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The New York Senate
and Assembly passed separate bills last Wednesday that would
make it illegal for credit card companies to charge state residents
a higher interest rate on their credit card if that resident is
late on a payment on a different card (universal default).
Awesome
newsletter with some great useful information!
Thanks for bringing this site and the new newsletter to us. My
knowlege of consumer rights and credit has improved more than I
could hope for since joining this forum.
I just had to pass
this on. A friend of mine recieved a letter from Pinnacle Credit
saying they now own his account from Chrysler Motors and that it
was seriously past due and they were demending payment in full
within 30 days.
No mini maranda, or contact phone number, just a return envelope
and payment slip.
Now heres the fun stuff. This is from a repo that happened in 1962,
No joke he still has the paper work. No judgement was ever sought
or issued so they are trying to collect on a debt that is so old it
has hair on it, much like thier mothers chest.
Needless to say i wrote him a F.O.A.D letter to send them. Are they
really that bad off that they are trying to collect on a debt 45
years old?
Hello all. I know you've
probably heard it before, though, I too wish to say, I am just
pleased to find some many knowledgeable individuals here thus far.
It does appear that I found the -right- forums to share my
situation in!
Where to start. I am in CC debt, a bit more than I would like,
though all 3 cards are up to date, but the scum licking companies
are sucking me dry with their high interest rates. My FICO is 624
according to WaMu (was a Providian card at the time), though I am
awaiting my hard copy of all three ACR reports (the first step in
hopefully cleaning up my credit of course using assistance from you
all from previous posts as well as any new ones I'll inevitably
make).
Unfortunately, just this year there were some delinquencies of
payments, nothing outrageous, most likely only a 30 day at best
though I tried getting a Consolidation Loan through USAA for $9800
of CC debt. Instead of trying for an unsecured, the lady at USAA
recommended, after I told her I would be willing to use title of my
vehicle as collateral, a "Used Car Loan". It's a lower interest
rate and I would be able to go beyond the 48 months maximum term of
their "Consolidation Loan" by getting a "Used Car Loan" instead.
Sounds good to me. Well it went to the underwriters, wasn't a
direct "no" and I unfortunately got my hopes up when she said it
(ie. loan application) would have to go through several hands
before they could know the decision and that she would gladly call
me back once one was made. I was thinking, "Damn, I might finally
stop paying just minimum payments and get out of this wretched hole
I am in." Sure enough, she called back and they were unable to
approve. The NADA "low retail" for the vehicle I was using as
collateral is $9600, just $200 damn dollars less than what I was
asking for and of course they KNEW that the loan was going to pay
off the CC's and HAD to know that the payments for their loan would
be LESS than the minimums I had to pay the CC's. Loan processes I
suppose in general just piss me off a little.
Anyway, back on topic. I got declined due to, "accounts showing as
over their limits", huh? There should be only one that I know of,
Chase because the bastards lowered my maximum credit limit, which
guess what, after they applied their "finance charges" bumped me
above that limit, therefore they were able to impose a $39 over the
limit fee. But, it doesnt stop there, because, I sent a payment of
what I knew the minimum would be (its pretty much the same month to
month, going down MAYBE a dollar), but that didnt cover it due to
the over the limit fee that I didn't realize was imposed, so, now I
had a $39 late fee to top it all off. Great.
Got off topic again, I thought I would be able to contain my
frustration with these parasites, though I suppose I was wrong.
<grin> [Read
More]
This case is not
about credit issues, but about telephone recording and consent by
all parties. Even if the recorder is in a one party state, the
court held that a recorded phone conversation that reached out and
touched a state that requires both party's consent is
actionable.
For the reasons discussed at length below, we
conclude that this case
presents a true conflict between California and Georgia law, and
that, as a general
matter, the failure to apply California law in this context would
impair California’s
interest in protecting the degree of privacy afforded to California
residents by
California law more severely than the application of California law
would impair
any interests of the State of Georgia.
I had a charge off with
BofA 6 years ago. They report to the credit bureaus as charge off
and report that I am currently past due with amounts going up every
month. I guess they are adding interest. But if it has been charged
off how can they report currently past due with an increeasing
amount.
I have a
creditor that is reporting a loan incorrectly to the credit
reporting agencies.
The last time I checked there were only 30-31 days in a month, yet
several times over the past two years according to all three CRs,
as well as my 3-in-1 an account goes from being 30 days late to
being 90 days late in a one-month period.
I disputed it with the CRAs, and it came back verified. I also
wrote the creditor and they sent a letter saying that they are
reporting correctly.
Since I have done both of these steps, what would be my next step
of recourse with them?
I have tried to post a
very long post many times reference to a recent california decision
on interstate phone calls . It keeps say the post is to short.
The sanctioned side had, in opposing a motion to dismiss,
represented to the court that it had "plenty of evidence" to
support its opposition, and hence the motion was denied. Then
followed discovery, and eventually it turned out that the
sanctioned side in fact knew of evidence that would prove that the
motion should have been victorious. The court, which relied upon
those representations, says that they were "either dishonest, or
objectively unreasonable, or the product of a failure to make
reasonable inquiriers."
Ruby this one is for
you the whole opinion is uploaded.
The Fair Credit Reporting Act allows for new damages each time a
trade line is disputed. See Larson v. Ford Credit, et al
***CASE #: 0:06-cv-01811-JMR-FLN
USDC Minn.
2/13/2007 “Report and Recommendation” [06:cv-01811 USDC Minn] on a
FMCC Motion to Dismiss (denied)] affirms that “each time a
furnisher of information receives a report of inaccuracy and fails
to conduct a reasonable investigation of that inaccuracy, that
failure constitutes a new violation of 15 U.S.C. §1681s-2(b), even
if the report addresses the same credit inaccuracy issue that has
been reported to the furnisher of information."***
Ross v. RJM
Acquisitions Funding LLC, 480 F.3d 493
C.A.7 (Ill.),2007
Dunning people for their discharged debts would undermine the
"fresh start" rationale of bankruptcy, and is prohibited by the
Fair Debt Collection Practices Act (FDCPA), which, inter alia,
prohibits a debt collector from making a false representation of
the character, amount, or legal status of any debt. Fair Debt
Collection Practices Act, § 807(2)(A), 15 U.S.C.A. §
1692e(2)(A).
Is a cell phone
considered a utility. It looks like I am not paying my utilities by
this trade line.
Also, is the FCRA violations, up to a 1,000 per month per violation
ie 3 items on CR is wrong so that 3 violation for the length of
time they have been reporting up to the sol.
On another forum, a
question has been raised about alternative credit reporting
agencies or bureaus as he claims they are called. He claims you can
"self-report" your bills that are not regularly reported to
agencies such as prbcdotcom (I refuse to link there!) and it can
help you get credit. He claims there are 120 or so alternative
credit bureaus. I know that TU, EQ, EX, Innovis, the medical one,
and a few others do not allow self-reporting. I say this is
ridiculous to think that self-reporting a bill (like say your water
bill) if not reported by the actual biller can help your credit
score or that any on the level creditor would even think to
subscribe and use those services. I am going to ass-u-me that these
so called alternative credit bureaus charge you to report your
bills yourself.
How 'bout it? Anyone know anything about these? This PRBC has even
written a topic about it in the wikipedia and on answersdotcom.
Wouldn't it be wonderful if you could report your bill paying
habits yourself and actually get credit from doing so? I am VERY
skeptical that these are legitimate businesses or that any credit
grantor uses them.
This is what the poster has to say about "alternative
bureaus":
Quote:
Disregard all other
comments in this thread about PRBC - nobody here has it right. To
set the record straight:
1) PRBC *is* the leading alternative credit bureau. There are
obviously 3 major national bureaus (Experian, Equifax, &
Transunion). Then there are over 120 local and regional bureaus
that are members of the NCRA. PRBC is the only national alternative
bureau that allows anyone to self-report rent and other non-debt
bills (phone, cable, utility bills, etc. that ARE NOT reported to
the big 3 unless payments are late), and build a credit file and
score.
2) PRBC does not report to the Big 3 bureaus. The info you submit
to PRBC results in a credit file and Bill Pay Score with
PRBC.
3) PRBC credit reports are accepted by Fannie Mae and Freddie Mac,
government backed companies which buy over 80% of mortgages in the
US. Which means, if you have no credit, or "not enough credit", you
can report your on-time payments to PRBC and qualify for a prime
mortgage. If you've paid rent and 3 bills on time for 12 months,
you can qualify for a mortgage - legally and at a good interest
rate.
4) You can build your credit file in 2 ways:
A) enter account info manually, including most recent bill paid and
when it was due. This is free to do. When you're ready to go for a
mortgage, you'll have to pay about $65 to get the payment info
verified. You make that back in the first month with the
better
This was a case where Sherman sued in Waco (McLennan County) on a
sworn account and quantum meruit claims. Defendant basically
blew the case off and did not answer or appear. Surprisingly, the
request for default judgment was denied and the Court granted a
take-nothing judgment in favor of the Plaintiff (Sherman).
Sherman appealed. Case has been reversed and judgment was rendered
by the 10th Court of Appeals at Waco in favor of Sherman.
Opinion contains discussion on the issue of sworn accounts as well
as liquidated versus unlquidated damages. There is also discussion
associated with the use of the Sherman affidavit.
I'm putting this here simply because it has some tangential
information related to crediting of accounts in certain banking
transactions.
This was a case where one bank was in a deposit relationship with
NationsBank (now BofA) and where there were some returned postal
money orders. BofA wanted the MO's made good and when they were
not, they seized funds from the other bank's account held with
BofA.
I am reading, reading
and reading and I am getting confused which is normal.
What is the difference between
FCRA 623 (a)(5)(A)-this says the reporting agency has 90 days to
report the first delinquency
If the 7 yrs starts from the 1st delinquency and never brought
current how does
FCRA 623(a )(1)(A) come into to play; its the statute that says
they have 180 days to notify the CRA when the account was sent to
collection (internal or external)and the 7 yrs starts from that
point
Am I confused that the 7 yrs starts from the charge off vs the
first 30 days delinquent and never broght current.
ex dofd is 6/00 - 7yrs from this point is 6/07
but if its the 180 days and the charge off is 12/00 then the 7 yrs
is 12/07
does the 180 days only apply to bank cards-where they are mandated
to charge off after 180days max.
I need to understand this as I am going to dispute TL's that should
be removed based on the first 30 days delinquent starts the SOL and
they should be removed but I need to state the proper FCRA.
I found a web page that
is actually an advertisement for a well known credit repair
company. The text in this ad is worded to sound like a satisfied
client's testimonial. This client says the company was able to
remove a judgment from the credit report.
Assuming the judgment/AJ is valid, how would this company attack
such an entry to get it deleted?
Attached is the
statute you are looking for. Partial payment must be accompanied by
an unconditional promise to pay in writing to restart the
SOL in Alabama. The partial payment in and of itself does not
restart the SOL.
Bad Credit? Learn how to
repair your credit score, get rid of debt & avoid debt
consolidation or bankruptcy.
Having bad credit can literally affect every aspect of your life. A
low credit score means promised financial limitations and
difficulties. As if this wasn't enough, you'll also have handfuls
of credit councilors and other so called money managers trying to
take even more from you with their debt consolidation plans that
promise to "cut your payments in half", "save you thousands", or
our personal favorite "get you out of debt with the click of a
mouse". If only our computer mouse had the debt relief magic that
those bad credit spam emails promise. Although getting out of debt
can't be done with a click of a right mouse button, it's probably
not as hard as you think. Keep reading to learn how you can fix
your bad credit and get of debt the "do it yourself" way.
How to repair your bad credit & raise your credit score: The
skinny
We often get the same questions "what is the quickest way I can pay
off my debt?", "how can I get rid of all of the negative
information from my credit report?, "I need a big boost in my
credit score immediately... how can I do that?". Unfortunately, all
of these people are looking for the same thing; credit repair
secrets. Unfortunately there is no such thing. Although it's easy
to forget this, due of all of the credit repair services
advertisements out there, the truth of the matter is that repairing
your bad credit and increasing your credit score is going to mean
peanut butter sandwiches for lunch, a downgrade on your cable plan
and a crash course in bad credit repair education. Now there are
many tools that will help you remove unwanted negative information
that is not accurate. The credit repair process is time consuming,
It is however a rewarding process, you will never look at credit
the same way after you are done.
Why you should stay away from debt consolidation &
Bankruptcy
When things start looking rough for people with bad credits, the
lure of those bright credit repair advertisements can look
promising. Some are so convincing that they almost have you believe
that the man in the ad sitting on in the rocking chair on the front
porch of his house is actually a client of theirs and not a paid
actor.
We here at Infinite Credit ere aware of such services, many of the
firms out there will have you believe that you would be in debt for
over 30 years with all of their outstanding credit (student loans,
credit cards etc). However, in fact the all of debt could easily be
paid back within 8-12 years. Somehow they clicked their mouse and
came up with 30 years? Next they continued to tell us that they
would take on our debt for us at the small cost of $10 per account.
Since there were 4 accounts open, it would cost us $40 a month just
to pay for... [Read
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The New York Senate
and Assembly passed separate bills last Wednesday that would
make it illegal for credit card companies to charge state residents
a higher interest rate on their credit card if that resident is
late on a payment on a different card (universal default).
9 Replies | 73 Views
Awesome
newsletter with some great useful information! 
I just had to pass
this on. A friend of mine recieved a letter from Pinnacle Credit
saying they now own his account from Chrysler Motors and that it
was seriously past due and they were demending payment in full
within 30 days.
This case is not
about credit issues, but about telephone recording and consent by
all parties. Even if the recorder is in a one party state, the
court held that a recorded phone conversation that reached out and
touched a state that requires both party's consent is
actionable.
charge off
I have a
creditor that is reporting a loan incorrectly to the credit
reporting agencies.
Groklaw - Law firms, client sanctioned: $1.25
Million for discovery games
Ruby this one is for
you the whole opinion is uploaded.
[Sherman case reversed and remanded
Bad Credit? Learn how to
repair your credit score, get rid of debt & avoid debt
consolidation or bankruptcy.
Why use Credit Repair Services or a Credit Repair Company
?
Repair
credit score with the Legal credit repair tips and tricks offered
by members that have been there, done that! Why pay a credit repair
business when you can have a free credit repair by cleaning your
personal credit file yourself. Learn about a validation letter and
how to use the validation letters. Have you been turned down for a
car loan due to bad credit? or You could not get a home loan with
bad credit? then this site is for you! Do not allow bad credit to
stop you from refinancing your home or obtaining a home
mortgage.
Last post by
Repair Bad Credit
06-21-2007 07:15 AM0 Replies, 19 Views
Notes by elangbiru:
Bad Credit? Learn how to repair your credit score, get rid of debt & avoid debt consolidation or bankruptcy.Having bad credit can literally affect every aspect of your life. A low credit score means promised financial limitations and difficulties. Spammer