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some help here. I was refered to this board from the validation board. I need someone with some legal expertise to tell me if I'm about to get my neck in a noose. Here's the letter, it's pretty self-explanatory:

_____________________________________________

Dear Creditor:

I recently pulled a copy of my credit bureau report and found an entry from GMAC Financial Services on it. Your company has been reporting false information on my credit history for 4 years. GMAC Financial Services has reported to the credit reporting agencies a balance owing of $5659.00, when in fact, the balance owing is $1079.00.

As you are aware, creditors who report credit information to the credit reporting agencies are required by federal law, to report only 100% accurate information (FCRA Sec. 1681). Federal Law allows me to recover for damages under FDCPA 813(a)(1) 15 U.S.C. 1692k(a)(1). This includes, but is not limited to statutory, compensatory, and punitive damages, plus pre-judgment and post-judgment interest, attorney's fees and costs, and such other relief as the court may deem fair and proper.

Your negligent behavior in the way of reporting fraudulent information about my credit history to the credit reporting agencies has caused me financial damage. I have been turned down for a loan based on the erroneous information provided by GMAC Financial Services.

I am offering a settlement on this account, to your company. I request that the entry made by GMAC Financial Services on my credit report be:

[TAB]1) Reported as PAID IN FULL or PAID or PAID AS AGREED. No other wording will be accepted.[TAB]

In addition to the above request, I am requesting that GMAC Financial Services send to me a letter stating that the account has met one of the above requirements (ie, PAID, PAID AS AGREED, or PAID IN FULL). Also, please include in the letter that:

[TAB]1) No further collection attempts will be made on said account and;

[TAB] [TAB]2) GMAC Financial Services, or any affiliate company, will not sell the “debt” to any third party for purposes of collection.

Be advised, I am offering absolutely no payment on this account. This is not a letter of promise of payment. This is a formal complaint and dispute regarding your company’s negligent behavior.

You have 15 days from the date of receipt of this letter to respond to me, in writing, of either your acceptance or refusal of this offer. If GMAC Financial Services refuses this offer, please include in your letter the name and address of the agent authorized to accept service of process.

While I prefer not to litigate, I will use the courts as needed to enforce my rights under the Fair Credit Reporting Act.

Sincerely,

_______________________________________________

I would like to send this off as soon as possible. ANY help at all would be greatly appreciated.

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<blockquote>Originally posted by karmicways

some help here. I was refered to this board from the validation board. I need someone with some legal expertise to tell me if I'm about to get my neck in a noose. Here's the letter, it's pretty self-explanatory:

</blockquote>

Without having any information on what you've done about this account, I'm going to assume no disputes to either CRA’s or OC’s have been done here.

<blockquote>Originally posted by karmicways

I recently pulled a copy of my credit bureau report and found an entry from GMAC Financial Services on it. Your company has been reporting false information on my credit history for 4 years. GMAC Financial Services has reported to the credit reporting agencies a balance owing of $5659.00, when in fact, the balance owing is $1079.00.

</blockquote>

No- do not offer up any information regarding the account such as the correct balance, why hang yourself?? You are not obligated to provide any information nor proof and should not do so. You can state “incorrect information” but you do not need to state what in fact is the correct information because if they should a) know what they’re reporting and B) be able to back it up when you ask for proof or remove.

<blockquote>Originally posted by karmicways

As you are aware, creditors who report credit information to the credit reporting agencies are required by federal law, to report only 100% accurate information (FCRA Sec. 1681). Federal Law allows me to recover for damages under FDCPA 813(a)(1) 15 U.S.C. 1692k(a)(1). This includes, but is not limited to statutory, compensatory, and punitive damages, plus pre-judgment and post-judgment interest, attorney's fees and costs, and such other relief as the court may deem fair and proper.

</blockquote>

This is an OC, not a CA and therefore, the FDCPA does not allow you to recover anything under that because OC’s do not fall under that. You should not quote the FDCPA when communicating with OC’s.

Also, the only way you can bring suit under the FCRA against a furnisher of information (OC in this case) for reporting incorrect information on your files is if you first dispute it through the bureaus, giving them a chance to correct any inaccuracies.

<blockquote>Originally posted by karmicways

Your negligent behavior in the way of reporting fraudulent information about my credit history to the credit reporting agencies has caused me financial damage. I have been turned down for a loan based on the erroneous information provided by GMAC Financial Services.

</blockquote>

Have you ever informed them about the inaccuracies? If not, no judge in the world is going to give you any damages simply because you didn’t give them a chance to correct it.

<blockquote>Originally posted by karmicways

I am offering a settlement on this account, to your company. I request that the entry made by GMAC Financial Services on my credit report be:

[TAB]1) Reported as PAID IN FULL or PAID or PAID AS AGREED. No other wording will be accepted.[TAB]

In addition to the above request, I am requesting that GMAC Financial Services send to me a letter stating that the account has met one of the above requirements (ie, PAID, PAID AS AGREED, or PAID IN FULL). Also, please include in the letter that:

[TAB]1) No further collection attempts will be made on said account and;

[TAB] [TAB]2) GMAC Financial Services, or any affiliate company, will not sell the “debt” to any third party for purposes of collection.

</blockquote>

What is the settlement? What is your offer? You stated that you’re offering settlement but you are not informing them of what you will do if they change the reporting.

Also, always use the word “alleged” in front of “debt” because until they have offered proof and you’ve admitted to the debt, it’s still an “alleged debt”

<blockquote>Originally posted by karmicways

Be advised, I am offering absolutely no payment on this account. This is not a letter of promise of payment. This is a formal complaint and dispute regarding your company’s negligent behavior.

</blockquote>

But you just stated in the paragraph above that you were offering settlement……..This entire letter is not listed as a “dispute” letter but as a “settlement” letter.

<blockquote>Originally posted by karmicways

You have 15 days from the date of receipt of this letter to respond to me, in writing, of either your acceptance or refusal of this offer. If GMAC Financial Services refuses this offer, please include in your letter the name and address of the agent authorized to accept service of process.

</blockquote>

15 days seems a bit short and unreasonable, there is not time frame under the FCRA when a furnisher receives a letter directly from you. 30 days is what we usually use because it’s more of a “reasonable time frame”

<blockquote>Originally posted by karmicways

While I prefer not to litigate, I will use the courts as needed to enforce my rights under the Fair Credit Reporting Act.

</blockquote>

I’d wait at least until letter # 2 to start threatening with the courts because frankly, right now you have no right to even bring suit against them.

[Edit by Swede on Wednesday, May 7, 2003 @ 07:22 AM]

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