kb9tbq

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Everything posted by kb9tbq

  1. I am relaying question on behalf of a friend, i know credit, but not mortgage needing some assistance. try to make long story short. Friend had a bankruptcy but spouse insisted on reaffirming the house, they did a quick deed sale, and just received notice that the occupants have left, and the house is in danger of going into foreclosure. Friend is trying to get approved for Recreational Vehicle, but was denied cause the dealership quoted her credit score being 620 range, and said she needed a 680 score. My question is can she just let it go into foreclosure and walk away, would the dealership approve her on the loan with a foreclosure. I just don't know if an RV is a special loan like mortgage or an auto loan. I plan to review her credit and locate any bankruptcy errors and submit for correction, and hope that pushes her score up over the 680 range, it has been 2 years since the filing. Please advise me if i neglected further details needed to advice on this matter, thanks
  2. Dealing with ID Theft against a child Mail correspondence to Equifax Equifax Credit Information Services, Inc P.O. Box 740241 Atlanta, GA 30374 For peace of mind, you can request a credit report for your daughter through Experian’s online fraud center or by calling 1 888 EXPERIAN (1 888 397 3742) and selecting the fraud option. Simply follow the instructions provided. You will be asked to provide documentation verifying that you are the parent or legal guardian before Experian can send you a credit report. Here I thought it was an address but it is a site, try this: childidtheft@transunion.com Worried about Child Identity Theft? * Online * Phone number: (800) 680-7289 TransUnion Fraud Victim Assistance Department P.O. Box 6790 Fullerton, CA 92834
  3. I would say it would be in your best interest to wait out the additional year for the statute of limitations to expire. How much debt are we talking here? Is it something you could manage to pay if you work up the collection agencies on these accounts. If you do you might offer payment for deletion - so it helps and not hurts the credit score. What exact types of delinquent debt are these? Credit Cards, Car loans, utilities, medical, student loans, installment loans. There is additional information I can provide if you could give more information, also how much are we talking here? You said you are going for a mortgage, if you just pay and let the collection agencies update the credit report, it could drop the score and drop you out of approval range, it is so important to get the item deleted if you pay. If there are any judgments on the credit report, there is no way a loan officer will over look it they will require it to be paid, cause they don't want a judgment being converted to a lien. But if it is an old collection that is out side of the statute of limitations, you might be able to plead your case that it can't be sued, on. Well that is not quite right it can be sued on, but you can dispute with the judge that it is time barred. You will need back copies of your credit report, and or back statements, collection letters that show then the account initially defaulted. Other wise the collection agency might get a judgment on a technicality. If you get the credit report updated, it is your right to notify the credit reporting agency to send a copy of the results to you, as well as any creditor dating 6 months back having accessed the credit report. Also you can tell the credit reporting agency that you dispute regards a mortgage and you would like them to move up the investigation at least by 2 weeks, they can rush when you ask them and notify them of the pending application for a mortgage loan. In fact they can move faster than that, but you would have to find a company that handles rapid rescoring, but in that case you have to have a letter first from the lender of their agreement to delete, otherwise you don't wan to use rapid rescoring as a actual dispute - hoping the the best, it is not meant for that. Because it is too costly for that. I can't remember the cost of that service. Your mortgage company might now how does that. We really do need some more information from you before we can say if one way or the other that you have a chance.
  4. Someone reminded me on this subject tonight, so I thought I would come here and share information on the topic of Skip Tracing. Consumers using opt-out to try to skit the collection agencies - I want to disagree with this tactic. Pre-solicitation is when a creditor asks the credit reporting agency for a mailing list, and they set criteria like a specific zip code, they may even ask for a group of people falling under a certain score range, and they may even ask the credit reporting agency to find all consumers they know to own a home. That is how people get them refinance offers in the mail. Well my point is I really don't think collection agencies can benefit from this, it is too general, I don't think the credit reporting agency is going to hunt down consumers just by their social security number and such. And if the collection agency set parameters like say a bank would to obtain a mailing list it is going to pull in more people then what the collection agency is trying to get. My point really is that the collection agencies have access to other products: Social Search - if the collection agency types in the consumers social security number this will pull up all known addresses on the consumer, the date the addresses were reported, the name of the company that reported it, and the contact address & number for that reporting company. There is also Subscriber can not locate tag. This usually shows on the creditor / collection agencies obtained reports as SCNL - this means that any new creditors pulling reports on this person see the tag, they are expected to immediately call that company looking for the consumer and report their new address they used to apply with them. Another thing if the collection agency does not want to wait on a creditor to call them with this information, they can tell the credit reporting agencies to just send them an e-mail notification as soon as a new address gets reported to the credit report. It is a good idea if you have debt you can not pay, and you are trying to wait out the statute of limitations to try to avoid getting sued, the only thing you have to do to stay hidden is "Don't pull your credit report or apply for new credit" until you are outside that SOL.
  5. You know that is a funny thing, for all purposes the credit reporting agencies and the federal trade commission stand by the position that liens have no statute of limitations. These can be reported indefinitely as long as the lien is unpaid. Once paid they are allowed 7 additional years of reporting from the release date. BUT there have been cases of consumers coming forward with releases due to expiration - so I think it is state by state how this comes about. The best thing is if you call that particular court house and ask them what applies for your area. Yeah, that is like one hand not knowing what the other hand is doing. Crazy sometimes that they could not have pulled that all up at once to see what was relevant.
  6. When you pay, ask if they will dismiss the liens instead of list them satisfied or released. The mortgage company will require these be paid before approval of mortgage loan if possible.
  7. If you enacted the freeze yourself, all you have to do is call the credit reporting agency - you don't have to remove the freeze, all you need is to tell them you are going to be mortgage shopping and to temporarily lift the freeze for 2 weeks. You usually don't want to shop outside of 14 days, all inquiries made in 14 days are counted as just one hard hit against the credit score, in addition all inquiries are suppressed from affecting the score for 30 days. If you need mortgage lender access after the 14 days, maybe just get a pin number from the credit reporting agency for that specific lender to access. This will make sure you are still protected. I could not say on the ability to get approved, it all depends on the types of derogatory accounts you have and their status as well as any outstanding balances still owed. Lenders are usually concerned with the most recent two years of activity. If you want to know ahead of time, you can print out a copy of your credit reports and scores, and take them to the lender and show them what you have. Ask if they think you can get approved with what you show them. If they say no - you will have saved yourself an inquiry. If they say yes, then they need your approval to pull a credit report of their own.
  8. Hey, nice to see you again, I have been off exploring the Internet world of credit message boards. Gaining more experience, and securing employment with my favorite hobby. lol I realized that the heavier traffic boards don't always feel comfortable for me, I like to keep a low profile and at the same time lend my knowledge to smaller message boards that don't have the benefit of the larger boards. Sometimes I look for new boards that are just starting, and make it a point to contribute key data, the board will need to succeed. I do promote the heck out of Credit Info Center as well as other boards, I still consider us to be one big happy family out here on the Internet. When I see someone with a problem I know someone else is better capable of instructing on, I will send them to what ever board I know has that person with the expertise. Recently I have been given additional opportunity to branch out on other message boards again, I can say that I did miss being here, more input requested then on the smaller boards. I divorced that a** that I was married to, was so sorry for all the drama before. I am back in college now, and just recently got a job as a writer for a major web site online. I plan to go into business and publish a book, maybe even get back into the credit bureau field, I miss working for the credit bureau. Instead of talking about credit, I did have more of an active role in helping consumers on the inside. lol I will be dropping in more often now, my medication has been adjusted just right, and all is well. I even got remarried, pretty exciting time right now. Oh I seen a recent post by Adsoft, I use to keep up with Retmar still have his e-mail address, I miss some of the old members, since I have been back I had not seen hide or hair of some of them. I think I am going to try to get back in contact see if I can get them back on the board. How has things been going for you? I see the site has been doing good, you almost gave me a heart attack when I came back and didn't see the ID Theft section, lol Until I realized you had moved it. lol
  9. I needed to add another point, even with the divorce decree, the mortgage loan won't remove responsibility until the spouse taking the house refinances into her or his name solely. Some consumers can find the same requirement on auto loans, if the creditor wants to be a pain about it.
  10. Be sure if you pay, that you get the agreement in writing. Also if the difference between what you owed and what you pay in the end is more than $600, you might be seeing a 1099-C for earned income to be taxed on.
  11. With the new laws, she will not be approved, unless you co-sign on the account with her. She won't be able to get an individual account until she is 21 years of age.
  12. I really don't recommend using Lexington or any other credit repair company. They are not watching out for your best interest. They just go in and dispute for deletion on every single negative. Some negatives can be converted to positive again. Like late payments 30/60 days late. You could instead be writing a letter to the creditor asking forgiveness and reconsideration of reporting the negative. If they find it in the way to show the account pays as agreed instead of late. I figure also the credit repair company is stealing money from you that might better be used to negotiate payment for deletion. It is always better if you can get the creditor to delete. Just because an item gets deleted, does not mean it can't be added back again, if the creditor or collection agency notices it is gone. If they reinsert it the credit reporting agency is required to notify you of reinsertion with in 5 business days other wise you can write back pointing out the credit reporting agencies failure to notify you and insist on deletion for good that way. Plus if you learn this stuff yourself, knowledge is power, you would have a more invested interest in taking care of your credit, to learn how to approach doing things next time.
  13. The consumer can go back to the original creditor and ask them straight up if they will take less money to settle the debt, and if they say yes then tell the original creditor that the collection agency is not participating in a fair manner. And if they are in fact willing to accept lesser payment that they recall the collection from the collection agency and settle direct with the consumer them self. It is hard to get an original creditor to cut out the collection agency, but it would be so nice if they did. Because then the collection agency would have to remove their listing off your your credit report. I don't think the original creditor would be willing to negotiate favorable reporting on their listing though. That would be like trying to have your cake and eat it too. They would consider you lucky for just having gotten rid of the collection agency. Just make sure to get the agreement in writing, to prove to the credit reporting agency that the collection agency has in fact been recalled.
  14. That varies from lender to lender, you need to call them and ask them before you decide to let them pull the credit report. Ask if they will keep the pull to a soft account review and not a hard pull.
  15. 1. Are these listings the same account, do they have the same open date, and account number? 2. Sometimes if you convert a student loan to a new lender it gets a new open date, and new account number, So it is a different account. 3. If these are all the same, you can call the credit reporting agency to see if the drop off date for each listing is the same. If not you can dispute that the one got re-aged, and try to use that as leverage to guilt the credit reporting agency into deleting. 4. Each of the accounts should be showing zero balances / paid collection or paid charge off.
  16. That is the killer when they update the listing as disputed by consumer. It can take months or more before they even let the consumer dispute again on that account. From my experience companies will hold out for full payment if you want the judgment dismissed. If you pay less then full balance, they are going to just update to show satisfied or released. You can still ask them, I just saying it might not be accepted by them. They really got you trapped, because you are depending on the out come to get approved for a mortgage loan. The mortgage companies just don't want that judgment to later be converted to a lien against the property, that is why they are requiring you resolve the matter. Sorry to deliver bad news.
  17. I am so so excited today, I got good news. Just this month, I moved over to an article publishing site to submit my work on credit there. I get some good feed back, not very many followers yet. But I think I am off to a fair start. Well I seen an advertisement to apply to be a featured writer in Business & Finance so I applied. I had to submit copies of my work on and off of their site, I had to list my experience and knowledge on the subject. I was worried that my material might not be professional with my style of writing. I just started college back up and have been taking English and Writing classes, so I have been making some improvement. They tell me with the upgrade they will be promoting my work, and they will start recommending me to companies looking for writings. They said they will start issuing me subjects to write on plus still want me to continue submitting my separate work. I have never been so honored in my life that someone noticed my hard work. I am so nervous, I will have to start writing on assigned work, I am so use to writing about what ever I chose to write about. Just have to see if this fits me.
  18. I did forget one thing which some one corrected me on. The family type debt is only applicable in community property states, if a creditor tries to bill the spouse she has a defense against collection efforts.
  19. Divorce is a hard thing to deal with, but finances can just make it all the worse. Joint accounts are the worst, the couple are dealing with joint credit cards, installment, auto, and mortgage loans. The creditor is going to hold both parties responsible, and if either one misses a payment they are going to be sure to report the negative mark to the credit reporting agencies. Medical debt is different, even if one party was just responsible they are still going to go after both parties because they consider medical debt to be family debt. This also includes utilities too. Spouses seeking divorce will go to the court house and divide up what each person should pay, then they try to forward these documents to the creditors when they try to collect from the wrong person. Unfortunately the creditor most likely won't acknowledge divorce agreements. They will still come after both parties. What usually happens is that the injured spouse will have to pay the balance due, just not to get a negative mark on the credit report. Then they have to sue the other ex-spouse for damages to make back what they lost. If they win a judgment gets entered on the ex-spouse's credit report. And should he or she pay, then the injured spouse would have to update the court house to show payment. Unfortunately the ex-spouse instead of paying will run to the court house and file bankruptcy - and include the injured spouse in the bankruptcy making it impossible to collect the balance. What should of happened in the first place, was that both parties contacted the creditor before splitting up, let them know about the divorce and interest in separating the account. Closing and opening up new accounts under each person's individual name. If the account has no balance this is easy to do. But if there is a balance often the creditor will say that the balance needs to be paid before they can separate the account. If the balance is too large to pay off, then the one responsible for the debt should apply for new credit or installment loan to balance transfer the debt over. Provided the ex-spouse wants to be helpful. Just some things to know about when filing for divorce.
  20. The medical provider really did not need the wife's social security number if they got her name on the contact in case of emergency form with your shared address that would of been all they needed to report the data to her credit report. Not all consumers have social security numbers that the credit reporting agencies have credit files on. If they did it would make it a lot easier then all the other problems with mixed credit files going on.
  21. When I worked for a credit bureau we purchased the reports we sold from Experian and then re-sold them to our customers. Our format was different then what consumers pulled, and often the consumer would bring back and Experian report asking what was wrong because of something that was not updated right. When we did RMCR (Residential Mortgage Credit Reports) we would just update our reports to match the Experian Report. But if the consumer went to another bank that also used RMCR they would not see our update - they would see the incorrect info again. Our updates were limited to our system only. None of the scores consumers get are correct, there are too many models of credit scores for various reasons and industries. MyFICO is similar to a mortgage model. But there are a dozen mortgage models, so expecting to get the same score that you lender would see if slim. The credit reporting agencies sell: FICO, Emperica, and Beacon from these they break down even further to: Installment Loan Credit Card Personal Finance Credit Union Utility Auto Loan Bankruptcy Risk Rental Insurance These are just a few of the models, then these models have different versions like 2009 / 2010 and so forth. Kind of like Windows operating system has different versions like Windows XP, Windows Vistra, Windows 7 and so on. The best thing if you are going to buy a consumer score is to over achieve - get your score up over 720 on the consumer score and hope for the best. Lender scores can differ 50 to 100 points from the consumer score.
  22. I like recommending bank installment loans, these can build good history that auto & mortgage lenders are looking for later when you apply for them type of loans.
  23. Yeah that is still hurting the score, I can't say by how much exactly. I do know that payment history portion of the score affects 35% of the over all score. New lenders looking at the credit report are usually concerned with the most recent two years when they are deciding whether or not to grant new credit. But if it just shows paid on the credit report that will go along way in them forgiving it in consideration for approval.
  24. The judge should not have had a say in how the judgment was paid, the plaintiff has that say, they are the ones that file the necessary paper work the court house files. I don't know if it is too late, but I would suggest you contact the plaintiff again and ask them if they would mind correcting the release document to a dismissal document. Then obtain a copy and forward to the credit reporting agency with request for deletion. The affect of the judgment on the credit score, is greater when it is recent, but if it is older like more then 5 years it should not bare on the score much if at all. If you can't get this problem resolved with the help of the plaintiff then you may try to dispute for deletion. I would use this exact wording for the dispute "Incorrect status, please correct or remove from credit report." Have you moved or changed your name since the judgment was filed? Sometimes you can update personal information and break the link to the credit report, then when you dispute the court house would be left with doubt as to if you were the right person and let it get deleted.
  25. Yeah you don't want them accepting payment then updating the court house that the judgment has been released or satisfied, you want them to update as dismissed. You will need to get a copy of the dismissal from the court house and forward to the credit reporting agency for deletion. Since you are applying for a mortgage loan, ask the credit reporting agency to rush processing. They can speed things up to within 2 weeks verses having to wait 30 days. If you get rapid re-scoring you can get updates with in 48 hours. But that comes at a cost. When you dispute ask the credit reporting agency to forward your mortgage lender an updated copy of the credit report. This may save you an unnecessary inquiry.