May 28, 2011

Meyer v FIA Card Services

OK, so from the looks of things here, old FIA Card Services hasn’t conducted a reasonable investigation into a consumer’s fraud claim per the Fair Credit Reporting Act.  Big surprise???  NOT!!!  As a matter of fact, the judge’s memorandum and opinion states that the consumer “asked to speak to a manager about this determination and claims that the manager called her a liar, laughed at her, and hung up.” Way to go FIA Card Services!  Oh, again, NOT!

Below is an excerpt from the case:

Nancy Meyer was the victim of fraud when her live-in fiancé stole convenience checks from two of her credit cards and forged her signature to cash those checks. The question presented in this motion is whether defendant F.I.A. Card Services, N.A. (“FIA”) has shown its investigation into that fraud was reasonable such that, as a matter of law, it met its obligations under the Fair Credit Reporting Act when Meyer alerted it to the fraud. Since FIA knew the nature of the fraud and had specific requests from credit reporting agencies (“CRAs”) to verify the signatures on the checks, which it did not do, the Court finds that FIA has not made such a showing and denies FIA’s motion for summary judgment.

Meyer v FIA Card Services (D. Minn., Civil No: 09-2726)

September 15, 2009

Short Sale Negotiated Release

Paul,

First off, many thanks to you for providing great insight and information on your blog!!

By following your “words of wisdom” I am in process of completing an approved short sale in which the lender has agreed to allow a full release of liability, a trade line entry of “Settled” (with no further language), and a zero balance.

My question is regarding the “Charge Off” listed (in their letter below). Does the “Charge Off” solely mean they will be writing off the loss in regards to tax filing? Or does it have other ramifications?

Do you have an idea of how this overall scenario (including the charge off) will affect credit and how long will it remain there?

Thanks again for being a “guiding light” for many of us!

Bob L.
Las Vegas

Copy of letter from lender follows:
Yes, we are agreeable to report “Settled” to the credit repositories without further language.  However, due to the large loss the Credit Union will be taking, due to our agreement with you not to pursue any deficiency balance, we will need to charge off the remaining balance on your Home Equity Line of Credit after the settlement.  When that transaction occurs, “Charge Off” will show on the Credit Report, although the amount due will show as “$0.00” as we will not be pursuing any recovery. (more…)

July 16, 2009

Time My Credit Repair

Filed under: Credit Repair,FCRA

Credit Repair TimingI have hired a credit repair co to dispute my negative info.

Experian was sent letters on may 29,2009 unsure of when they received it sent it certified.

Still no response(today is july 16,2009) what is the latest they can reply to be in compliance w/the ftc?

per the credit repair co they have till july 23,2009 is that correct? please reply.

thankyou!!!

Diane (more…)

May 29, 2009

Damaging Debt Collection Inquiries

I am really beside myself.  I have been attempting to repair my credit for almost three years now.  Your website has been so helpful in helping me do this.  Thank you so much. 

My problem is this.  I only have two bad issues remaining on my credit report.  I’m just going to let them go because they will drop off in December 2009 and January 2010 anyway.  At this point its not worth the trouble.  My problem is this.  There is an old Ford Credit debt from over ten year ago I defaulted on.  Apparently they sold the debt to a collection agency recently.  Because of the age of the debt the collection agency cannot report it on my credit reports.  However I find out that this collection agency did a hard pull inquiry in March of this year and again in May of this year.  As you know because they are hard pull inquiries it damages my credit score. 

Is this what I’m going to be faced with the rest of my life from debt collectors?  I’ve noticed that several people complaining to you on this website about old “should have been forgotten” debts coming back to haunt them.  Is this whats going to happen with me?  I need help here.  Please tell me what to do. 

Again thanks for a really great website.  May God Bless you.

Terri (more…)

May 27, 2009

Sloppy Credit Reporting

A person is a beneficiary of an estate, in which the real property is in forclosure.  The beneficiary is included in the suit, but not liable on the debt instrument.  Would this be reflected on his credit report; if so, how?  And would it impact his credit score/rating?

Robert (more…)

April 28, 2009

Post Short Sale Cleanup

Hi Paul…I purchased a house in 2006…got behind on a payment and GMAC would not work with me to bring it current….in Aug 2008 I put the house on the market….GMAC sold my note to Midland and Midland sold the house under a quick sale…they have listed it on my credit as paid in full…..however…GMAC has listed on my credit also…as a foreclosure…the house was never foreclosed on although it was in preforeclosure status at one time….how can I get them to delete themselves off my credit report altogether since they sold my note before foreclosure?

Sharon (more…)

April 11, 2009

HELOC After Foreclosure

My situation is so complicated.My lender has failed to respond to my qualified written responses on my two home loans.I have recently received a 1099A for the first.I  received a notice from a new lender claiming that I must make payments to them on the second(HELOC).I no longer live on the property and have learned that there maybe a new tenant/owner.Am I required to pay the second if the first was foreclosed on?Do I have a viable claim of vioations of tila/respa since the lender GreenPoint Mortgage has failed to respond to the Qualified written requests on the two loans prior to the foreclosure? should I sue the lender?Any suggestions or advice

Kels (more…)

April 9, 2009

Short Sale Tradeline

Hi Paul,

I had a short-sale close in Sept 2008.  The loan amount showed on 2 of the 3 credit agencies.  I did receive a document from Countrywide that it was forgiven.  How do I get the other 2 agencies to remove this as Experian was the only one who did.

Also, when can I apply for another home loan.  My FICO is 626.  I also have debt that needs to be brought down but I don’t know how fast I can get that done.

Thanks for being here for all of us in this nightmare.

Rosanne (more…)

February 17, 2009

Haniyyah Delete Collection

I have been using this site for over a year now and it offers the most valuable information. I have used sample letter and recieved great results clearing up my credit by utilizing the information posted here. I am now dealing with an issue im not sure how to address so i would like some advice form your experts.

Here’s my issue: I recieved a collection notice from a collection agency on 01/12/09 about an old debt they are attempting to collect on. On 01/22/09 I sent a cease and desist notice to a collection agency via fax as requested by the representative i’de spoken with, because i am working out a payment plan with the original creditor for the account.

I got absolutely no response from the agency and now as of 02/12/2009, the account is reported on my credit report as a negative item under the title of the collection agency.

I want to know if this is legal and if not what law of the FCRA are they in violation of. and secondly, what steps should i take next to deal with this matter.

Haniyyah

February 16, 2009

Cindy’s Collection

Hello Paul,

I just found your site and am very thankful for all the information!  I have a question regarding pay-to-delete.  I purchased copies of my fiancées credit report from all three agencies (we are going to try buying a vehicle….oh, and the AnnualCreditReport website doesn’t load on our browser so no freebies for us). We sent out pay-to-delete letters via CMRRR to the collection agencies that had entries less than 5 years old.  There were 4, and they were mailed out February 9th.  Surprisingly I received a reply on the 13th for one of them, and the response was this:

“I am returning your letter and offer for settlement unsigned.  I am unable to sign this agreement as the part where I agree to delete this account from your credit file would be in violation of the Fair Credit Reporting Act.  If you wish to send the $56.00, we will mark your account paid in full and report it as such to the credit reporting agencies.”

Yes, I know, $56 dollars.  He went to the chiropractor a year and a half ago and forgot about the bill.  Anyway, I know it’s not in violation of the FCRA for them to  delete the account from the 3 credit reporting agencies, but is there anything specific anywhere in the FCRA that says so?  I skimmed through the FCRA, and all I saw is that  items which are reported must be accurate, I saw nothing about anyone being required to report everything. 

I want to send them a reply but I’m not sure what to say.  I have a feeling that being that we are just some random people who owe them fifty something dollars, if I just say “Nuh-uh!”, they’ll just say “Yes-huh!  Trust us!” 

Is there anything I can reference in the FCRA or anywhere else that lets them know that I know it’s within their rights?  Should we just save the 5 dollar CMRRR fee and go ahead and pay it since it’s only a year and a half old anyway?

Thank you for any help!

Cindy (more…)

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