When I bought my Honda 2 years ago my credit was HORRIBLE, my score was probably in the very low 500's. When I bought my new truck in January collectech was NOT reporting and my score was a 718, now it's a 632 (TU, all the dealers here pull them). My rate now is 11.99, on the truck it's 9.5 only because I took the cash rebate, instead of the 3.9 financing. Still with me? Anyway, I'm having a hard time proving damages via the home loan interest rate (mortgage consultants says the rate wouldn't change cause the CA would either have to be paid or removed). ANYWAY, I have applied for a total of $19K in CL increases, with my existing cards and I think I could nail Collectech with the interest rate on my Honda. I did have full intentions on refinancing, but I have no idea what the rate would be now and what it would have been without them on their. My attorney wanted me to write a letter regarding damages and seeing as I may not be able to PROVE damages regarding the home loan, I believe I should be awarded damages for having to put MY life on hold due to Collectech. How can I calculate something like that? Now, should I go find a home and be "all interested in it" then hope someone else buys it and go for irreplaceable damages on my dream home. The lawyer said $500K, but I think that was if I could prove a difference in a home interest rate. Any mortgage consultants here? Feel like writing me a letter? Sorry to ramble, help me get these bastards!!
"ACTUAL DAMAGES" is what you actually have to pay for interest on the mortgage vs. what you could have paid for 30 years... $100,000 MORTGAGE... $315,925.20 @ 10% $193,255.20 @ 5% ___________________ $122,670.00
George Dont tell me that Is there any recourse for me having to WAIT to buy a house? What if my "dream home" gets sold? I guess I could get a denial for a home loan, but I've already been told I need to either pay it or get it removed. I know others who have filed suit, are applying for NEW credit and getting denied, how do you prove actual damages for that? Do you guess at what your CL would have been? I'm losing site of that 500K and I'm not liking it
This is just my opinion: When we apply we estimate credit line. IT's better to actually ask for a line increase of a specific amount and get it declined (or both). I read somewhere that you'd need to get a financial expert to calculate the difference in mortgage... and that yes, you'd have to get a higher mortgage to prove that damage. the other option is loss of opportunity. If you just don't do anything then how would a jury know you lost out on something vs. just chickened on buying a house? You 'd have to be declined. So , I would think you could prove loss of oppy by putting an offer on a house, offers are contingent on being able to obtain financing, and then getting turned down for financing. that would be a tangible lost oppy. The other might be if you get an outrageous quote on interest and payments, thus you can't afford the payments, thus you can't get the house. just my opinions. the atty should know how to prove damages else you should find one who knows this stuff
KHM, I'm confused about one thing. You say that you've een told the rate won't change because the collection must be deleted or paid prior to qualifing for a loan. Are they telling you that paying the collection is a requirement but it'll not affect the terms of your loan? What I'm asking is, this collection the difference in you getting conventional rates vs subprime rates or, even if paid or deleted, you still get subprime rates?
KHM, I am filing on these guys for $5220 this week. I will post my lawsuit when I beat them into submission. I spoke with a Colleen something or other Thursday and she basically dared me to file, she said no way, no how would they delete my alleged paid collection for $54. We'll see if she'll be talking all that smack when she gets served. These guys definitely take it personally. I have been methodical and businesslike throughout the whole process with them. They seem to want to make this some kind of pis*ing contest. Well I have also provided all my correspondence to the CRAs listing this incorrect item. I sent the "No proof so remove" letter. TransUnion and Experian are starting another investigation, and I sent the letter to Equifax and a green card which shows they received it 2/12/2002, my latest report shows no dispute in progress with Equifax, I called Friday and they have no record of the dispute. Maybe I can take down the CRAs also with this little piddly as* entry. As an aside I spoke with the representative for Equifax off the record while she was researching my file. She said that the information I provided has limited benefit or weight when it comes to muscling the entries off your credit due to lack of validation. She said that they due a simple check by computer, if the CA has record of your account then an executive order from George Bush himself won't remove it. I guess the whole process is to build a book on the CRAs for lawsuits ala LizardKing.
The problem I am havin with the mortgage people is, they are more gungho about financing me. They are telling me this CA isn't affecting my score as much as I think (this without them pulling a credit report), but when I tell them my score dropped an average of 100 points (its what I figured if I hadn't paid down my balances at the same time Collectech started reporting), they say well "it either needs to be paid or removed". Then try to explain to them that I'm not paying something that isn't right, or been proven to me. And the CA will not remove because they SWEAR it's correct. I'm not a mortgage guru, so I guess I really don't understand your question, but 2 lenders have told me that a score from 620-720 will have the same finance rate, the onlt difference would be if my ORIGINAL score was over 720, but regardless this CA needs to be paid or removed. I guess I am going to TRY and get preapproved and prove loss of oppty. (if I understood Marie correctly). I called the lawyer today and he said not to worry about proving damages, the heartache and "pain and suffering" will be enough to nail these suckers. Maybe not the 500K, but enough to compensated for their errors and Collectech thinking they are above the law.
Got a call just now from a guy at Collectech, calling himself "their attorney". My caller ID shows it was from Collectech, I didnâ??t know their attorney did house calls or that they were big enough to have there own in-house counsel. Anyways the conversation went like this Him: Yes MrXXX I am returning your call, I am from Allied Interstate. Me: Yes I left a message with Colleen, so who may I ask are you. Him: I am their attorney, what can I do for you? Me: Like it said in my four previous correspondences, please remove the unverified entries on my credit reports. Him: Well Mr. XXXX we provided you with the info you asked for. Me: No you didnâ??t Him: Well, we sent you copies of some checks. We don't keep information on paid collections. Me: Huh? You know that doesnâ??t constitute debt validation. I never spoke with anyone at your company, I have no contract with you, I never even heard of you till two months ago. You didnâ??t provide any of the information I asked for(I'm getting irate). You have not given me anything even coming close to the threshold of validating the debt. You should know that being an attorney for a collection agency. Him: Well we have it and won't provide it to you. Me: So which is it, you have it or you don't. I can get it in discovery if you really want to go down this road. Him: It's confidential between us and our clients. Me: If you provide me with the proper documentation. Like let's say a copy of the contract you signed with the vendor who turned this debt over to you then I will go away. I could care less if YOU think the two photocopies you sent me qualifies as validation a small claims judge may think otherwise. I've got four airtight FCRA and FDCPA violations for a grand a piece. Look my friend do you really want to waste your time in court with a loser like this? Him: Well Mr XXXXX I guess you will have to get it in discovery Me: Well you are free to act irrationally if you want. Him: Well we won'nt be removing any entries, it would violate the agreement with our credit reporting agencies. Me: (Sensing the frustration) What agreement is that? Him: Well we have to report things correctly. We show a paid collection and we have to report it that way. Me: I agree but you are'nt reporting it correctly. Him: What can we do here? Me: Delete the unverified entries. You company is off the hook. We both win. Him: I can't do that Me: Well you can and a judge will compel you to. Listen this conversation is going around in circles. Why did you call? Him: CLICK!!!! What pieces of work, I suspect a middle manager posing as an attorney to try to bluff me off. I guess they are worried or why call?
Well it took me a while to get that through my thick Irish head. I am sick of dealing with CAs and the CRAs. The only luck I have had is to come damn close to suing these bastards. Most of them backed off but the one KHM is talking about and I am dealing with is acting irrational. I noticed on one thread here that a CRA even after losing a judgment refused to delete the unverified entry(s).
Okay, I know I'm off on a tagent here but have any of you guys tried sending a dozen roses to the CA rep. who is handling your case? It's just a thought...I'm bored. Calmest_LA
I don't want to harass my lawyer with questions , but I haven't paid him yet. Anyway, I applied for a $2000 CL increase and got $100 (Providian, UGH!), I'm not positive if they pulled a credit report, but if they did, even though I did get granted 100 bucks, is Collectech responsible for the $1900? Thanks guys!
When are you filing? I applied with State Farm, they pull Experian here in Florida. With a 690 score with Collectech on there I will probably get it(never thought I would want a rejection). I tried Fleet and according to Millcbs they pulled Experian for my area...wrong they pulled TransUnion. Got rejected but I don't have the dipsh*t's entry on that report.
KHM, I don't see how you are damaged because you didn't get a cl increase that you requested. An increased cl is more debt it's not income. The question you have to have the answer to is, were it not for the collection, would Providian still have just given you $100? Until you know the criteria Providian and other creditors use to grant cl increases, you can't say for sure that the collection entry is the problem. If you pursue the idea that being declined for additional unsecured debt is damaging, be prepared for your entire credit file to become fair game. The CA will point to every late pay and chargeoff in your history is a possible reason for the denial. As I recall from a post yesterday, you said the lawyer told you not to worry about proving damages. I'd suggest you let him proceed the wayhe feels is best for your case.
Keepmine- My CR CAN be fair game, the only other thing that was a problem was in 1997 I have a 120 day late, oh and Experian reports a 60 day late on an auto loan, and if the judge wants to pick apart my report, then by all means, but everyone makes mistakes. I have been denied for a total of $19000 in CL increases between all my cards, which on every other occasion I have asked for an increase, I have gotten it. I just called my lawyer again, and he said as long as the #1 reason for denial is Collection accounts (or something referencing it) then it IS Collectechs fault. He said to ask existing creditors for increases instead of applying for new credit so we can put a dollar amount on the denials. I also brought up the mortgage issue, he said I have "lossed an opportunity". Basically he said to forward my denial letters as well as a written statement from me saying that the mortgage people said either pay it or get it removed, before thinking of getting a home loan. I would definately rather settle this than go to court and the way i am looking at things, I am entitled to $13000 for violations as well as $19000 for denied credit. Maybe I'm wrong, I guess we'll find out.
