legal process & consumer recourse

Discussion in 'Credit Talk' started by fun4u2, Apr 26, 2004.

  1. fun4u2

    fun4u2 Well-Known Member

    timed out sorry :(

    I wanted to post some questions about the law, debt collections and consumer recourse do the the recent debates and confusion.

    some Cn experts have been posting Us supreme court decisions, FCRA and FDCPA laws but consumes need to be also informed that they may have additional protection under their own states laws.

    for purposes of clarification I ask the following questions and ask that the experts respond.

    1) can a ca/ debt collector/ creditor pull a hard inquiry on your CR if they have not validated a disputed acct within the inital 30 days?

    2) what action should a consumer take after recieving Written notice FROM the debt collector/ creditor and the consumer requests validation and disputes the acct within the initial 30 days and the dc/CA fails to respond?

    continued next post
     
  2. fun4u2

    fun4u2 Well-Known Member

    point 3) what action should a consumer take when they find inaccurate info on their CR and they ALREADY disputed the acct with the CRA and it remains. and then they contact thr furnisher in writing and the furnisher fails to respond what action should be taken next?

    point 4) what action can a consumer take if the debt collector or creditor pursues them after the SOL and the consumer has already sent them a C&D letter?

    point 5) how many times a day legally can a debt collector/ creditor call you to enforce collection?

    point 6) if a debt collector only provides a partial validation to a debt what action should the consumer take next?

    I hope these posts will be helpful to all when they are answered. to others please do not post theory or opinion we need actually knowledge from experience or case law that clearly answers these questions.
     
  3. Butch

    Butch Well-Known Member


    I'll leave it to some others to try the rest of em.

    :)

    .
     
  4. fun4u2

    fun4u2 Well-Known Member

    thx butch :)

    this particular question was weighing on my mind causing me to really think about the law and what strategy I could use and if I could take the matter to the next level and go to court.

    that you for putting this into prospective for me
     
  5. Butch

    Butch Well-Known Member

    Sure,


    The guy's are arguing the technicalities of the law, and whether or not they would win in court.

    You DON'T need a winnable case before you can file a lawsuit. You only need a legitimate disagreement.


    So their entire argument has little to do with Credit Repair, because it's the filing of the suit in the first place your adversary seeks to avoid. They seek to avoid "Potential Legal Exposure".

    The inconvenience, time consumption, HUGE potential expense are all tools that help you and I in the battle we've undertaken. And don't forget the CA's and OC's sheer laziness. As soon as the potential cost even begins to appear that it may overrun the benefit of collecting they fold fast.

    Did you know that only about 3% of the cases that ever get filed go to court?

    That means there's about a 97% chance you'll get to a settlement you can live with, (which of course always includes deletion of a derog).

    And that's why we're all here, right?

    :)

    .
     
  6. fun4u2

    fun4u2 Well-Known Member

    whoohoo to that :)

    all is fair, love, war and filing suit against debt collectors lol
     
  7. fun4u2

    fun4u2 Well-Known Member

    sassy do you have an opinion on this 7.5 reporting period ?
     
  8. sassyinaz

    sassyinaz Well-Known Member

    Hiyaaaaaaa Fun,

    Thanks for watching my back, btw ;-) it's appreciated.

    The 7.5 year reporting period Butch referred to http://www.creditboards.com/phpBB2/viewtopic.php?t=35012&start=15 is one of several active threads on the same topic and ongoing at the same time. This one though follows through to the end with substantiating confirmation throughout.

    When Butch authored the thread he believed the 7 year period was fixed and the 180 days were flexible.

    I, among others, my first post is on page 1, believed the 7.5 years was fixed, and it is, confirmed by all substantiating links in that thread and finally, the frosting, was confirmation from the Congressional national archives.

    The 7.5 year reporting period is based on the commencement of delinquency date.

    The commencement of the delinquency date is specifically required to be reported to the CRA's, by the furnishers, within 90-days of the information having been provided. It is the only date, specific to TL's (charged-off, collection and similar) that the FCRA requires to be reported.

    Maintaining reasonable procedures so negative information doesn't report longer than allowed is a CRA responsibility.

    Providing the specific date used to determine the fall-off date is a furnisher responsibility.

    So, accurate negative and verifiable information CAN report for 7.5 years.

    Presently however, the information is typically deleted at 3-6 months before 7 years. I believe this is true because the commencement of delinquency date isn't reported by the furnishers as required, it isn't reflected on our reports, and the CRA's do nothing to ensure that the required date is reported and do nothing to ensure that information furnished without the required date isn't reported.

    § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

    (c) Running of reporting period.

    (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.


    § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

    (a) Duty of furnishers of information to provide accurate information.

    (5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.


    The FTC mandates that the CRA's distribute this summary of information provider's responsibilities to all that furnish information for reporting.

    http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.htm

    Sassy
     

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