mytime3 Posted February 19, 2007 Report Share Posted February 19, 2007 Hello, I was searching for an answer to a question I have and came acrossed your site. Looks to be very imformative and I glad to see so many people out there that care about theyre credit and managing it, very important in our lifetime. I am hoping someone out there may have an idea about my issue. Six years ago I made the big mistake of thinking that using a credit couseling service would help me to get out of debt. At the time we were not late on any payments or anything just had a lot of creditcard bills. As you can guess they hurt us pretty bad, and after a year I pulled myself out of the program, refinanced my house and paid everything off. Last year we tried to get a loan and even though we have 730+ credit score were denied by wells Fargo (whom we have banked with for 18 years) because one of our old credit cards says being managed by credit counseling service. I tried having it removed by both contacting the creditor and the CRA which did not work. Now this account has been paid in full for 5 years and is closed is it legal to say being managed by CC when it really is not? Any one have any ideas on how to get this line removed? I would appreciate any responses. Thanks!!!! Link to comment Share on other sites More sharing options...
Ahntara Posted February 19, 2007 Report Share Posted February 19, 2007 So true that having a CCC notation is enough to get disapproved. Any indication of CCC (or DMP) is proof positive that you need PROFESSIONAL ASSISTANCE to manage debt. Obviously, this indicates risk. Assessing your risk as a borrower is what credit reports and scores are all about.Sometimes, post-program, the creditors (Data Furnishers) will remove the notation. This is per company policy, so varies from DF to DF. Contacting them directly with a FACTA-quoted request is still the way to go. The DF is the one who placed the notation; it's the DF that needs to remove it.Instead of threatening suit and brandishing any big sticks, you may wish to request they 'fail to update' the Closed for Five Years account. You will lose the history, which may negatively impact your score, but it will be worth it to lose the notation also. I wish you luck! Link to comment Share on other sites More sharing options...
divemedic Posted February 20, 2007 Report Share Posted February 20, 2007 In any event, the law DOES require that the TL be "complete and accurate" and showing that it is being managed by CCCS would not be accurate, if it is paid. Verifying it this way is an s-2b violation. Link to comment Share on other sites More sharing options...
mytime3 Posted February 20, 2007 Author Report Share Posted February 20, 2007 What is a s-2b violation? Rather than sending off goodwill letters as I did last year should I then request it be removed for reasons being that it is not accurate information. The card in which I am having problems is an old JC pennys account. I have written letters to like three different addresses for them with copies of all the payments made to them, the check receipt for last payment (11/02) PIF, when I started this process last year it also stated 90+ days late which has been removed. I would like to get some home improvements done and with interest rates going up I would like to get the best rate I can. I have worked really hard to get our credit rebuilt after using Express Consolidation (who paid our bills late for 6 months straight). It is a nightmare. Thanks, J Link to comment Share on other sites More sharing options...
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