Credit Bureau Issues?

Question

I thank all of you that have helped. I have followed up with FTC, creditors, credit bureaus.., and still am not satistified. It is very hard work. I am being supplied with creditors info.., and when I contact them they don't have any records and tell me that I should contact someone else. I understand the Cust Serv is not great all around.., but when it come to financing, their inaccuracies are ruining me. I cotacted FTC, have written to Attorney General (awaiting a response). I need specifics on the 7 yr removal.., when does the clock start ticking!! If I get a dispute coming as "verified" should I contact the creditor and ask fo "forgiveness", or come ask to have it removed. If the 3C are private.., what rights do they have to even be in my business.., I am close to tears. I am on disabiality at a very young age.., in my studupity.., when I got my check, I settled and received letters saying that items would be stated as satisfied.., this is not the truth.. someone HELP!! THANKS!

Answer 1

First off, are these from credit cards or from medicals?

If they are from credit cards the reporting statute of limitations starts the first time you were 30 days late and never brought the account current that led to the charge off. It is 7 years from that first late.

If it is for medicals, the reporting statute of limitations starts to run on the day you received treatment.

If they are reporting incorrectly and verify the incorrect accounts without correcting them, they are violating your rights. If that is the case, along with being denied credit because of the inaccuracies, you might want to gather "everything" together and speak with a lawyer.

You might also do some reading in the link I've provided. Start in the newbie forum and then in the credit forum. If you are dealing with medicals, also check out the medical forum.

If you have any questions, feel free to ask them in either the credit or the medical forums. There some members on that site that have been (or are currently) going through similar situations. You can learn quite a lot more on that site than you can on this one.

Answer 2

You are having such a terrible time because you don't know how to play the "game". It can be very confusing, but if you read the Fair Credit Reporting Act and do a little research, you will fix SOME of your problems.

You are already making some errors, so let me correct you.

Contacting the FTC is a waste of time. They do not investigate or assist you in any way. They simply gather information about violations and if there is a clear pattern of abuse, they will turn prosecute, but NOT as a class action. It doesn't help you in any way.

And ditto for the Attorney General. They do NOT get involved in single situations, especially if they are civil orientated. They only handle class actions when a large number if complaints are gathered. In the several times I've contacted the AG, I get this nice form letter saying how sorry they are, but they can't help me out. That goes with the Better Business Burear (BBB). Remember, those clowns are business owners who attempt to self regulate themselves. They have no legal authority, and spend no effort to actually help consumers litigate any issue. At best they send out letters and do a "mock" investigation. Anyone who wishes to dispute this observation feel free.

Here is your main mistake. When you contact the creditor demanding that they validate the debt, they must send you copies of contracts, bills, receipts, and everything used to calculate what they claim you owe. Remember, the burdon is on the person who posted the information to your credit history. If the collection agency posted it, they MUST be able to validate it, NOT the original creditor. So, when you contact the collection agency, and they tell you the don't have any records, BINGO! Instant admission that they can not validate your debt, and they MUST delete the entry. It is NOT your responsibility to prove you DO NOT owe this debt! They must prove that YOU DO!.

So contact that collection agent, inform them that you will give them 30 days to come up with the records, or they must remove the listing from your credit history. Otherwise, you will sue them in small claims court for $1000 for posting unvalidated information to your credit history. If you do this, you will get a response, I promise you. Small claims suits are easy to file, and you don't need a lawyer.

About contacting the creditor and asking for forgiveness...good luck. They now have your money, and you will find them very uncooperative. That is why I recommend that you get an agreement IN WRITING that they will remove the listing from your records, before you send them a dime.

Also, you mention that due to their inaccuracies, you are unable to either get credit, or the credit has very high interest rates? Again, you can sue those companies for not only posting innaccurate information, but also for any damages that it has caused you.

Regarding the reporting period, it runs for 7 years, beginning on the date you became delinquent. Many creditors will post the wrong date, so if you can prove this is wrong you can get the entry deleted. That is one main reason why you want the creditor to validate this debt. It gives you the entire billing history.

Credit reporting agencies are in the business of gathering information about you. But because it is frequently abused, laws have been passed in the past few years to heavily regulate how they run their business, and make it easy to file civil suits in the event they do not follow these laws. When more people begin to understand these laws and enforce their rights, then the collection agencies will start to behave.

Remember, the ONLY reason they get away with these acts is because you don't know the law! You are fighting a war with these guys, and you are unarmed! Knowledge of the law is your only weapon! Read the links below, and if you still need assistance contact me.

Answer 3

Here is the excerpt from the Fair Credit Reporting Act in regards to the 7 year rule. The answer lies in § 605(a).

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(a) Information excluded from consumer reports.

Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.

(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.

Date of 1st deliquency is the measurement date!