More Bad Advice

Felonious Monkey · 09-10-2006, 04:12 PM

http://biz.yahoo.com/weekend/creditrepair_1.html

My favorite gem: "...it is illegal to have negative information removed from a credit report when you know the information is correct"

Horseshit.

hannah · 09-10-2006, 04:44 PM

Quote:

Originally Posted by Felonious Monkey

Horseshit.

Hey, now...don't go bad mouthing horses...

Qtip · 09-10-2006, 05:18 PM

Quote:

Originally Posted by Felonious Monkey

http://biz.yahoo.com/weekend/creditrepair_1.html

My favorite gem: "...it is illegal to have negative information removed from a credit report when you know the information is correct"

Horseshit.

Illegal??? Is there a credit removal squad weting for you to remove something so that they can arrest you? Baloney...

roybean · 09-10-2006, 05:38 PM

Well, the credit police have assembled a new line of advanced black helicopters (Much better than Hannah's) that have the capacity to scan our individual credit reports and check for removal of information.

I keep telling everyone to use only one, five, and ten dollar bills and coins whenever possible because 20s, 50s, and 100 dollar bills have tracking devices. It's how they've been lo-jacking people for years.

I thought you people knew this???

heavyjay · 09-10-2006, 06:41 PM

I swear, these people on yahoo biz and msn money get paid to spread bad info. The only thing that pisses me off more is when they feel this compulsion to add their little disclaimer about how you are still morally obligated to pay the debt. It's just business for God's sake.

hannah · 09-10-2006, 07:17 PM

Quote:

Originally Posted by roybean

Well, the credit police have assembled a new line of advanced black helicopters (Much better than Hannah's) that have the capacity to scan our individual credit reports and check for removal of information.

Much better than mine??? <hannah now targeting certain unspecified targets>

Well, we will see.....

heavyjay · 09-10-2006, 07:38 PM

I just sent this to Mr. Sichelman:

Mr. Sichelman,
I would just like to correct something you wrote in response to a question you received for your column. The reader's question was:

"I am a single mom who just put herself through nursing school and will soon be in a position to pay off debt that I could not pay off before. My dream is to own a home so that my child will not have to grow up in apartment buildings and will have a yard to play in.

I recently discovered that I could dispute negative credit items by the "30-day" rule and have utilized it, and 50% of my debt has been removed. I considered that the creditor could still come after me in the future, but I wanted to take the chance to try to benefit from this tactic. Now I am feeling like it was a wasted effort because I have since learned that the accounts that I questioned will soon return to my credit file.

My question to you is, with a credit score of 600 and a willingness to pay off my debt as I am able to over time, how should I tackle it? When will it be appropriate to begin the process of purchasing a home?
-- Carrie Gesek (A Desperate Mom)"
Your answer started off with:

"As you seem to have learned -- the hard way, unfortunately -- negative information cannot be removed from your credit files if it is accurate. In fact, it is illegal to have negative information removed from a credit report when you know the information is correct."

According to the Fair Credit Reporting Act, 15 USC 1681 et seq, which is what your questioner was referring to when she spoke of the "30-day rule," a consumer has the right to dispute any item in her credit file with the credit reporting agencies. Upon receipt of such dispute, the CRA will initiate an investigation and relay the dispute to the furnisher of the information. According to 15 USC 1681 (i), the furnisher has 30 days in which to verify the accuracy of the information they are reporting. If the information is verified, it shall remain. If the furnisher fails to reply within 30 days, the CRA must delete the entry from the consumer's credit file. There are similar provisions in the Fair Debt Collection Practices Act, 15 USC 1692 et seq, which place a similar burden on debt collectors when met with a consumer dispute.

Also, banks and credit cards companies can do what is called an FDIC Rule 5000 re-age for a delinquent consumer who demonstrates a renewed ability to repay an obligation. After the consumer has made 3 consecutive payments, the bank can legally report the account in good standing and remove all reference to prior late payments.

Lastly, credit reporting is totally voluntary. A creditor, collection agency, junk debt buyer, etc. can agree to delete their trade line from the consumer's file upon satisfaction of the account. Such agreement would constitute a legal contract between the parties and would not violate any law.

Just wanted to set the record straight.

Respectfully

heavyjay

hannah · 09-10-2006, 07:46 PM

A correctly targeted missile makes more sense to some of those numbnuts...

ilovemydogs · 09-10-2006, 07:53 PM

So we have another Jay?
Or is this our JayinGR ?

ILMD

heavyjay · 09-10-2006, 07:57 PM

Quote:

Originally Posted by ilovemydogs

So we have another Jay?
Or is this our JayinGR ?

ILMD

No, I'm not JayinGR. I'm Jay from NJ.

ilovemydogs · 09-10-2006, 08:39 PM

Quote:

Originally Posted by heavyjay

No, I'm not JayinGR. I'm Jay from NJ.

OKAY and Welcome.
I hate it whenI am gone for a day or so and miss something!

ILMD

Gib · 09-10-2006, 08:40 PM

I posted the same in "Marketwatch article on credit repair". Emailed the columnist as well.

Hedwig · 09-11-2006, 12:20 AM

The more e-mails the merrier, I say. Let them know that they're wrong and that we know that they're wrong.

roybean · 09-11-2006, 01:21 AM

Quote:

Originally Posted by hannah

Much better than mine??? <hannah now targeting certain unspecified targets>

Well, we will see.....

Hannah, you know the missile guiding system is off on that chopper!

hannah · 09-11-2006, 11:30 AM

Quote:

Originally Posted by roybean

Hannah, you know the missile guiding system is off on that chopper!

I had it fixed by that same mechanic that fixed jlynn's jeep...

jlynn · 09-11-2006, 12:25 PM

Quote:

Originally Posted by hannah

I had it fixed by that same mechanic that fixed jlynn's jeep...

My mechanic does not work for Lens Crafters.

hannah · 09-11-2006, 12:29 PM

Quote:

Originally Posted by jlynn

My mechanic does not work for Lens Crafters.

You are entirely correct...it was Pearl Vision Center....

farmerracing · 09-20-2006, 12:18 PM

The latest fib I heard from these jokers is "if we delete the entry we are committing fraud". This is by a attorney (acting as a CA) representing a large bank card.