lucyricardo Posted September 29, 2004 Report Share Posted September 29, 2004 I'm hysterical right now. Here is what is going on:My EQ FICO was 691I'm closing on my house on October 18thI had an Asset account that was deleted on 10/23/03It was reinserted by EQ sometime this springI sent them a reinsertion letter on 9/14/04 CMRRI called them today about an old address and asked the status of my correspondence about the Asset account. They said that they requested a "New Investigation" on 9/22/04I told them that this was a violation, they said they only need to notify me in 5 days if it's reinserted because of new information they have, not if the creditor just doesn't respond (????)I stayed calmI hung up and checked my FICO IT's PLUMMETTED TO 526!!!!!!!!!!!!!!! It dropped 165 points because of their "Reinvestigation!"Now what do I do? My mortgage is closing in 19 daysMy other two scores are both 672 so I don't know if this will matter because don't they go by the medium score?I'm desperate, Please Help Me!!!!!!! Link to comment Share on other sites More sharing options...
DocDon Posted September 29, 2004 Report Share Posted September 29, 2004 Don't know what to tell you - there's no "magic formula" to this.Try working your way up the ladder to get it deleted - reinsertion is reinsertion - if they're making up new rules, they need to get their asses sued - which definately doesn't happen overnight. Link to comment Share on other sites More sharing options...
jordanmorganusa Posted September 29, 2004 Report Share Posted September 29, 2004 Send a letter to Assets's Attorney General. The point is to get the account off of the report ASAP. I don't think that now is the time to mess with EQ (others might disagree, but messing with them could get you put in the SS-Special Services-Dept). When the AG asks what you would like them to do, tell them you want not only a deletion, but a letter to you saying that they will not only delete, but that the account will never be reported to any of your reports again. Link to comment Share on other sites More sharing options...
c m chase Posted September 29, 2004 Report Share Posted September 29, 2004 Though this is a pain in the butt and a horrifying experience, I'm sure, you have 2 things that look good for you.1 - Yes, most lenders will use your middle score. The score shouldn't be a problem at all, I wouldn't think. They may need a letter of explanation about the account reinsertion, though.2 - Equifax is usually very good about being called out on reinsertions. I don't think I've heard of anyone having a reinsertion that they caught and Equifax saying 'too bad'.You have almost 3 weeks to get this taken care of. That may seem like minutes since you're close to closing...but believe me, there's a lot that can be done in those 3 weeks. We got all kinds of crap finished in that amount of time for our closing. Take a deep breath and start writing a TON of letters. AG (yours AND theirs), ACA, FTC, BBB, EQ legal, etc. (That was a lot of abbreviations, huh? ) Link to comment Share on other sites More sharing options...
lucyricardo Posted September 29, 2004 Author Report Share Posted September 29, 2004 Thanks you guys, I feel better. I can't believe what these people can get away with. The woman at EQ actually said, "I know nothing about the laws your talking about." I'm going to get my house and then figure out what to do about EQUIFAX once and for all! Link to comment Share on other sites More sharing options...
ghacorp Posted September 29, 2004 Report Share Posted September 29, 2004 I can assure you this was a purposeful act by Asset Acceptance. They know what they are doing and their mission is to make a debtors life pure hell. However, while consumers have the upper hand on legal remedies against debt collectors, there are legal accomodations that apply to debt collectors as well. The right to investigate new information is one such example. It is NEVER a good idea to apply for new credit, finance cars or homes until you are BEYOND the statute of limitations that apply to you. It's a given when there is money to get, they are going to use any legal means to get it. Applying for credit is a great way to disclose to all creditors what you've got. Also, DO NOT even apply for check cashing privileges at Wal Mart! Link to comment Share on other sites More sharing options...
DocDon Posted September 29, 2004 Report Share Posted September 29, 2004 Definately done on purpose by Asset. Top that off with a rep at the CRA who doesn't know squat, and this is what you get.These things never seem to be corrected overnight, so I only hope you can get this resolved before your closing. Go after them with everything you got. Link to comment Share on other sites More sharing options...
lucyricardo Posted September 30, 2004 Author Report Share Posted September 30, 2004 Oh, sorry, I forgot to add that in between all of this, I DV'd Asset two times since August 8th and they haven't responded at all! Link to comment Share on other sites More sharing options...
ghacorp Posted September 30, 2004 Report Share Posted September 30, 2004 Asset usually sends a statement and letter within sixty days that says they feel they've complied with your request. Your mortgage lender may require you to sign an affidavit of fraud/theft so as to close your loan and make them feel comfortable. So, get ready. Link to comment Share on other sites More sharing options...
Ahntara Posted October 1, 2004 Report Share Posted October 1, 2004 If your credit has already been pulled and you are set to close on the 19th, they may not pull your credit again. You might be panicking for nothing. And yes, the mortgage industry uses the mid-score. You still have a 672.What if everything is just fine and you got all worked up for nothing? Congrats on your new house (or loan). Link to comment Share on other sites More sharing options...
jordanmorganusa Posted October 1, 2004 Report Share Posted October 1, 2004 You have damages, that's for sure. No doubt that you will pay more on your mortgage because of their listing if you can't get it off. Since they can't validate, it's illegal for them to keep it there, obviously. I don't know how much it costs for you to file a small claims suit, but if you can, file it ASAP. Ypu have less than 3 weeks, so the clock is ticking. Once they are served, they'll call you up and settle. Make sure you get some $$$ for their treatment of you, though. Enough for a new living room set for the new house, at least. If none of this works, wait until after you get your mortgage then find a lawyer to take your FEDERAL case. However much more over the course of your loan you'd have to pay(THOUSANDS-your last negative always gives the biggest score jump) Asset will owe you, plus anything else your attorney can dig up. Good luck Link to comment Share on other sites More sharing options...
lucyricardo Posted October 2, 2004 Author Report Share Posted October 2, 2004 Guess what? I contacted a supervisor at Equifax today and it' was deleted today! My score is back up to 691 (no change after the deletion, hmmmmmm). THANK YOU SO MUCH...........We got the approval on the house loan tonight too I love you all! Link to comment Share on other sites More sharing options...
jordanmorganusa Posted October 2, 2004 Report Share Posted October 2, 2004 That's wonderful. Glad to hear it. I'd still file against them, though. Just for the unnecessary bullsh!t they put you through... Link to comment Share on other sites More sharing options...
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