Hello, I've found this site to be very informative since I began following it about 2 weeks. I've read many helpful posts and discovered valuable info but nothing specific to my problem which is pretty severe. May 2013, fire burned down my house; a complete loss. Insurance only covering half the rebuild costs. To have even a remote chance to rebuild, I need financing. On my first loan app, I learned my scores are 553, 556 and 590 due to 4 and 5 year old student loan delinquencies directly related to series of events, some devastating, all of which were out of my control: -Deaths of two very close family members -First home destroyed by fire, both cats died -Dropped from grad school due to fire -Lost teaching jobs when dropped from grad school -Loss of teaching jobs triggering off/on unemployment -Admitted to ER and hospitalized with no insurance By Nov 2009, I consolidated all loans with the Dept of Education and kept them in continuous good standing. I was on track to pay them off in just over 10 years. Since my negative history was with companies which no longer service my accounts, how difficult do you think it will be to get them removed? because unless I make this happen, financing will be impossible. Without my house I lose the rental income I need to pay my student loans and I risk defaulting on student loans which were on track to to be paid off. It's a severe situation and I'm gravely concerned. I welcome any suggestions and advice and offer my thanks in advance. Sincerely, 2x Phoenix
Re: Lost Home to fire. Need Rebuild loan-but NO-in 500's from old Stud Loans now curr Phoenix, I would suggest, pull a current Equifax report. no need to pull all of them, more than likely if it's on Equifax it the others also. Next; (just a short list) * Look over the accounts, find the account info on the old servicers. * Challenge/dispute the debts, creditors have to report the debt as disputed (if not sue) * Challenge ALL negative comments especially if they're collection agents. * Challenge ALL non-permissible pulls on your credit report ($1,000.00 per violation FCRA) * Challenge/dispute "Re-age" your account. By updating the date of last activity on your credit report, agencies hope to keep negative information on your account longer. ($1,000.00 per violation FCRA) Turn your miss-fortune into cash!! Focus not only getting the credit cleaned up, but also hold the agencies accountable. You could possibly file law suit for violations under Fair Debt Report Act (FDRA) & Fair Debt Collection Practices Act (FDCPA). Depending on the violation, the reporting agency could be accountable for fines up to $1,000.00 per violation. My personal experience has been once I've notified them of Intent to Sue, along with copy of the Federal Complaint I intent to file against them, the agency generally resolves the issue and I make a little money at the same time. The key when dealing with any debt issue is "FOLLOW THROUGH" Hope this is helpful.... Blessing, CAspayu
Re: Lost Home to fire. Need Rebuild loan-but NO-in 500's from old Stud Loans now curr With all due respect, please do not make blanket statements as those above. Using your logic, a consumer should and would just dispute every bit of negative information on their reports, possibly triggering renewed interest in the debt by the OC, the CA, and maybe even putting them on a road to a lawsuit without using any of the opportunities of the laws that protect us. You seemingly know very little about the FCRA and FDCPA and a newbie could read your post, take it for gospel and run with it. Without picking apart every wrong piece of information you gave, I will simply say this to the newcomers: Read the FCRA, read the FDCPA, and ask lots of questions before you just go disputing accounts 'just because'. You're likely to save yourself some headaches. Fair Credit Reporting Act Fair Debt Collection Practices Act And I suppose this part is intended to lead newcomers into believing that it's so easy to erase negative information with just a letter or two, and just like that a check comes in the mail.
