Re: Re: Re: Best Way to Delete a Neg Tradeline hey fed up: see my replies in the thread "collection agency rules"
Re: Re: Re: Re: Best Way to Delete a Neg Tradeline I see nothing that says these are laws. Rather they are Classifications. There is no law that says a OC must charge off an account within a given timeframe. Loss: An asset, or portion thereof, classified Loss is considered uncollectible, and of such little value that its continuance on the books is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value; rather, it is not practical or desirable to defer writing off an essentially worthless asset (or portion thereof), even though partial recovery may occur in the future. This policy does not preclude an institution from adopting a more conservative internal policy.
Re: Re: Re: Re: Best Way to Delete a Neg Tradeline okay it's not a pissing contest, maybe it's not "the law" but i have been under that impression for quite a while... maybe on false pretenses. i will look into it further, but as you mentioned or maybe it was jlynn or flying something...someone with about 3,000 or so posts here (can't remember the name)... but anyway i may have given you the wrong link, i will check back where i used to post... someone there quoted this to me a while back... the only reason i was concerned with that concept in the first place was because i had an account taken out in my name when i was 17 for a gas card. the term was one month and it wasn't charged off for over a year, meaning this was a sneaky way of keeping the debt on my report longer... anyway... i'll check. thanks for the challenge.
Re: Re: Re: Re: Best Way to Delete a Neg Tradeline Thanks much for responding. Can you tell me what should I do since this account does not report as a charge off. It reports as a Reposses and each month they report. currently they report the months rev. as 99 and a last late date of 03/01. the DLA is reporting as 03/97. Now that I think abou it the DLA is wrong! Should I request proof of the repo? Please advise as to the best strategy.
Re: Re: Re: Re: Best Way to Delete a Neg Tradeline to be quite honest with you... when i called the oc that did not charge off at 180 days, i told them that they violated federal banking laws and all that and they just sent me a letter confriming their request to the credit bureaus for complete removal of the tradeline... when i first came to cic.com i asked these questions and the moderator told me about the link i posted above and so like i said, i called... i don't really have any experience other than that to draw from (which isn't much) and now here at credit net people are saying that creditors don't have to charge off at 180 days!!! so i am still working on that. i dont' know where you are in your credit repair, but have you disputed the entries with the credit bureaus? what about debt validation if this is with an outside collection agency? what state are you in, do you know your sol?
Re: Re: Re: Re: Re: Best Way to Delete a Neg Tradeline Haven't asked for a validation; although I might because the DLA is wrong. I know the repo took place before 97. Also, I just spoke with a friend of mines who pointed out that credit unions are not FDIC insured and therefore don't fall under these regulations. The account was never sent to a collection agency. I am dealing with the original creditor.
Re: Re: Re: Re: Best Way to Delete a Neg Tradeline 5000 - FDIC STATEMENTS OF POLICY Actual credit losses on individual retail credits should be recorded when the institution becomes aware of the loss, but in no case should the charge-off exceed the time frames stated in this policy. This policy does not preclude an institution from adopting a more conservative internal policy. Based on collection experience, when a portfolio's history reflects high losses and low recoveries, more conservative standards are appropriate and necessary. The quality of retail credit is best indicated by the repayment performance of individual borrowers. Therefore, in general, retail credit should be classified based on the following criteria: â?¢ Open- and closed-end retail loans past due 90 cumulative days from the contractual due date should be classified Substandard. â?¢ Closed-end retail loans that become past due 120 cumulative days and open-end retail loans that become past due 180 cumulative days from the contractual due date should be classified Loss and charged off.{2} {2 For operational purposes, whenever a charge-off is necessary under this policy, it should be taken no later than the end of the month in which the applicable time period elapses. Any full payment received after the 120- or 180-day charge-off threshold, but before month-end charge-off, may be considered in determining whether the charge-off remains appropriate. OTS regulation 12 CFR 560.160(b) allows savings institutions to establish adequate (specific) valuation allowances for assets classified Loss in lieu of charge-offs. Open-end retail accounts that are placed on a fixed repayment schedule should follow the charge-off time frame for closed-end loans.}" So, nothing says they can't charge off before 180 days, the law leaves it up to the institution to determine the liklihood of getting paid.
Re: Re: Re: Re: Re: Best Way to Delete a Neg Tradeline oh okay... well that changes things a bit (sorry i didn't see your post before i made my last post) i don't know what to say... debt validation is intended for debt collectors (fdcpa governed) but in some states you can d/v an oc... maybe look into that. i just don't know what to say, except keep bumping and go to www.creditinfocenter.com and ask for swede, or eddietampa they might be able to help you. they have great boards there too...
