Hello, Forum Newbie....long time victim of "the system". I wanted to share some information with you guys as I have read some of your threads and really like what your doing here. I wish the nation as a whole could read how scummy these CRA's and CA's actually are. After educating myself on the process of credit repair I dilligently started to do just that. Repair my credit. I was good at it. Raised my credit 80 points in under 1 year. Without paying a penny back. I didnt just do this through disputes, I did it by getting secured credit cards and paying the balance in full. When my credit got to a score a lender would sell me a car at I secured a loan and have made my payments above the premium and a week before it was due. I want better credit worse than I want most things in life. It's that important. Recently though "the system" has reared it's ugly head again. Heres the short story. I had a Repo in 2004. Creditor A put it on my credit in 2005. So this has been on my credit since then and one of the reasons my score has been low. In Nov. of 2009 a CA reported the exact same account on my credit and dinged it for 35 points overnight. They even had the nerve to say the "date of 1st delinquency" was 11/2009. This is the exact same account from 2004. I wrote EquiSux to dispute the information and was told it is completely legitmate for Creditor A to sell the debt to the CA, even 5 years down the road. EquiSux told me that they were not duplicate accounts since Creditor A had opted to sell the account and the CA was now reporting it as their debt. Creditor A is under no obligation to remove the account even though they sold it. EquiSux says they are under no obligation to change the "date of 1st delinquency" as reported by the CA since thats the information the CA gave them. They can see its a duplicate but will not do anything about it. They told me to call FICO if I didnt like their answer. So I did. I called FICO and their rep was shocked. Had no idea how they could report this way. Ok. I thought that too. But what they went on to tell me shocked me. They said that a Repo can be sold and sold and sold over and over again and the 7 year expiration has no bearing on this type of debt. FICO told me this. I doubled up on reading the FCRA 605.a.4 and is still says 7.5 years. Is this true? Lets say it is. Fine. Should a debt from 2005 be allowed to not only re-age 5 years later but be posted as a new account on my report and dock my credit 35 points? 5 years later???? If that so, their is no hope for my credit, Well, that didnt sit well so I knew I had to dispute with the CA the "date of 1st delinquency". I called the CA and to my surprise the CA is the same company as the Original Creditor. The two companies merged in Oct. 2009. That means they were the same company when they reported the new account under a different name in 11/2009. Now I know somethings gotta be fishy here. And my gut and education tell me I gotta sue everyone. Is there anything you can tell me that might save me some errors in my next moves? Am I missing something here? Is there a consumer affairs team or anyone out there I can talk to about this? I'd love to vent about my frustrations with them but we're all vets to that. Thanks for your help and any information you can provide me.
Well, I think you got the right ideas about filing a lawsuit against somebody but who is doing that which it is illegal for them to do? Could it be the original creditor who is the original reporter? Could it be the second reporter whom you say is now a part of the original creditor but still reporting under their old name? Could it be the Credit bureaus themselves? Of course, I can't give you legal advice but it does seem to me that if I scratch my poor old head enough I stir up old memories about a pert of the law that says it is illegal to use false trade names or identities in making reports to credit reporting agencies. And out of the murky depths of my well stirred brain I remember something about illegal re-aging of the debt and something about the original creditor being the only entity who has the authority to establish the reporting date and something about the idea that all other information providers having to include that original date of delinquency in their reports. As I said however, that is just from memory and I may be getting unwelcome visits from Mr. Al Zheimer so you should not trust what I have dug up from memory and do your own research to be sure of the truth of the matter. Then another question might become one of whether or not the credit bureau did a sufficiently in depth investigation to determine the truth and accuracy of the reports they received? And now for my official disclaimer. I'm not an smarter than a 5th grader, I'm not an attorney and I'd be ashamed to admit it if I were. I may or may not have been receiving unwanted attention from Mr. Al Zheimier whose unwelcome presence is also often visited upon presidents, lawmakers of various stripes, judges, magistrates, juries, lawyers, reporters of various and sundry types and last but not least, yours truly. Therefore you should never believe anything anybody tells you without first diligently researching for yourself so that you can hopefully arrive at the truth of the matter. (LOL),
Thank you for your response. EquiSux is in bed with the CAs. They are harboring all of their innacurate information and have zero motivation to help or protect the consumer. All they verified was that the CA wanted the debt on my report. They dont actually look into validity and challenge obvious information. They could care less. It's amazing to me that a lawyer hasnt jumped on all these complaints and filed a major lawsuit on behalf of the people. These "FAIR" CRA's are anything but fair. The CAs I expect to be worse, but they still have an obligation to report fair and accurate information. Who is spearheading letting the public know about these dirty companies? Who is looking out for the man on the ground? We will fight for two men to marry, but we will not take these puke scumbag companies to task for ruining so many lives? It amazes me they can get away with what they do......
