divemedic

HOW TO BEGIN CREDIT REPAIR - A PRIMER

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just tell them you don't remember anything about the account and you want them to investigate.

Quick Questions:

1. What can you say to the CRA when disputing an account that has negative tradelines but you're still making payments on the account? In other words, how can you say "I don't remember anything about this account and I want you to investigate" when you've just made a payment on the account last month and have been making on-time payments for the past 2, 6, 9 months or more?

2. How can I speak with the 1st representative who answers the phone at the CRAs? I always get bounced around to 2 or 3 representatives when I call and give my name and SSN and it seems that only someone from the "Special Investigator's" office (basically a division within the CRAs that handles calls from attorneys or from persons represented by an attorney) can speak to me. It's like I'm "flagged" or on some sort of hot list at the CRAs.

Please advise.

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I have looked all over the net for information concerning credit repair and where to start and I think I may have found a reliable trusting site. I looked at DSI trying to decide if they were legit but just could not sign up with them. I hope that through this site I can start the road to repairing my credit. My first intent was to try and pay all of my debt off after negotiating with creditors, but after reading several things on the net I'm not sure this is my best route! Several of my accounts have been charge-offs and are appearing on all three reporting agencies. My total debt probably is under $10,000 at most. I just need direction on where to start. At this point I have a copy of my credit reports that I bought on line...are these complete reports or do I need to obtain from other source? Could you please clarify the terms you use in you postings...TL, DV..etc...you had said you start with calling these creditors to dispute the debt..if this is true, do you call the company that extended credit or the agency that tried collecting...what exactly is discussed if you feel this is the way I need to go...although I read as much as I can on credit repair, it still seems german to me!!! Any help would be greatly appreciated...I don't want to pay these things off if it does not increase my credit rating...my scores are killing me...520-560

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About 15-20 days ago (before I stumbled upon this site), I disputed with all 3 CRAs my adverse accounts online. When I receive the results, if they are verified, should I call them and dispute via phone or go straight to DV to OCs and CAs? Thanks in advance for your assistance.

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I followed this thread and I'm happy to say I got this update Thurs.

My advice to Caterologist wait for disputes to come back, then try again later online with a different reason to dispute if you don't get a good outcome. It's a lot easier to do disputes online at first and your results are a lot quicker- at first.

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Does anyone have a letter they have used to state this violation to the OC . I haven't recieved anything from a OC but for 3 months they have been placing negs on my credit reports. Help if you can

One more thing, and it worked especially well for me as en effective crowbar...

per the new FACTA laws, the OCs are REQUIRED to notify you in writing if they place new negative information on your credit report . This is active as of 7/2004. The notice CAN be on your billing statement, but MUST not be in fine print and must also be worded in one of three ways. These guidelines were set by the Federal Reserve

Model Notice B-1

We may report information about your account to credit bureaus. Late payments, missed

payments, or other defaults on your account may be reflected in your credit report.

Model Notice B-2

We have told a credit bureau about a late payment, missed payment or other

your account. This information may be reflected in your credit report.

Notes:

a. Although use of the model notices is not required, a financial institution that is

subject to section 623(a)(7) of the FCRA shall be deemed to be in compliance with the

notice requirement in section 623(a)(7) of the FCRA if the institution properly uses the

model notices in this appendix (as applicable).

b. A financial institution may use Model Notice B-1 if the institution provides the

notice prior to furnishing negative information to a nationwide consumer reporting

agency.

c. A financial institution may use Model Notice B-2 if the institution provides the

notice after furnishing negative information to a nationwide consumer reporting agency.

d. Financial institutions may make certain changes to the language or format of

the model notices without losing the safe harbor from liability provided by the model

notices. The changes to the model notices may not be so extensive as to affect the

substance, clarity, or meaningful sequence of the language in the model notices.

Financial institutions making such extensive revisions will lose the safe harbor from

liability that this appendix provides. Acceptable changes include, for example,

1. Rearranging the order of the references to “late payment(s),” or “missed

payment(s)”

2. Pluralizing the terms “credit bureau,” “credit report,” and “account”

3. Specifying the particular type of account on which information may be

furnished, such as “credit card account”

4. Rearranging in Model Notice B-1 the phrases” information about your

account” and “to credit bureaus” such that it would read “We may report to

credit bureaus information about your account.”

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Hi everyone I am new on this forum. I just found this web page a month ago trying to find answers on what to do about my credit reports. My lowest score is 488, and I am so frustarated on 11/2006 I disputed the items on my reports that are affecting me and a few were deleted. The majority of them were verified! Now reading the forum I found out that I can as for the verification process from the CRA but after I send them the letter they sent me a letter stating that the accounts were validated electronically and if I have further concerns to take it with the collection agencies. I have done so and have not gotten answers from them either.....What do I do from here on???? PLEASE HELP ME!!! advice please....

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hi everyone. i am very new at all of this. we have went thru 2 credit repair companies....and i am sure that you all can figure out what a waste of money that was for us.

we are going to take this all into our own hands....but would like a little bit of help clearing something up :o)

what do these abbreviations mean?

TL

CA

OC

DV

and I assume that CRA means credit reporting agency

I hate to even ask this stuff - but I just want to make sure that I understand everything completely.

Thanks!

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hi everyone. i am very new at all of this. we have went thru 2 credit repair companies....and i am sure that you all can figure out what a waste of money that was for us.

we are going to take this all into our own hands....but would like a little bit of help clearing something up :o)

what do these abbreviations mean?

TL

CA

OC

DV

and I assume that CRA means credit reporting agency

I hate to even ask this stuff - but I just want to make sure that I understand everything completely.

Thanks!

Hi brightjvja!

TL=Tradeline

CA=Collection Agency

OC=Original Creditor

DV=Debt Validation

The following link gives a thorough explanation of the acronyms used on this site: http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=247970

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This question is for anybody,can you fax a debt validation letter to the collection agency if you have a fax that gives you a confirmation report that the letter was recieved?

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I am so overwhelmed by it all, I live in NYS, have two girls remarried, and my credit is shot. I have no savings, my husband has 3 children of his own to support and I have a daughter who will be hopefully be going to college in the fall. My credit history is awful, I have no idea how to start to fix my credit. I have read many post from many sights and the more I read the more I wish I had the means to hire someone to help me. I read about sending out letter to validate a debt, one sights tells me that the date the accn't was open is when the statue of limitation begins on another it begins when the last activity on the accnt was which is it? also I looked on my credit report some of these account claims they were open or activity was recent when it wasn't so now what?. I have several accounts that seem to be reaching the statue of limitation which i believe in NY is 7 years, what do i do? I am so overwhelmed, I feel like there is no way out. Please send me any help you can.

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I was in deep financial crisis in 2005. On my credit report, have about 5 collection agency records, for the amounts ranging from $90 to $500. I can pay off these over a period of next few months. If I do how would it effect my credit score which is already very bad.

What is the best way to handle these collection records for small amounts in terms of improving the credit score?

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I have read the site for several days and just recently finished the "Good Credit is Sexy" book...great stuff. I have my binder set up with all 3 reports and feel like I'm ready to start. Still a little confused on the following...

Should I dispute my CO's over the phone with the CRA first or just send in a dispute letter? This obviously is the worst thing on my report although there are a couple others in collections...wish I could go back in time!

Several other questions, but first things first>

Thanks

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This is my first time to the forum and am looking forward in communicating with everybody. Have credit issues myself, so hopefully someone here can aid me in my attempt to repair my credit.

Incidentally, can anyone tell me how to get a bankruptcy/foreclosure removed?

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I got my credit reports. I disputed just about everything and almost everything was verified. So now I have some questions...

Several years ago, I failed to pay Verizon and they sold the debt to a CA. There were actually 2 accounts for 2 cell phones. The CA has 2 different claims against me for both accounts for a total of 4 claims. If I include the original claims by Verizon the grand total is 6. This seems wrong. Am I correct? I am confused as to what I should do. The original debt is correct. I never paid a balance owed to Verizon. Should I DV if I know the original debt is correct?

My second set of questions involves the Statue of Limitations. How does this work? In Maryland the SOL is as follows:

"STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3

UCC: 4

Specialty: 12 (contract under seal)

Written Contract: 3

Domestic Judgment: 12

Foreign Judgment: 12 "

Does this mean since I live in Maryland, creditors have to follow the Maryland SOL? Is it based on where the debt took place? Is it based on where the original company is located? Also, what exactly do these different SOLs mean? I have several TLs that are from 5+ years ago. Are these still valid?

I am just looking to start my quest to a debt free life. It is all very confusing. Any help you can provide would be much appreciated!

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I am going to send out DV letters. Should I send out one DV for the 4 TLs from one CA or should I send 4 individual DVs to the same CA for the 4 TLs?

Also, can anyone provide info on the SOL questions I have?

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i have an old car loan that was paid in full, but has some 30, 60, days late. about 10 of them. Does this hurt or kinda help. overall credit is pretty bad

523 564 576

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Please do not post questions in the Sticky threads-Generally a new thread should be created after you have searched and still need help.

If you have something useful to add to the topic of the sticky thread-please feel free to add it!

Thanks!

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Awsome information for a newbie starting out like me.

:) :)

Thank you for taking the time to share :)

Thank you for the infromation I am very new to this information about credit and repairs.

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I'd just like to say, as a newbie, that I think it's awesome that Divemedic has taken the time to provide so much killer information. Kudos to you!!!

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DV letter for CA:

You

Your address

CA

CA Address

DATE

This letter is being sent to you in response to (a letter I recently received/an entry in my credit file). Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15USC1692g(B) that your claim is disputed and validation is requested.

In accordance with the above statute(s), I am asking that you prove that you have the correct debtor, the correct balance and that you are legally authorized to collect this debt, by providing documentation establishing the following:

• Name and address of Original Creditor

• Name, address and account number on file for alleged debtor

• Amount of alleged debt

• Date that this alleged debt became payable

• Date that the account originally became delinquent

• Verifiable proof that I have a contractual obligation to pay your firm.

• Any agreement that bears my signature, wherein I agreed to pay the creditor.

• A copy of all statements while this account was open.

• Any documents that grant your organization the authority to collect this alleged debt.

If your offices are able to provide the proper documentation as requested, I will require at least 30 days to investigate this information. According to the law, you must cease all collection activity on this account until the above information is sent to me. All correspondence shall be in writing. At no time shall you call me at my place of employment. Also be advised that, should you call me at any other location, all telephone calls will be recorded.

I wish to thank you in advance for any assistance you can provide in this matter.

YOU

I love your letter, but iwhat is the basis for requesting "a copy of all statements/ . . ", etc. Is that required by the law?

donz

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Didn't this used to be sticky?

I love your letter, but iwhat is the basis for requesting "a copy of all statements/ . . ", etc. Is that required by the law?

donz

Not required, but you can always ask. Usually the CAs don't know the law anyway.

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Thanks all for this great information, especially Dive. You really seem to know your stuff.

Being a newbie, these methods are all pretty confusing to me. It seems the more I read, the more confused I get. Although confused, I am not completely stupid and I somewhat understand the procedures outlined here but I want to make sure that I go about this the right way so that I don't make my situation worse then it is.

Currently, I am reviewing my CR from Experian online, but I have requested the paper copies to be sent to me from the big 3.

Experian is currently reporting 37 negative TL's. Most are from CA's for medical bills and student loans plus 1 repossession. Obviously, I have a lot of work to do but I am in this for the long haul and hope to purchase another home in 2yrs or so.

Below is what I understand as my plan of action, plus the questions that I have. Sorry in advance for my ignorance. :D

NOTE: I reside in the state of TEXAS. Please don't hold that against me. I was born in Sanford, Florida where most of my family still resides.

Step 1 - Get copies of CR from each CRA. Dispute all negative TL's with the CRA over the phone. This should eliminate several TL's and appears to be a "picking the low hanging fruit" method. For remaining TL's, proceed to step 2.

Question: My guess is that all of my TL's are correct, so what excuse do I use with the CRA? Once they pull my CR they are going to see that I have multiple TL's from the same CA. My thoughts are that playing dumb is not going to work. I could be wrong.

Question: When I call the CRA, do I attempt to have more than one TL deleted? Note: Several of the TL's are from the same CA and OC(Hospitals).

Question: Do I dispute with all three CRA's?

Question: When I call the CRA, how do I identify the individual TL? I noticed that EX only shows partial account numbers. Can the CRA find the correct TL with just the CA name, Amount, and Date?

Step 2: Once the remaining investigations are complete, I am to DV the CA's using the sample letter you provided via CMRRR, and await the green cards. If the letter is returned, keep the returned letter and then send another DV via FEDEX. I notice that in the DV letter, you do not identify a specific TL.

Question: Considering I have multiple TL's from the same CA, will I need to specify each TL or will they respond to each entry seperately?

Question: What are the different ways do violations occur? In other words, what different actions constitute a violation?

Question: Are violations only made by the CRA, or can the CA and OC make violations?

Step 3: Once I recieve the green cards, I am to re-request an investigation from the CRA again via phone not by mail. Save copies of subsequent CR's that show re-reporting of invalid TL's to use later.

Question: You mentioned that you have never been denied an investigation, which is good news but, what course of action do I take if the CRA says it's frivolous?

Question: If the CA re-reports the same tradeline to the CRA why would this constitute a violation? Assuming that I really owe this.

Question: If the debt has been paid to the CA, are they required to have the TL deleted or just updated?

Question: How do you prove that a violation is intentional?

Step 4: If the CA re-reports the TL, send a second DV to the CA. If the CA re-reports the same TL, you now have multiple violations and a basis to sue according to FDCPA and state law.

Step 5: Fax a letter stating your ITS, listing statute codes unless they agree to delete.

Question: Does the fax go to the CRA, the CA, and the OC?

Question: Do you have a sample letter with your ITS?

Question: What court do you file with?

Thanks in advance for any of these questions you choose to answer. I fully understand if you choose not to respond to them considering the number of questions I have. :D

Dis you ever get all the answers for all your questions?? I would love to know the answers!! I had just about the same ???'s Thanks!

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