Good advice on TL's found here?

For what it's worth, in my experience disputing a claim with the Credit Reporting Agencies does little good. (Anyone who has had good success can jump in here if they want - I'd like to hear your secrets!) For years people have been told to just load the CRAs up with dispute letters and eventually something will fall through the cracks and your item will be deleted. I haven't seen that to be very reliable at all. The CRAs and CAs have gotten wise to that tactic and made sure it doesn't work.

Everytime I've filed a dispute with the CRAs, they've always managed to get the TL 'verified'. In speaking with Experian one day regarding a disputed TL, I learned that they basically just asked the creditor if the debt was valid, they said it was, so Experian just took their word for it and left it on. Now, I can't re-dispute the debt because they've deemed it valid at some point in time.

From what I've read here (and just started doing), you can request that a creditor provide "Validation" of a debt. You can dig around on the forum and find out what constitutes validation. This is something you take up directly with the creditor. If they can't provide proper validation within 30 days or so, you can apparently have them delete the record from your Credit Reports. I have just recently sent a few validation letters, so I haven't gotten to the end of this yet. From what I can see here, if the creditor(s) won't remove it because you tell them too (which, I wouldn't expect them to do in my experience), then you have to pursue it through a small claims lawsuit in which you present your evidence that they have failed to validate the debt and are compelled to remove it. Your letters to them and their failure to respond or produce the required validation is your backup apparently, and anything else you may have that's relevant.

As I said, I'm working through the process as we speak, so I'm not an authority. I'd like to hear from someone who's been through the process myself to get an idea of how it progresses. The above is my understanding to date, however. It seems to me that the key words in your statement are "LEGAL RIGHT". Apparently, the only way to get things off your credit is to wait and hope or start brushing up on your amateur legal practice in the small claims courts of America.

 

First, make sure you have your termonology correct, there are a lot if terms and references that get thrown around. It can get confusing, and misrepresentative.

What you are first refering to is a "dispute" with the CRAs; per legal requirements, IF the creditor does not respond to them within the time frame of the 30 days to resolve your dispute, THEN they must delete the TL, or make the correction requested by the consumer.

There is also "verification", where you dispute with the creditor directly, this gets touchy, as the laws in the FCRA are a bit vague. The FCRA has some loose language regarding "verification" requirements. So, disputing with a creditor directly, and getting no response does NOT automatically create the "legal right of deletion".

Then there is Debt Validation, this comes under the FDCPA, and this is specifically for collection agencies (and OCs "acting" as their own CA). Again, lack of validation does not automatically trigger deletion.

Also, the entire credit repair movement has changed the actual workings and system of repair. What worked just a few years ago, does not mean it will work today.

In light of this, many instances arise where legal action must be taken, and I mean TAKING legal action, not merely the threat in a letter. Yes, there are creditors, CAs, and even the CRAs who will not do what they may be legally required to do, but with the volume of activity they now face, they will only deal with the "loudest screaming voices".

To answer your question, the best way to get "TLs removed" is to follow the full process of credit repair. This is outlined in the "stickies" posted on this, and other forums. In brief, there are really only a few basics processes, and they all revolve around the FCRA, FDCPA and FACTA. They also involve the business elements of goodwill, and let's not leave out the wildcard of plain luck.

The process involves doing your homework, making a plan, then executing that plan with persistence and determination, as well as courage sometimes. Read the "stickies" on the basics of credit repair, read ALL of the FCRA and the FDCPA, and FACTA. (Yes I know how long they are! I have read them, and I still refer to them to this day!). Read all the info from the credit reporting agencies, they do supply a lot of information. Read up on FICO scoring. Last but no least, read up and study basic financial management and lending practices.

I hate to say this, but as a veteran of this board, I am starting to see what look like a lot of requests for the "shortcuts" and magical cures, there are none. I am noticing an air of beliefs that any negative can be removed from a credit report easily. Again, this is not the way it is.

As a consumer you have a tremendous legal system behind you, with forums like this you have a wealth of tips and moral support to working a plan, you must use them.

So, I apologize if I come off with a bit of an attitude, I do not mean to. I am just a "veteran" who went through all these steps, and sometimes learned the hard way about following the process. Perhaps it is the veterans who have added to this belief that all credit reports can magically be repaired.

My advice is first "Learn, Learn, Learn, and then learn some more. Then plan your work, and work your plan, never give up and keep trying something, and lastly, be ready to go the full distance when and where needed. ".

 

I think the FIRST point to repeat repeatedly is that the process can be SLOOOOOOOOOOOOOOOOWWWWWWWWWWWWWW.

While some things are taken care of quickly, you should not set your expectations based on those cases.

The laws give the dispute process up to 45 days for the first try. If that doesn't work and you have to request another validation or pursue the first one, you could wait another month or so.

If you're doing a validation and the CA is stubborn, you could be sending letters for 2-3 months before you take them to court. Take them to Federal Court and you could be exchanging documents for the next year. If that goes to appeal, it could be up to three or four years.

Or...it could be fixed with a phone call.

I've had all of the above with my own credit reports just in the past three months (the Federal court info came from research, not personal experience). If your situation and/or report has some serious complications, then it would not be unreasonable to figure it taking up to a couple of years to get it all sorted out.

To repeat:

But, the good news is, that you persistence will almost always pay off.

 

Amen Brother!!!!

 

"For what it's worth, in my experience disputing a claim with the Credit Reporting Agencies does little good. "

It may, or may not, do any good, but if you might later have to sue the Data Furnisher (CA or OC), you will have to dispute thru the CRA first and the DF will have to "verify", otherwise the DF will escape liability for their error. Their liability for damages for their error is your strongest lever to get them to correct.

 

Good point Ontrack.

If your goal was to get a TL off your reports and you were willing to pay for it, what would be your optimum strategy to help the CA get in the mood to negotiate?

. Would you dispute the debt first, then if 'verified' follow up with validation letters, then if the debt is properly validated try to negotiate with the CA or send a PFD letter?

. OR, would you contact the CA first and try to get a settlement, then if they weren't amiable, start disputes, validations, etc?

. Or, would you follow a completely different path?

I'm sure each creditor reacts differently, but it seems to me on one hand it might be a good idea to 'soften' them up. On the other hand, you might make them mad and uncooperative by the time you get to your PFD negotiations.

If it's your debt and you owe it, that's one thing. But if it's not yours or the wrong amount, you'd hate to pay a large sum just to get it off your credit.