Hello guys I am new but reading, reading, reading. My scores are as follow TU-562 EXP-523 EQ-581 I have total 15 acct. on the reports 1 judgement and 1 state lien that I will be disputing. 1. My question is I have a first premier cc that is 120 days late and closed, for $342 what should I do? 2. I also have two other past due collections for like $55 and $246 that only are showing up in TU is that possible, what could I do? 3. My last one is a Helzberg $2, 678 from 2004 for in collection/charge off and derogatory, what should I do with them? Any suggestions? 2nd grade Teacher from Houston, TX
The answers with all your accounts depend on your strategy and objectives: If your goal is to have the negative TL's from your CR's, then simple disputes is the first step--after you delete old personal information, addresses, etc from each CR. Delete the old addys first, as they are used to verify the negative TL's. You can also negotiate with each CA using a PFD letter. This stands for Pay For Delete. Also, be aware that Texas has some of the strongest pro consumer debt reporting laws in the US. Using the Texas state laws are usually much more effective in deleting collection accounts from your CR's than many Federal Laws. If you live in Texas you are entitled to the protection of the laws in that state. Here is the relevant Texas State Law: §392.202. CORRECTION OF THIRD-PARTY DEBT COLLECTOR'S OR CREDIT BUREAU'S FILES. (a) An individual who disputes the accuracy of an item in a third-party debt collector's or credit bureau's file on the individual may notify in writing the third-party debt collector or credit bureau of the inaccuracy. The third-party debt collector or credit bureau shall provide forms for the notice and, when requested, assist an individual in preparing the notice. ( Not later than the 30th day after the date a notice of inaccuracy is received, the third-party debt collector or credit bureau shall send a written statement to the individual: (1) denying the inaccuracy; (2) admitting the inaccuracy; or (3) stating that the third-party debt collector or credit bureau has not had sufficient time to complete an investigation of the inaccuracy. � If the third-party debt collector or credit bureau admits that the item is inaccurate, the third-party debt collector or credit bureau shall: (1) not later than the fifth business day after the date of the admission, correct the item in the relevant file; and (2) immediately on correction of the item send to each person who has previously received a report from the third-party debt collector or credit bureau containing the inaccurate information notice of the inaccuracy and a copy of an accurate report. (d) If the third-party debt collector or credit bureau states that there has not been sufficient time to complete an investigation, the third-party debt collector or credit bureau shall immediately: (1) change the item in the relevant file as requested by the individual; (2) send to each person who previously received the report containing the information a notice that is equivalent to a notice under Subsection � and a copy of the changed report; and (3) cease collection efforts if the item involves a debt. (e) On completion by the third-party debt collector or credit bureau of the investigation, the third-party debt collector or credit bureau shall inform the individual of the determination of whether the item is accurate or inaccurate. If the third-party debt collector or credit bureau determines that the information was accurate, the third-party debt collector or credit bureau may again report that information and resume collection efforts CHAPTER 392. DEBT COLLECTION Texas law requires a CA to take some direct action within certain time frames or be in violation. I read over and over where a Ca has failed to respond to a dv. It seems like this would allow a Texas resident some firepower. Am I wrong here or missing something? Texas is consumer friendly in this regard it seems. This post has been edited by walterg55: Mar 14 2007, 05:22 PM The two essential keys are invoking the TFC provisions and specifically requesting the matter be deleted if the investigation cannot be completed. Many people in Texas fail to do both.
Here is a bit more detail about the State Laws in Texas regarding debt collection: Collection Agency Licensing Requirements: A third-party debt collector or credit bureau may not engage in debt collection activities in the State of Texas unless it has obtained a qualified surety bond in the sum of $10,000 and file the same with the Secretary of State. (Fin. C. 392.101.) A "third-party debt collector" includes a debt collector as defined under 15 U.S.C. Section 1692a(6), as well as an attorney collecting a debt as an attorney on behalf of and in the name of a client if the attorney has nonattorney employees who are regularly engaged to solicit debts for collection; or regularly make contact with debtors for the purpose of collection or adjustment of debts. (Fin. C. 392.001(7).)
