greetings!

Discussion in 'Credit Talk' started by cashback, Aug 18, 2003.

  1. cashback

    cashback Active Member

    Hello. I am new to this board and I am so happy to find this on the net.

    I have several credit card and have been paying minimum payment for real long time and have been transfering balance from one card to another.

    About 3 months ago I've decided to do something becase this credit debit has been eating up my life and will keep doing so if I don't do something.

    I stopped paying those debits (about 10 credit cards!) and now doing research on how to resolve this. First I was thinking bankruptcy and soon learned that bankruptcy is the one that I have to avoid at all cost.

    Then I thought about debit consolidation but I didn't like it becuase I still have to make payment. (I hate making payments!!)

    Then I thought about getting a service from credit repair company. They said they can delete all negative record from my file at $2000! (I have to pay $1000 in advance). I am not sure how and what they do but I am under impression that this is some kind of hoax or something. And I am not even sure if they are going to handle CA's phone call too or just delete my negative record from the file.

    After I came across this site and read FAQs and articles, I now know I can do this myself and how.

    I will post my progress here often mean while I have a question.

    Some of my credit card accounts are turned over to CAs. So I guess what I have to do now is request a validation right?

    Is it good to request validations from OC instead CA? Or just wait until all credit account being turned over to CAs and deal with CA?

    My question is, If I am going to use validation strategy, is it better to deal with CA or OC?

    Thanks

    -cashback
     
  2. jlynn

    jlynn Well-Known Member

    Validation with the CA - OC's do not have to validate. Before you jump in, you should read the 3-4 posts stuck at the top a few times, and its a good idea to get really familiar with the FDCPA and FCRA you will need them.

    You also need to find out what the SOL is for your state.
     
  3. cashback

    cashback Active Member

    Thanks for the help jlynn!

    I am reading as much as I can from this Forum before I dive into this.

    I have couple more questions. I think I read answer for these questions from somewhere on this forum. But i just can't find them and besides, I want to verify it again! LOL

    1. I received a letter from 2 CAs for two different cards that I owned. They said, my accounts have been forwarded to them by OCs and (of course) demanding payments. I just checked my credit report but these two accounts are not charged off yet.
    Then I remembered that someone on this forum said it is better to submit a dispute to CRA first then ask for validation from CAs. I still don't understand what the order should be. My question is, How can I dispute to CRAs first when there is nothing to dispute yet?

    2. In those two letters from CRAs said that if I want to request a validation then I have to do it within 30 days from the date that I received these letters. Is this true? I think you can request validation at anytime. (I think I saw this on this forum too.)

    3. If I really have only 30days to request verification, looks like I have no choice but to deal with CAs first and then deals with CRAs. Hummmm.. some one guide me here plz.!

    Thanks
     
  4. jlynn

    jlynn Well-Known Member

    Different people subscribe to different theories here. What I did personally was sent validation to the CAs and once I received the green card back, I disputed with the CRAs to lock the CA into a time period.

    It doesn't apply in your case either way in your case since they aren't reporting. You are in the first 30 days. You need to send out validation letters to the CA now! This will stop them in their tracks. Once they receive the dispute from you the cannot continue collection activities (including putting the TL on your report) until they have fully validated the account. If they do, you can sue :)

    You can dispute a collection at anytime, but (and there is some debate on this) in order to definitely afford yourself all the protections of the FDCPA do not delay past those 30 days.

    From reading your posts I'm assuming something and will mention - you will have to treat TL's individually. In other words just because you are attacking a CA TL, it won't have any effect on an OC TL...two different animals.

    Keep reading!
     
  5. lbrown59

    lbrown59 Well-Known Member

    My question is, If I am going to use validation strategy, is it better to deal with CA or OC?

    Thanks

    -cashback
    ============
    CA
     
  6. cashback

    cashback Active Member

    thank jlynn.

    Couple more questions.

    1. What is green card? I read this word a lot but don't know exactly what it means. Is it the receipt of the mail?

    2. How do I dispute CRAs to "lock" the CA into a time period? What do you really mean by "lock"?

    3. "TL"? I checked the glossary but it's not there. Is it trade line or time limit?

    4. By the way, I am going to use this "validation" approach for all my CC accounts. But some of them are have high balance. (One has over 30K balance) Will this still work with this high balance account? For these high balanced account, I personally think that I am going to give them some hard time through requesting validation and then settle for deletion with part of what I owe them (probably 10%). It's because that I don't think they will give up so easily on these big money. What is your recommendation on this subject?


    Thanks
     
  7. jlynn

    jlynn Well-Known Member

    Yes. Certified Mail, return receipt requested for all communications is a highly recommended investment. The return receipt is green.

    Ok, there is no time limit to validate, and this only works if they are reporting on your cr. Once you receive the green card back from the CA for the letter that you are disputing the debt, you dispute the TL with the CRA. The CRA has 30 days to complete their investigation (per FCRA). If the CA has not validated, they should not respond to the CRA's dispute. Voila 30 days :)

    tradeline

    It all depends with most CAs on the age of the account, how low they are willing to go. This can be a very slippery slope if you are still within your state's SOL (statute of limitations). Nothing stops the CA from returning the debt to the OC, and they sue you. OC's are not restricted by the FDCPA, but again, check your state's laws in this regard. Some states are restrictive on OC's as well.

    If you negotiate a reduction for a settlement, you will most likely have to pay it in one lump sum.



    Thanks [/B][/QUOTE]
     
  8. cashback

    cashback Active Member

    Trade Line?

    jlynn I thank you so much for all the help you are giving me! :)

    BTW, what is trade line exactly?
    I checked the glossary on this board, but it simply says,

    ==>tradeline A line (single entry) on your credit report
    Tradeline - Tradeline - An entry in your credit history. Many of us go through hell to make certain ones to go away. Others want certain ones to appear.


    a line in my credit report? An entry? Can you explain me what entry are these exactly and why is it important preventing them from putting TL on my report?


    Thank you very much.

    -cashback
     
  9. lostinoz

    lostinoz Active Member

    Trade Line?

    you are getting advice from one of the best! i have followed jlynn's posts and she is always sincere in her replies and never makes anyone feel they are asking a "dumb" question. if she were for hire, i would hire her without hesitation!

    just my couple of pennies!
     
  10. cashback

    cashback Active Member

    Re: Trade Line?


    Wow!
    jlynn, Can I actually hire you? :)
     
  11. jlynn

    jlynn Well-Known Member

    Re: Trade Line?

    Lets say you have a Cap One account - they report on one or more of your credit reports the history of your account with them - when it is opened, when was the date of last activity, balance, late payments, etc.

    That is a tradeline.

    Now, if you don't pay Cap One it kinda pisses them off and they send you to Scumbag Collection Agency.

    They can enter the exact same information on your report, and that is a separate tradeline, even though they are both for the same debt.


    It is important to us here to have the good tradelines (like ABC mortgage that is never late in the last 10 years, etc.) on our reports, while doing everything in our power to get those nasty Cap One ugly tradelines off :)

    And as far as your other post - I feel honored you would want to hire me, but why pay me for the info I give out freely? I'm just returning the favor of those that were here before me and got me on the right track :)
     
  12. lbrown59

    lbrown59 Well-Known Member

    Re: Trade Line?

    1*Then I remembered that someone on this forum said it is better to submit a dispute to CRA first then ask for validation from CAs.
    2* In those two letters from CRAs said that if I want to request a validation then I have to do it within 30 days from the date that I received these letters. Is this true? I think you can request validation at anytime. (I think I saw this on this forum too.)
    3*. If I really have only 30days to request verification, looks like I have no choice but to deal with CAs first and then deals with CRAs.
    cashback
    ============
    1*Backerds
    2*No You always have a right to validation.
    3*see #1

    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     

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