I posted this question a while back but thought it was time to see if anyone else had a thought. I have an OC -- a Federal Credit Union -- who I feel has re-aged a very old pair of paid chargeoffs. Basically six years ago I contacted them to repay the chargeoffs. They rolled both those accounts (an auto loan and a credit card) into a new signature loan at a very high interest rate. I just finished paying this loan off in 2002, but it now shows as a paid chargeoff. I disputed with the CRAs and they validated. I disputed directly with the OC and they say "WE CANNOT INVESTIGATE ANYTHING WITHOUT FULL, CLEAR AND COMPLETE COPIES OF ALL THREE CREDIT REPORTS." I am being bullheaded and refuse to do so on grounds of irrelevancy. We've been deadlocked for nearly six months on this now, and they've now started having their attorney write the silliest responses to my demand for accurate recordkeeping, such as... "I am convinced that my client, without further information from you, is accurately reporting your previous loans to Equifax." I call your attention to the "...without further information from you..." part. Where on earth does FCRA Section 623 say anything about the consumer being required to do the information furnisher's homework for them? Thanks in advance for any insights.
Ok if I understand you correctly, the charge off's were rolled over into a new loan correct? That means you signed a new and totally separate contract. And as long as you paid this separate loan off as agreed, they cannot legally report it as a paid charge off because it never charged off to begin with. The reason the OC is saying they cannot investigate is due the them being unable pull your CR because they do not have a PP to do so (although if you've ever seen an EQ automated dispute verification system print out you'd know that is a bunch of malarky). Go ahead and send the attorney your credit reports. Just black out everything but the tradeline and your personal information. Make sure you inform the attorney that the tradeline is completely separate from the charged off account and any charge off notations must be removed. Then you get the pleasure of having the tradeline reported positivly for another three years or so if your lucky, if of course you paid it on time.
Re: Re: OC refuses verification w/o CRs That is correct. They combined the old baddies into a brand new loan which I paid on time, every time for four years. Whoa! Hold up there... I first disputed via EQ, and the OC verified! Then when I got nowhere via phone with OC I demanded in writing an accounting of the what was being reported. This represents the culmination of six months' worth of mail battles with them, as they refuse to even CHECK THEIR OWN RECORDS and send me a detailed reports of the accounts in question. This has nothing to do with the TLs, really, and is more of a customer request (gee, a Credit Union ought to be able to give a customer his account activity, right?) for them to get it right. SO, I feel like the burden is on them at this point.
Re: Re: OC refuses verification w/o CRs Hell. They verified and they dont even know what they shouldve verified! How funny is that? Maybe you should send that letter to the CRA's and ask them to update as you can PROVE that the OC cannot verify without you producing priveleged information to them. Just a thought.
Re: Re: Re: OC refuses verification w/o CRs Sorry: what's FBA? Is that Florida Banking? I was thinking about lodging a complaint with the NCUA, the National Credit Union Association, since they're a CU.
Re: Re: Re: OC refuses verification w/o CRs Fair Billing Act. You can validate an OC under it. They must respond and cannot report to the credit bureaus until they respond.
Re: Re: Re: OC refuses verification w/o CRs Fair Credit Billing Act. Very strict law concerning verifying open ended accounts.!!!
Re: Re: Re: OC refuses verification w/o CRs oops Grendel and I posted at the same time.LOL.. Well theres your answer..
Re: Re: Re: Re: OC refuses verification w/o CRs Aha, I see. I thought FCBA (I assume you mean FCBA, yes?) only covered revolving, chargecard accounts and not installment loans.
Re: Re: Re: Re: OC refuses verification w/o CRs To the best of my knowledge you are correct in this. I have also been fighting some OC's. I just sent a civil summons to one. Should find out when we appear in court soon. Here is what I did: I sent a dispute letter to OC. I dispute account with at least 1 of the CRA's. The CRA dispute is what you need to focus on. It TRIGGERS the cause of action if they dont comply with 623(b) of the FCRA Now after the 30 days are up the OC has to furnish the updated/corrected info to ALL CRA's they report to. Also since you sent them a dispute it obligates them to investigate and mark the account in dispute under 623(a). You cannot personally sue for 623(a) (if im not mistaken) BUT if you can prove that you sent them a letter, and you can prove that you disputed with the CRA's AND if the CRA's are listing innacurate OR conflicting info. The fact they did not mark in dispute (per 623(a)) pretty much proves they did not investigate as obligated per 623(B) (which you can sue for) how does that relate to me? I did all of the above and still my reports list information from the asame OC differently. They never marked the account disputed as per 623(a) so it stands to reason they never investigated per 623(b)..I have lots of other crap on them too but thats another story!
Re: Re: Re: Re: OC refuses verification w/o CRs http://www.ftc.gov/os/statutes/fcra/watkins.htm Also read FTC opinion on 623(b)
Re: Re: Re: OC refuses verification w/o CRs Here's what I would do. Take all of the correspondence from the OC that supports your claim that they refuse to "verify" (not validate, thats for CAs only) the account information to you, and send it to all three CRA's with LKH's letter linked below. If the CRA's still refuse to delete, mail an ITS letter to each one and drag them into small claims if you have to. Its a lot of work, but they will delete. Otherwise, your other option is to sue the OC instead, but when it comes to court, they may just find the missing verification they have yet to provide you? Its much safer to sue the CRA's. http://www.creditboards.com/phpBB2/viewtopic.php?t=20
Re: Re: Re: OC refuses verification w/o CRs ryder, that is a great point!! I have also set up the CRA's for the same scenario. I have sent them all proof that I have attempted verification/validation as well as proof that they(the furnishers) continue to report inaccurate info hence they are as well. I already have 1 letter (voluntary) from a CA saying they will delete. if and when I win this case versus the OC that will be my additional ammo to prove that the CRA's dont bother to investigate. If they did then why did the "furnishers" roll over? Remember the CRA's HAVE to take your evidence and they have to maintain reasonable procedures to assure MAXIMUM accuracy. stevenson v equifax, experian
Re: Re: Re: OC refuses verification w/o CRs consumers CAN sue under 623 http://216.239.57.100/search?q=cach...th/0015946p.pdf+nelson+v+chase&hl=en&ie=UTF-8
Re: Re: Re: OC refuses verification w/o CRs I dont think they can sue under 623(a) but CAN sue under 623(b) I hope I'm wrong
Re: Re: Re: Re: OC refuses verification w/o CRs not only that, but under section 602, congressional findings, their procedures must be fair, equatible, and impartial.
Re: Re: Re: OC refuses verification w/o CRs Then the account should be updated to paid as agreed. What better way to burn the OC than to have a former charge off reported as paid as agreed for the next few years? I would NOT ask to have this account removed, after all you paid for it on time everytime and you deserve to have it reported positively for the next few years. Some here have suggested going after the CRA's. IMO it would be much better in this situation to go after the OC. You can kill all 3 birds with 1 stone and save yourself a lot of hassle. After all you are in the right for trying to fix a legitamite error. Then you have a cause of action under 1681s-2(b) of the FCRA and a defamation suit as well. Make sure you can document actual damages and all the hassle you incurred trying to get those bastards to delete. When EQ verifies an account, they verify EVERYTHING. I plan on posting a copy of an Automated Consumer Dispute Verification System page from EQ. I'm sure their attorney will get a kick out of seeing that after you send it to them. Do you just want the tradeline corrected or do you want to kick them in the balls, take some money out of their wallet, make them correct the tradeline, and leave them wondering what the hell just happend to them? The reason I suggested sending them a copy of your credit report was to get the whole matter resolved as quickly as possible. If after sending them your credit reports they still refuse to correct their screw up it will only help you out in court. Actually the burden is on you at this point. All the laws in the world won't make them comply until you file suit.
Re: Re: Re: Re: OC refuses verification w/o CRs Yes, I am focusing my energy on the OC, for sure. That's what I thought. Would love to see that, even if offline. I've seen the UDF / Bullseye documents, and they're pretty comprehensive as well. I'd love to see an example of the level of detail that EQ asked them to verify as evidence of willful noncompliance and to also take the wind out of their sails in re their argument that they don't know what I am disputing with them without me sending my original CRs. Hmmm... six months of letter writing, six months of embarrasment and inability to get a mortgage, wasted time with my mortgage broker/realtor, etc. etc. etc. I'm ready for my pound of flesh, so the longer they continue to run afoul of the laws, the stronger my case. Yep, gearing up for that right now. I just want to have as much ammo as possible!
