True Newbie here. I finally decided to register after reading and studying posts for about a month now. I am in the process of cleaning up my credit. I have a bankruptcy that became a public record in November 2001. After getting a small inheritance two months ago, I tried to purchase a new car (Ford Focus) with a $4000 down payment. (This was before I found this site) The car dealer's finance guy said that my 490 FICO was lower than Ford Credit's limit - but he wouldn't tell me what that limit was. My Experian has duplicate entries with the same account showing as both a collection and discharged in bankruptcy. I am disputing these after learning validation techniques on this site. Have studied the FCRA but have am still unclear on this (some of the jargon is still sinking in): What are the legal obligations of the original creditor - insofar as the information they supply to Experian? When you send CRR letters to them, are there penalties if they don't correct wrong information they submit? FICO 490: Which Way is Up?
I'll see if I can take a stab at this one. First off, an original creditor does not have to validate in the traditional sense that is. However they do have a responsibility for the information they furnish and a certain protocol to follow in the case of a disputed entry. FCRA 623[U.S.C. 1681s-2](a) (b)(i) (5). Research these entries. I know I was a little lazy with citation form, but those are the relevant sections you should look at. Make sure they mark in dispute. Challenge with the CRA, see if they verify while it's in dispute this may be another violation. But more than anything if you can prove conclusively that this entry is incorrect, I would send more than (2) letters before I make it known to them that I am suing.
Hi Trask, Welcome to the board! I have been reading over your posts and it appears that in order to get the 490 up, you are going to have to start proper money management. You admitted yourself in another thread that poor money management has gotten you are today. So, now's the time to start. I would start by not buying a brand new car. I would just buy a used car where you have to finance a smaller amount. You may get raped on interest, but at least you'll be approved, and your credit reports will reflect timely payments over a length of time. Once you start building up your credit, you will find it easier to be approved for more money. In essence, with that score, you are going to have to start all over again. I'm understanding you as saying you have a BK and only one collection on your CR. What positive credit do you currently have? What kind of credit cards? How long have you had it? It would be helpful if you answered these questions so members can see what route you can take.
Hey - thanks for the insightful responses. It feels very empowering to finally feel you are getting control of your life. Months and months of doging collectors and hating to open the mail was a living hell. My credit reports contains several collection entries that were discharged in bankruptcy; they are listed as both a collection and discharged in bankruptcy. Dish network, household finance and several other store accounts. It all started once I lost my job 3 years ago. After the layoff, I found a job 3 months later, but it was nowhere near my former salary. I should have tried to get help and rectify the situation once I started getting behind, but depression sunk in and I just kept on spending and living at my former level. Which I have come to realize was not good a way to live - living from paycheck to paycheck and depending on credit cards was not a good lifestyle. A former college dorm mate advised me to file bankruptcy.
