously deleted material. (i) Certification of accuracy of information. If any information is deleted from a consumer's file pursuant to subparagraph (A), the information may not be reinserted in the file by the consumer reporting agency unless the person who furnishes the information certifies that the information is complete and accurate.(ii) Notice to consumer. If any information that has been deleted from a consumer's file pursuant to subparagraph (A) is reinserted in the file, the consumer reporting agency shall notify the consumer of the reinsertion in writing not later than 5 business days after the reinsertion or, if authorized by the consumer for that purpose, by any other means available to the agency.(iii) Additional information. As part of, or in addition to, the notice under clause (ii), a consumer reporting agency shall provide to a consumer in writing not later than 5 business days after the date of the reinsertion (I) a statement that the disputed information has been reinserted;(II) the business name and address of any furnisher of information contacted and the telephone number of such furnisher, if reasonably available, or of any furnisher of information that contacted the consumer reporting agency, in connection with the reinsertion of such information; and(III) a notice that the consumer has the right to add a statement to the consumer's file disputing the accuracy or completeness of the disputed information.(C) Procedures to prevent reappearance. A consumer reporting agency shall maintain reasonable procedures designed to prevent the reappearance in a consumer's file, and in consumer reports on the consumer, of information that is deleted pursuant to this paragraph (other than information that is reinserted in accordance with subparagraph (B)(i)).(D) Automated reinvestigation system. Any consumer reporting agency that compiles and maintains files on consumers on a nationwide basis shall implement an automated system through which furnishers of information to that consumer reporting agency may report the results of a reinvestigation that finds incomplete or inaccurate information in a consumer's file to other such consumer reporting agencies.</DIR><DL><DD>(6) Notice of results of reinvestigation. </DD></DL>(A) In general. A consumer reporting agency shall provide written notice to a consumer of the results of a reinvestigation under this subsection not later than 5 business days after the completion of the reinvestigation, by mail or, if authorized by the consumer for that purpose, by other means available to the agency.(B) Contents. As part of, or in addition to, the notice under subparagraph (A), a consumer reporting agency shall provide to a consumer in writing before the expiration of the 5-day period referred to in subparagraph (A) (i) a statement that the reinvestigation is completed;(ii) a consumer report that is based upon the consumer's file as that file is revised as a result of the reinvestigation;(iii) a notice that, if requested by the consumer, a description of the procedure used to determine the accuracy and completeness of the information shall be provided to the consumer by the agency, including the business name and address of any furnisher of information contacted in connection with such information and the telephone number of such furnisher, if reasonably available;(iv) a notice that the consumer has the right to add a statement to the consumer's file disputing the accuracy or completeness of the information; and(v) a notice that the consumer has the right to request under subsection (d) that the consumer reporting agency furnish notifications under that subsection.

I have been in an argument with Trans Union because I disputed a TL and they deleted it. They are the only CRA it was on and they sent me a corrected report when they deleted it. Then I pulled a report from True Credit and MYFICO and it was listed under Trans Union. I called TU and they assured me it was no longer reporting and I called back several times and ended up supposedly speaking with a manager and he told me it was definately not being reported anymore so I told him to send me a copy of my report so I could see for myself and Lo and Behold..... There it is! Got any ideas what I should do?
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