CreditNet FAQ proposals

Nave · Mar 18, 2002

Here's the first one:

How do I get My Credit Report:

You can get your report many ways.
Experian(EX
888-397-3742
www.experian.com

Equifax (EQ)
800-685-1111
www.equifax.com

Trans Union Corporation (TU)
800-916-8800
www.transunion.com

How do I get My Credit Score
Credit scores are a highly debated topic on the board. The only true FICO score offered to the public is your Equifax score through www.myfico.com. However you can get scores from many other places to quantify your profile today and your profile tomorrow. Here are some sites:

Equifax:
www.Myfico.com
www.CreditXpret.com

Exerian
www.CreditExpert.com

TransUnion:
http://www.transunion.com/Personal/OrderCreditReport.asp (same as above TU lets you order your score directly)
www.worthknowing.com

Where can I find sample letters
http://consumers.creditnet.com/straighttalk/board/forumdisplay.php?&forumid=25&daysprune=

Where can I find Estopple letter
http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=1&postid=85492#post85492

You get the idea.....if we all add the critical data, we will all save time and energy in the future.

-Peace, Dave

Nave · Mar 18, 2002

woops this thread was supposed to be in the FEEDBACK SECTION - SORRY

PBM can you move this thread to the FEEDBACK FORUM and the link that points to it?

My thought was that eventually only one threadwould have to remain at the top of the CREDIT forum which points you to the relevant information.....sorry for the confusion and thread movement

Thanks, Dave

Nave · Mar 18, 2002

The Creditnet bulletin board software accepts limited Visual Basic (VB) commands.

These are always surrounded by brackets [ and ].

All commands must have a start and a stop command to tell the software what text is to be modified.

The start of any command is [command] and the end of the command is [/command]

note spaces are added to the examples so that you can view the example's code.

The commands are:

B for Bold example - [ b ] bold text [/b]

I for Italics example - [ i ] italic text [ /i ]

U for Underline example - [ u ] underlined text [ /u ]

COLOR=colorname example [ color=red ] red text [ /color ][/list]

-colorname can be "blue" "red" "yellow" "green" etc...

SIZE=sizenumber example [ size=4 ] large text [ /size ]

-sizenumber can be "1" "2" "3" "4" "5" etc..."

Nave · Mar 18, 2002

Where can I find sample letters

Samples of validation letters, procedural requests, dispute letters etc can all be found here:

CreditNet Sample Letter Forum

Nave · Mar 18, 2002

Where is the Estopple letter?

The Estopple letter is a last ditch validation letter with a bit more force to it because it is the 2nd or 3rd validation attempt after at least 1 failure for the creditor to validate the debt. In the Estopple letter you still request validation so it is in the sample validation letter section. Specifically Here:

Estopple letter

Nave · Mar 18, 2002

What is PlanetFeedback?

PlanetFeedback is an organization that helps you submit feedback letters to corporations through a website interface. Either complaints or compliments can be sent and you can use the wisdom of others to help you formulate your feedback comments. The system walks you through several steps asking you simple questions about your (dis)satisfaction of the company you wish to send your comments to.

Planetfeedback has helped several people on CreditNet to get their opinions out to the right people, the people in charge, and can have some great results for consumers who can't seem to get their message accross through normal customer service channels.

You can find Planetfeedback at www.PlanetFeedback.com

Nave · Mar 18, 2002

What monitoring services are there?

Originally posted by Pat
There are quite a few services that do this.

www.equifax.com CreditWatch from EQ.

www.privista.com monitors EQ.

www.creditexpert.com from Experian.

www.identityguard.com monitors TransUnion.

Do a search on any of these and you'll find quite a few posts. There are some others, but these are the ones I'm familiar with:

I have Equifax Credit Watch, Privista, Credit Expert and Identity Guard.

Credit Watch (Equifax):
EQ's Credit Watch doesn't do much for me. I've had it since June and not a single alert. You get 6 credit reports for the year, for 49.95, no scores. You of course can pay extra for the score and it's your true FICO. Their alerts are more for identity fraud, and there aren't very many.
You can dispute online, only if you don't have a local affiliate. And they have a lot of local affiliates. This one is a waste of my money.

Privista (Equifax):
You get 30 days free and then 39.95 for the year. Although they only update weekly, they have a lot of alerts and every Monday I get either an all clear or notification something has changed. You get a new credit report each week. They have a 0-100 score, it doesn't equate to FICO, but you can see improvement as you repair. No online disputes. They also have a decent opt out program. I've had this since their inception, so I ended up with 2 years for free as a charter member. I would pay for this service. As I cleaned up my Equifax report, privista notified me of the changes long before I got my dispute results from EQ.

Credit Expert (Experian):
Probably the best one of the bunch. It's expensive $79, but you get your Experian Score (usually a little higher than FICO), you can get your report every day if you want (been there, done that), you can dispute online. There's a simulator that gives you a vague idea what your score could be like, don't bet your life on it. No alert monitoring, but if you are like most of us, you'll be checking so often that it wouldn't matter.

Identity Guard (TU):
Burn your 8.99 a month and you'll get about the same results. They have 3 notifications that are pretty worthless, plus I've never seen one. You get your credit report quarterly. They have some bogus simulator. For $8 a month, you could buy a credit report from TU each month. Anyway, nuff said. Plus you can dispute at Transunion without any service here:
http://www.transunion.com/Personal/DisputeOnline.asp

I had a longer more in depth post when my computer locked up and lost it. So if you have any specific questions, let me know.
Click to expand...

Nave · Mar 24, 2002

Who pulls Experian in New York?

There are many Creditor/CRA lists on the net. None are 100% reliable because the Creditors tend to pull different reports in different areas, and can change any time. Some pull more than one report. It can be very confusing. However there are a couple good places to start.

CreditNet CRA list

MillCBS

Nave · Mar 24, 2002

Assigned debt vs. Purchased debt

A CA can be assigned a debt to collect or can purchase the debt.

When the debt is assigned, the CA collects the debt for the original creditor, and will earn a percentage of the fees collected.

When the debt is purchased the debt from the original creditor is sold to the CA for something less than original value.

There are big differences on how you can handle the different types when negotiating and settleing for payment.

It is a good idea to ask what type of debt the CA is collecting on (purchased/assigned) when sending your validation letters.

Nave · Mar 24, 2002

Does paying a CA restart the 7years

Originally posted by LKH
Paying on an account that has been charged off or sent to collections does not restart the 7 year clock.
Taken from this FTC opinion letter:
http://www.ftc.gov/os/statutes/fcra/amason.htm

2. Is the reporting period extended if (A) the original creditor sells or transfers the account to another creditor, (B) the consumer responds to post-chargeoff collection efforts by making a payment on the debt, or (C) the consumer disputes the account with a CRA? Does it matter whether the 7-year period has expired when any of these events occurs?

No. In enacting the new provisions discussed above, Congress intended to establish a date certain -- 180 days after the start of the delinquency that led to the chargeoff -- to begin the obsolescence period. It did so to correct the often lengthy extension of the period that resulted from later events under the original FCRA. Enclosed are two staff opinion letters (Kosmerl, 06/04/99; Johnson, 08/31/98) that discuss the impact of these provisions, and the legislative history relating to their enactment, in more detail. Because the commencement of the seven year period is now described with some precision by the statute, it is our opinion that none of the subsequent events you listed -- sale of the charged off account by the creditor, or a payment on or dispute about the account by the consumer -- changes the allowable period for a CRA to report a chargeoff.
Click to expand...

Nave · Mar 24, 2002

How do I search the board?

There is a search button at the top of each page whil in the creditnet message board. Here are some tips:

1) Search often and aggressively and you will find your answer. Chances are it HAS been talked about on this board.

2) You can search by YOUR username to find posts where you asked a question but can not find the post.

3) You can search by username in combination with other fields to narrow a search, say to find all posts by Lizardking about suing the CRA, or all posts by LKH about Gulf State, fill in both the "Search by username" and "Search by keywords".

4) Use "quotes" around words when you need the exact phrase. For instance "Experian Fax Number" or "NY SOL".

5) When one phrase returns no results don't give up. Sometimes "NY SOL" will return nothing while "SOL in NY" will return what you need.

6) Use boolean expressions like; experian AND FICO, validation AND "green card", "law suit" OR litigation, etc...

7) Narrow your search. If looking for the best place to get your credit score, searching for "FICO" will probably NOT return the answer you were looking for, well not without wading through 1000's of posts.

8) Use the creatively to find your answer. Remember to search the board before asking your questions.

Nave · Mar 25, 2002

Why is the font so small?

Select VIEW from the menu bar and select TEXT SIZE. Increasing the text size may not work in some versions of Netscape but this will fix most of the Internet Explorer users.

Nave · Mar 30, 2002

Where can I get the SOL's by State?

Here is a site to find SOL by state:

http://www.edebtnetwork.com/content/collection_laws.asp

Nave · Mar 30, 2002

What factors into my FICO score?

Originally posted by BurnaDebt
I compiled this information from factors listed at the myfico.com site. Perhaps a permanent thread could be posted along with the
Creditnet Glossary (for newbies).
How a FICO Score is Determined (used by mortgage lenders)

Category 1- Payment History
35% of your score is based on this category. Items that factor in are:

--Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)

--Presence of
.......adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.),
...........collection items,
...........and/or delinquency (past due items)

--Severity of delinquency (how long past due)

--Amount past due on delinquent accounts or collection items

--Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)

--Number of past due items on file

--Number of accounts paid as agreed

The first thing any lender would want to know is whether you have paid past credit accounts on time. -This is also one of the most important factors in a credit score.

However, late payments are not an automatic "score-killer." An overall good credit picture can outweigh one or two instances of, say, late credit card payments. By the same token, having no late payments in your credit report doesn't mean you will get a "perfect score." Some 60%-65% of credit reports show no late payments at all â?? your payment history is just one piece of information used in calculating your score.

Your score takes into account:

Payment information on many types of accounts. These will include:

-credit cards (such as Visa, MasterCard, American Express and Discover),
-retail accounts (credit from stores where you do business, such as department store credit cards),
-installment loans (loans where you make regular payments, such as car loans),
-finance company accounts and
-mortgage loans.

Public record and collection items â?? reports of events such as bankruptcies, foreclosures, suits, wage attachments, liens and judgments. These are considered quite serious, although older items and items with small amounts will count less than more recent items or those with larger amounts.

Details on late or missed payments ("delinquencies") and public record and collection items â?? specifically, how late they were, how much was owed, how recently they occurred and how many there are.

A 60-day late payment is not as risky as a 90-day late payment, in and of itself. But recency and frequency count too. A 60-day late payment made just a month ago will count more than a 90-day late payment from five years ago. Note that closing an account on which you had previously missed a payment or satisfying a judgment or collection item does not make the late payment or item disappear from your credit report.

How many accounts show no late payments. A good track record on most of your credit accounts will increase your credit score.

Category 2- Amounts Owed to Lenders
30% of your score is based on this category

--Amount owing on accounts
--Amount owing on specific types of accounts
--Lack of a specific type of balance, in some cases
--Number of accounts with balances
--Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
--Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)

Having credit accounts and owing money on them does not mean you are a high-risk borrower with a low score. However, owing a great deal of money on many accounts can indicate that a person is overextended, and is more likely to make some payments late or not at all. Part of the science of scoring is determining how much is too much for a given credit profile.

Your score takes into account:

-The amount owed on all accounts.
Note that even if you pay off your credit cards in full every month, your credit report may show a balance on those cards. The total balance on your last statement is generally the amount that will show in your credit report.

-The amount owed on all accounts, and on different types of accounts.
In addition to the overall amount you owe, the score considers the amount you owe on specific types of accounts, such as credit cards and installment loans.

-Whether you are showing a balance on certain types of accounts.
In some cases, having a very small balance without missing a payment shows that you have managed credit responsibly, and may be slightly better than no balance at all. On the other hand, closing unused credit accounts that show zero balances and that are in good standing will not generally raise your score.

-How many accounts have balances.
A large number can indicate higher risk of over-extension.

-How much of the total credit line is being used on credit cards and other "revolving credit" accounts.
Someone closer to "maxing out" on many credit cards may have trouble making payments in the future.

-How much of installment loan accounts is still owed, compared with the original loan amounts.
For example, if you borrowed $10,000 to buy a car and you have paid back $2,000, you owe (with interest) more than 80% of the original loan. Paying down installment loans is a good sign that you are able and willing to manage and repay.

Category 3- Length of Time Credit Established
15% of your score is based on this category

--Time since accounts opened
--Time since accounts opened, by specific type of account
--Time since account activity

In general, a longer credit history will increase your score. However, even people who have not been using credit long may get high scores, depending on how the rest of the credit report looks.

Your score takes into account:

-How long your credit accounts have been established, in general. The score considers both the age of your oldest account and an average age of all your accounts.

-How long specific credit accounts have been established.

-How long it has been since you used certain accounts.

Category 4- Search for/Acquisition of New Credit
10% of your score is based on this category

--Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
--Number of recent credit inquiries
--Time since recent account opening(s), by type of account
--Time since credit inquiry(s)
--Re-establishment of positive credit history following past payment problems

People tend to have more credit today and to shop for credit â?? via the Internet and other channels â?? more frequently than ever. Fair, Isaac scores reflect this fact. However, research shows that opening several credit accounts in a short period of time does represent greater risk â?? especially for people who do not have a long-established credit history. This also extends to requests for credit, as indicated by certain "inquiries" to the credit reporting agencies, resulting from your requests for new credit. An inquiry is a request by a lender to get a copy of your credit report.

FICOÂ® scores do a good job of distinguishing between a search for many new credit accounts and rate shopping, which is generally not associated with higher risk.

Your score takes into account:

-How many new accounts you have.
The score looks at how many new accounts there are by type of account (for example, how many newly opened credit cards you have). It also may look at how many of your accounts are new accounts.

-How long it has been since you opened a new account.
Again, the score looks at this by type of account.

-How many recent requests for credit you have made, as indicated by inquiries to the credit reporting agencies. Inquiries remain on your credit report for two years, although FICO scores only consider inquiries from the last 12 months. Note that if you order your credit report from a credit reporting agency â?? such as to check it for accuracy, which is a good idea â?? the score does not count this, as it is not an indication that you are seeking new credit. Also, the score does not count requests a lender has made for your credit report or score in order to make you a "pre-approved" credit offer, or to review your account with them, even though you may see these inquiries on your credit report.

-Length of time since credit report inquiries were made by lenders.

-Whether you have a good recent credit history, following past payment problems.
Re-establishing credit and making payments on time after a period of late payment behavior will help to raise a score over time.

Category 5- Types of Credit in Use (Credit Mix)
10% of your score is based on this category

--Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)

The score will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It is not necessary to have one of each, and it is not a good idea to open credit accounts you don't intend to use. The credit mix usually won't be a key factor in determining your score â?? but it will be more important if your credit report does not have a lot of other information on which to base a score.

Your score takes into account:

-What kinds of credit accounts you have, and how many of each. The score also looks at the total number of accounts you have. For different credit profiles, how many is too many will vary.
Click to expand...

Nave · Apr 7, 2002

In dispute, factors in FICO score?

--------------------------------------------------------------------------------
Originally posted by kit
When an account is being investigated (marked "in dispute- reinvestigation in progress) does it or does it not factor into your score?
--------------------------------------------------------------------------------

Originally posted by LKH

It is not factored in. So, if it is a negative acct., when being investigated, your score will be higher. If it is verified, your score will drop, if it is deleted, it will most likely stay at that current score.

Nave · Apr 7, 2002

Re: Where can I get the SOL's by State?

More sites on SOL:

http://www.cardreport.com/laws/stat...imitations.html

or

http://creditinfocenter.com/rebuild...mitations.shtml

LKH

pbm · Apr 10, 2002

Re: Where can I get the SOL's by State?

Hi Nave,

I haven't had the time to develop the new FAQ approach but I *am* following you attentively. I sincerely appreciate all your efforts. Rest assured they shall not have been in vain.

Thanks,
pbm

Nave · Apr 10, 2002

Can I stop promotional inquiries?

Originally posted by charlieslex
Call 888.5OPTOUT. That will block MOST unauthorized inquiries for the 3 CRA's for 2 years. Charlie
Click to expand...

Nave · Apr 10, 2002

Re: Where can I get the SOL's by State?

Originally posted by pbm
Hi Nave,

I haven't had the time to develop the new FAQ approach but I *am* following you attentively. I sincerely appreciate all your efforts. Rest assured they shall not have been in vain.

Thanks,
pbm
Click to expand...

Thanks PBM, What I am going to do is to compile the list into an HTML page and send you a copy. Then you can just pop it into a preformatted page on CreditNet. Once that is done, I think we can request some editing of the facts, and the FAQs, by some regular board members as I know some is irrevelant for a FAQ and some info may be wrong.

I will send this to you soon, probably by this weekend.

-Peace, Dave

Nave · Apr 11, 2002

Re: Where can I get the SOL's by State?

Originally posted by LKH
More sites on SOL:

http://www.cardreport.com/laws/statute-of-limitations.html

or

http://creditinfocenter.com/rebuild/statuteLimitations.shtml

LKH
Click to expand...

Thanks for catching and notifying of the link mistake, Jonesing, must be something with the QUOTE button that chops off links. That was a direct cut and paste. Guess I have to be more careful

-Peace, Dave

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