austinsmom Posted June 3, 2003 Report Share Posted June 3, 2003 Okay, here is our situation. We started our business 1.5 years ago. It took off and it is already profitable. We took out a creditline on our house to help with cash flow (business was growing faster than we could keep up). Our credit score was 609 with EQ. We received the loan and things were great. Business continues to grow at a rapid pace.Mr. Banker walks in last Wednesday and says that they are taking the loan away based solely on our credit score (now 567 EQ). He forgot to mention that the loan has to be reviewed EACH year! We would qualify for an even larger loan if it was not for our EQ score. The other scores are 613 & 621 but these will not be considered. The fact that we have NEVER been late or abused this line of credit does not matter. We visited a credit counselor who says that she can help us. But I have been reading everything on this board. You guys have been successful. I had no idea any of the information could be diputed. If we do not improve our score to 640 in 30 days we will have to file bankruptcy. We are sick. Collection agencies placed old items back on, there are 2 30 days late in the past 12 months. That is it!!!However, our debt is nothing!Is there any hope? EQ is about to make us lose our way of earning a living and our home!Anybody want to give me a crash course? Is it possible to raise it 82 points in 30 days? Do I have to wait 30 days before trying again? Thanks a bunch for helping a panic stricken mess! Link to comment Share on other sites More sharing options...
Bryan Posted June 3, 2003 Report Share Posted June 3, 2003 If I were you, I would go find another bank and show them proof that the business is progressing and is doing very well. If it happens you do find another bank to accept you , tell the other MR. Banker to "Take a flying leap" As far as the Collection agencies placing old items back on, Dispute...Dispute...Dispute everything you can to improve your score. [Edit by Bryan on Wednesday, June 4, 2003 @ 06:50 PM] Link to comment Share on other sites More sharing options...
DocDon Posted June 4, 2003 Report Share Posted June 4, 2003 If EQ reinserted previously deleted material, they are supposed to notify you of this in writing within 5 business days. Did they? If not, they have to delete the info permanently. § 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i]( 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. As for the late pays, call, email, and write your creditor and tell them the payments were sent well before the due date and received by them prior to the account going 30 days late. For some unknown reason, the monies were either held, or not credited the day they were received. Ask for removal of the late entries. Tell them you have impeccable credit, and refuse to be penalized for someone's handling error, whether it's theirs or the Postal Service. Tell them you will resort to sending all payments certified mail/return receipt to prevent this from happening again if it's such an issue. Start with one phone call to a rep and if that doesn't work, their supervisor. If that still doesn't work, priority mail the letter to their corporate offices; either their Director of Public Affairs or their Director of Compliance. Speed is of the essence here. Good luck! Link to comment Share on other sites More sharing options...
austinsmom Posted June 4, 2003 Author Report Share Posted June 4, 2003 Thanks for the advice!! At least no one came right out and said we were screwed! These collections are added back on. They were not there one year ago and they are old. I will be on the phone in the morning.I will keep you posted! Link to comment Share on other sites More sharing options...
austinsmom Posted June 4, 2003 Author Report Share Posted June 4, 2003 Thanks for the advice!! At least no one came right out and said we were screwed! These collections are added back on. They were not there one year ago and they are old. I will be on the phone in the morning.I will keep you posted! Link to comment Share on other sites More sharing options...
sunshine Posted June 4, 2003 Report Share Posted June 4, 2003 Wow Sorry to hear that Austinmom but there is alot of help here...I am sure you will get it fixed..I kinda have the same problem...We were looking into having another business built (we have one now) and they denied us because of 3 late house payments...I was p***ed because it is so untrue never missed one...and our score is 595 well into my disputes with this creditor I just realized this Loan we are paying on for our first business (it is 4 years old) never being late is not even showing on our credit report? I am sure my score would be higher if they reported this loan? Good Luck Link to comment Share on other sites More sharing options...
breathing_easier Posted June 4, 2003 Report Share Posted June 4, 2003 austinsmom: The first thing you must do is not panic. I can imagine how upsetting that was to have Mr. Big Bank Guy come in and tell you that they're pulling the loan. Some loan officers are as bad as some debt collectors with the "Me Tarzan" routine. Ugh. Take a deep breath though, instead of panicking, and review your options and map out your gameplan. Go WAY over Mr. Big Bank Guy's head and talk to the head of the bank. If they have corporate offices in another city, find out who the president is and contact them directly. Offer to go over each and every entry on your credit report(s) with them to answer any questions they may have. Show them your stellar business plan and show how profits are climbing, with no end in sight. If they still insist on pulling your loan, there are other fish in the sea. Bet there are plenty of other banks who would be willing to offer a loan to an up and coming business that is already showing a profit after 1.5 years! That's great. Try to find out which banks pull exclusively from Experian and/or TransUnion and talk with them. Have you contacted the Small Business Administration to ask what type of programs they may have available to you? Their website is www.sba.gov.Keep us posted on how you're doing. We're pulling for you! Link to comment Share on other sites More sharing options...
sunshine Posted June 4, 2003 Report Share Posted June 4, 2003 Awesome Idea of attack.... Ausitnmom he is so correct!!!!!!!!!! Link to comment Share on other sites More sharing options...
onedrop Posted June 4, 2003 Report Share Posted June 4, 2003 call eq and ex to get all your inqs deleted i heard they were worth 2 pts each. i also understood that if you place some Tl's in dispute it raises your score some (thats how i got financed for a new car).these pts might be "chump change" but you need every point you can get. and even though disputing tradelines is a temporary fix it mihght give you xtra time to figure something out. good luck!! Link to comment Share on other sites More sharing options...
VeeGee Posted June 5, 2003 Report Share Posted June 5, 2003 I have never heard of a bank taking back a loan based on your score NOW??? They approved you when your score was higher...and now because it's lower they want it back??? F**K them...go to another bank see if you can find one that will work with you. Breath gave very good advise!!! You should definately dispute these old debts coming back on your CR...how old are they? Do they meet the SOL? Don't give up...there is hope. Good luck Link to comment Share on other sites More sharing options...
austinsmom Posted June 6, 2003 Author Report Share Posted June 6, 2003 I have very good news!! We met with another bank (4th so far) today who said our credit score was not a problem! The business plan and numbers looked too good not to lend us the money (even more than we needed). The score is a little low but with our success and our prior payment history (with the business) they were more than willing to help! Great interest rate to boot!! YaaaHooo!!!!! We explained that we were disputing the credit report and in the very near future we would have a better score!This bank is a small bank vs the large one we were with. I will keep in touch. I am going to raise those scores to perfect in no time. You guys have been inspirational! I will never take the scores lying down again!By the way, we did try the Small Business Association. They were little help. Basically, we were told to switch the business to my name because white males do not qualify???? Link to comment Share on other sites More sharing options...
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