Ok..please tell me I am not crazy and this is a violation. Here's the situation: Applied for FHA loan beginning of November, mort. broker told me I couldnt have any outstanding collections. I informed him I shouldnt have had any. TU did indeed have one listed from my cable company stating Collection acct as of 02/03: Balance: 350.00 Most Owed: 669.00 Past Due: 669.00 I promptly got on the phone and raised cane..this is a home loan that was on the line and I knew that I didnt owe them any money. They infact sent me a refund frm my last payment to them for 50.00. In anycase, got two letters from cable company as well as letter from collection manager at CMI stating the error. ON my TU report that just came in the mail as well as my PG pull last night they now have it listed as: Collection acct: updated 11/03 Balance: $4945.00 Most Owed: $669.00 Past Due: $ 4945.00 WHAT!!!?????*** I am not paying them 5 grand just to get my loan, and I didnt have that much time to fight it so I signed a lease/with option so I have time to get this cleared up. Any advise as to what my options are...I am mad...this is ridiculous!!
Also, it's a good thing I know the person who is selling the house..and she agreed to do that. She has had two other offers and agreed to the LP out of the goodness of her heart. I explained to her the mess on my CR. I would have been really, really mad had I lost the house all together. Sorry to be venting on y'all..I just dont want these guys to get away with this, ya know.
I dont want to be one of those happy to sue your butt people..but this could have cost me a house, and will probably cost me in interest if the interest rates go up. Do I have just cause to sue??
Is this alleged debt with a CA or with the OC?? Regardless, you still need to send a request for validation to the CA/OC via US mail, CRRR. When the green card comes back to you, then dispute the TL with the CRA(s) it is listed with. When you do it this way, it's all in writing and the paper trail begins so if you end up B4 a judge, you have everthing as protocol. Then suing is made easier. I bet they will also walk into some more FCRA violations, in addtition to reporting inaccurate information. Keep us posted.
Do I still have to validate it , if I have a letter from the CA and the OC stating that there is no balance, this letter is dated prior to my latest pull?
Since you have letters stating that you owe nothing, start by disputing as "not mine" with the CRA. If it comes back verified, send the copies of the letter to the CRA. If they come back and say they can't accept your documentation, sue them (the CRA). In the meantime, do some searches and reading here. Once you have disputed this, they have a higher level of responsibility regarding accepting your documentation.
Balance: 350.00 1*Past Due: 669.00 2*Balance: $4945.00 Most Owed: $669.00 3*Past Due: $ 4945.00 sweetevl ================== 1* How can there be 669 past due on a 350 balance? 2*How can there be a balance of 4945 on a most owed of 669? 3*How can you be 4945 past due on a most owed of 669? >--------- >::::L.::::B. :::::::::::: 59 ::::::::::::>> -------->>
That's what Im saying LBrown...!!! Crazy..guess im going to wait for the CRA to come back after my dispute again and see what happens then.
Goals: 1) Complete removal of this tradeline. Collection account posted in error. 2) Compensation for financial damage since this prevented loan for purchace of loan. Option money is part of damages, since it was necessary to minimize damages. Also any increase in interest paid due to delay in obtaining loan. Also any fees or costs paid toward obtaining loan that never went through. 3) Compensation for costs to get the matter fixed, including your time, mailing costs, credit report costs, etc. Parties negligent and responsible: 1) OC for sending account to collection when there was no amount due. This action was negligent, and they are also responsible for the failures of CA and CRA to correct in a timely manner. They are also jointly responsible with CA, if the error was due to CA, since they initially sent the account erroneously to CA. 2) CA for reporting clearly erroneous amount. 3) CRA. You need to document and pin down dispute with them. If they fail to remove based on your letters from OC and CA, they have also been negligent. Obtain copies of OC or CA UDF directing CRA to remove. Obtain letter from your mortgage broker indicating reason for denial. If reason is "unpaid collection account" have him say that, and what credit report it was found on. (they are required to give you an "adverse action" notice.) Make clear to each party you contact that this needs to be corrected immediately. "It may take 90 days for your credit report to be corrected" is not an acceptable answer. A >$4000 erroneous collection account for cable is so blatantly negligent that any "reasonable person" would conclude it is in error, not just something to "research and get back to you". If you sue, it will probably have to be against all parties, since they will probably just blame eachother. Since you are clearly in the right, and have been clearly damaged, you can go ballistic, even if they eventually fix it. Fixing it mitigates damages, but does not relieve the negligent party of responsibility for damage already caused. The above is an outline of strategy, not legal advice.
You can also give your cable company an additional black eye with their regulators, since they are the original cause of this problem. They are probably regulated by both your local city or county, and by your state's public utilities commission. If they routinely screw up, and generate complaints, it can slow up approval of their frachise license next time it comes up. You want all parties to fold, fix the mess, and pay up. Not waffle, delay, and spout BS. Shock and awe.
Update: It's gone, deleted from the CRA -reported in error. wooo hooo... It still affected my loan decision, but I dont think i feel comfortable enough to sue for damages. Not that the idea of a couple extra bucks wouldnt hurt. The whole legal aspect of this situation makes me shy away from it. Anyone think I should still pursue it, I really dont want to go to court. Who thinks my chances for settling out of court would work??
Good Job SE. If you want to pursue this there is an emerging strategy which may help isolate the responsible party. www.awesomecredit.com/cnsidebar/dixiescya.htm]-> DixiesCYA[/url] Be sure to follow the links for Dixies version which is without all the legalese. Simpler is usually better. If it were me tho, I'd probably just forget it. You might ask for a reconsideration from the mortgage co. too. .
Re: Re: Re: ARGH!! I could scream-violation?? Butch, I have to ask what you do, I noticed the NASD "signature"....as an "(ex) Series 7, 24, 27, 53, 4 and 16" who used to own a BD, I'm just curious!
Re: Re: Re: Re: ARGH!! I could scream-violation?? Wow, lotta designations. I'm just 6 & 63. (feeling puny right now) lol I focus on Annuities to Federal Employees now, almost eclusively. Did 4.4 million last year. Why'd ya quit? .
Re: Re: Re: Re: Re: ARGH!! I could scream-violation?? Long story on the "quitting", business "went under", combo of under capitalized, brokers that stopped "producing", investor sentiment downturn, and the NASD itself! Did a lot of private placement investment banking, and portfolio management/financial planning. But 4.4 million, now that's a "WOW"!!! If I had more guys like you, things would probably be very different now!! Sounds like you've carved out a very nice niche, WTG!!
