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Everything posted by tmcgill

  1. Just to repeat CashNoCredit; disputes must be in writing. (Fair Credit Billing Act) https://www.consumer.ftc.gov/articles/0219-disputing-credit-card-charges
  2. Two possible avenues for addressing discrepancies in child support payment reporting: 1) Contact the Ombudsman for that state office. *A good one can help resolve issues. 2) Or, hire an attorney and file a petition with the judge that approved the child support. *Note: You should have gone through that court for the overpayment and reduced support amount. I learned these lessons years ago when my ex had a incorrect (larger) amount reported on his credit as in arrears. He was making the correct payments, but there were accounting errors between the states processing the payments. We were in New Mexico, but he owed support for a child in California and another in North Carolina. After 2 1/2 years of disputes, letters and phone calls, we hired an attorney who petitioned the court. Going in front of the judge was the way we resolved the problem, and got the reports cleared.
  3. It is my understanding that the creditor has 180 days from the DOFD to charge the account off. This was done to prevent the creditor from extending and setting the 7 year period however they wanted to. Many years ago, this use to be a common practice, where creditors would wait years before writing the account off as a loss. (Note this older advisory) https://www.ftc.gov/policy/advisory-opinions/advisory-opinion-amason-02-15-00
  4. As I stated, you and I can agree to disagree. I hope our responses gave the OP some of the answers he or she was perhaps looking for. Also, you can continue with what you think are insults (I'm certain you will). I notice the acerbic responses seem to fire you up, or maybe give you a digital buzz? Look, after 16 years here on CB, I've had shade from the best. I had my son read this thread, and he just laughed. Collectors send those vague form letters knowing the bank will respond with - 1) No future legal action is necessary or will be honored, or 2) This is what the law requires for us to proceed. It is just one of many tools they use. The collection process is strategic, depending on the debtor. They don't randomly blanket a zip code with letters. They have reason to believe - or suspect the debtor has an account at certain banks or CUs. Their legal counsel knows the civil rules, and will use them once funds are located. Best regards,
  5. PotO, we can agree to disagree. I've seen how how that collection process works. Here in Dallas before I retired, I worked in IT support for a law firm downtown that handled mortgage and other collections. Plus, my son works in Ohio in the legal section for a large collector. After the judgment when the levy letter is sent, if the debtor does not have accounts with the bank or credit union, the financial institution will send a simple response stating they are unable to handle legal activity for the debtor listed in the judgment (or similar language). No specific account information is exchanged. If the debtor has an account with the bank or credit union, the basic response will often include what is legally required next to levy the account. As I stated, this is done post-judgment. Each asset recovery situation depends on state law, the amount of the judgment, and the asset profile created for a specific debtor. In OH, wage garnishment is often used. Here in TX, there is no wage garnishment (except by the IRS or for child support).
  6. The canvass form letter is a collection tool to locate debtor accounts. Collection agencies often use attorneys for the actual levy process. Lawyers send correspondence using snail mail, as proof of delivery is often required. If the account is located, the actual process to obtain the funds is contingent on state law. Here in Texas, for example, once a creditor gets a judgment, they then file a writ of garnishment. Once the bank receives it, the located account is frozen until a hearing, to determine if the funds are exempt from levy (such as social security or retirement funds). TraderDog, we veered off-topic somewhat, but I hope we answered your original question.
  7. Always wait until the account is over 31 days old to set up direct deposit, or deposit a large amount. Plus, maintain a non-Chexsystems, non-EWS account.
  8. The levy notification is sent with the debtor's name and SSN. A copy of the court order is included. This is sent once the court has given the authority to seize the funds. In a collection attempt if the current bank is unknown, the levy notice is often sent to banks and credit unions in proximity to the individual's residence or employer, hoping to get a hit. Many also check new account inquiries in Telecheck and Chexsystems. I also found out Teletrack (CoreLogic) is sometimes queried to see if there are payday loans.They can get banking info there as well. I recently helped someone who ignored a creditor's lawsuit. Actually, she had several unpaid bank loans and accounts. She kept asking how a creditor knew where she banked, after moving checking and savings to a small bank a few blocks from her job. Of course, the goal is to come up with a plan for dealing with debt before it gets to this far.
  9. EWS doesn't always have where you currently bank. If they run Chex, EWS, Telecheck - or one of the aggregators with no hits, they'll canvass banks or credit unions near your home or employer. The letter includes the judgment (court order) your SSN and related identifying info. They'll go snail mail after a paralegal has identified possible funds or banking assets they can grab. The debtor may have recently moved funds to another bank or credit union, or is an authorized user on another account, etc. I got this from another credible source, my son, who is a collection manager for a large firm with the initials AD. 😊👍
  10. TraderDog: I like this definition from licensed attorneys. Legal statutes often need clarification, and legal authorities are often a credible source. When I was struggling with unpaid debt, I kept my money separate from the banks I owed. In addition to Right Of Offset issues, if they are planning garnishing your bank accounts, and don't have your exact info, they will send a canvass letter to banks and credit unions in proximity to your home or employer. http://www.sbbolaw.com/limitations-to-the-banks-right-to-set-off-account-balances-against-obligations/
  11. Been on CB a long, long time, and although some love a good argument or debate, I'm not one of them. I just research, share info, and my experiences and try to help others. We can agree to disagree. Moving on and best regards.
  12. I just love it on CB when smart A's break it down and make things simple for everyone. Yeah, we did study finance in that class. Lol
  13. I posted from the Bankrate blog because it said the same thing as the feds about credit card debt. From the US Office of the Comptroller: https://www.helpwithmybank.gov/get-answers/bank-accounts/right-of-offset/faq-bank-accounts-right-of-offset-01.html The Federal Reserve Board’s Regulation Z, Section 226.12(d), bars financial institutions from applying the right to offset to credit card debts.
  14. Article on the Right of Offset: https://www.bankrate.com/personal-finance/lenders-right-to-offset-what-you-need-to-know/
  15. tmcgill

    Credit Headers

    There are data aggregators who are the primary suppliers of consumer data. They swap information with Experian, Equifax, Lexis and Transunion. Unless you live off the grid, your personal information is profiled and marketed. The Major Aggregators: **Whether they provide a free annual report (or there is a fee) is determined by the exact services they offer, and how they sell collected data. Acxiom (www.acxiom.com); **They were relatively unknown by consumers until 60 minutes did a show on them a few years ago. Factual www.factual.com Infogroup (www.expressupdate.com); **Marketing List Opt Out** Localeze (www.neustarlocaleze.biz LexisNexis - https://personalreports.lexisnexis.com/ **I would pull Lexis and review it first.
  16. For several days, account holders had periodic outages for using the card. Leaving many stranded during travel, or in the middle of certain transactions; car repair, etc. Also, the mobile app and desktop access was down. You couldn't see balances or transactions. The only way to get a balance was at an ATM. Also, many reported the balances were not accurate. The time it took to restore full functionality was unacceptable. The CEO sent emails asking for feedback, and I advise all account holders to respond and give him specifics. For future outages, here is how you get real time status updates: https://www.chimebank.com/status/
  17. The sad thing is many customers that were burned by Wells Fargo moved to Chime. Chime was growing and increasing depositors. I can't recommend them as a second chance account again without a strong advisory, citing this incident. My accounts: Local Bank Checking - Primary household account for monthly bills Local Credit Union Checking/Savings - Backup account for monthly bills and emergency funds Chime Bank - Point of sale and internet purchases Online Bank - Money market (savings) Roth IRA - Retirement Account
  18. The above can be true, but note that EWS is usually the kiss of death on approvals. **Some banks and credit unions ignore EWS and Chex if the info is over a certain age. Negative Chex and EWS info should fall off after 5 years.
  19. I say it often, but ALWAYS have backup access to your funds. Putting all funds in one bank account can leave you out on a limb. https://www.cnbc.com/2019/10/17/digital-bank-chime-goes-dark-for-millions-of-customers.html
  20. I say it often, but ALWAYS have backup access to your funds. Putting all funds in one bank account can leave you stranded. https://www.cnbc.com/2019/10/17/digital-bank-chime-goes-dark-for-millions-of-customers.html
  21. The Major Aggregators: **Whether they provide a free annual report (or there is a fee) is determined by the exact services they offer, and how they sell collected data. Acxiom (www.acxiom.com); Factual (www.factual.com); Infogroup (www.expressupdate.com); **Marketing List Opt Out** Localeze (www.neustarlocaleze.biz). LexisNexis - https://personalreports.lexisnexis.com/ The Big 3 CRAs and other sites pull and share with these aggregators. I recommend pulling annual reports from the Big 3, Telecheck, Chexsystems and Early Warning Services (EWS) as a start. To deep dive, then pull LexisNexis and the rest.
  22. MP80: The banks get filtered lists from the big 3 CRAs, and marketing data from the major data aggregators. If you are on the grid, your financial status, resources and credit history are being profiled for sale.

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