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Some cliff notes about credit repair

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Let us begin, and feel free to chime in with newbie pointers: *This can also be a great refresher for the amateurs among us.

 

1. Short-hand abbreviations that you will see EVERY SINGLE DAY and used like water here on CB. Some of the short-hand abbreviations, in no particular order, are: EX or EXP, EQ, TU, CA, (JDB,) OC, CO, CRA, CL, TL, CLI, CLD, (AA,) AU, CC, SOL. I am almost sure I left some out, but here are the definitions of each one:

EX or EXP is Experian.

EQ is Equifax

TU is TransUnion

CA is Collection AGENCY, could technically be Collection AGENT but CA usually refers to a COMPANY. (Side note: JDB can be an individual, OR really bad CA.)

*JDB is a Junk Debt Buyer.

OC is an Original Creditor.

CO is a Charge Off.

CRA is a Consumer Reporting Agency. We do NOT say CDB, the B would be Bureau.

CL is a Credit Line.

TL is a Trade Line.

CLI is a Credit Line Increase.

CLD is a Credit Line Decrease. (Side note: CLD is a form of AA.)

*AA is Adverse Action.

AU is not Australia; it is Authorized User.

CC is Credit Card.

SOL is Statute of Limitations. (Side note: SOL can also mean S*** Outta Luck.)

 

 

2. STAY OFF THE PHONE with ANY CA. ALWAYS in writing, ALWAYS Certified Mail, CM-RRR, Certified Mail, Return Receipt Requested (Green Card!) PAPER TRAIL. (Side note: There IS a pinned thread about how to handle Debt Collector phone calls, http://creditboards....howtopic=486657 * DC is a Debt Collector, but it should ONLY be used if you are caught off-guard; STAY OFF THE PHONE! This is CB BIBLE, 1:1 "In the beginning, God commanded that thou shalt stay off the phone with any debt collectors, and use certified mail, in writing, only.")

 

3. RE-READ #2.

 

4. ALL CAs LIE 100% OF THE TIME.

 

5. RE-READ #4.

 

6. The first step when receiving a Dunning Letter (Dunning Letter is to mean "Initial communication" with a CA is to SEND A DV. DV means Debt Validation (letter.)

 

7. THIS FORUM IS ABOUT SELF-HELP. READ, READ, READ!!!

 

8. Any Non-FICO score is commonly referred to as a FAKO, or "Fake score," hence FAKO (F, A, K, and O are parodies on FICO, or Fair Isaac COrporation) should only be used for the purposes of the lottery.

 

*The Fair Isaac score model has different versions, and, as it is the most commonly used by lenders, it is the only score that counts.

** Examples of "made-up" "FAKOs" are: Experian PLUS, Vantage, and there are more. They change with the wind, and are not real. They exist to make the 3 CRAs money. (Proof: EXPERIAN Plus.) They are irrelevant, so move on, and continue reading.

 

9. A FOAD letter is an "Eff Off And Die" letter, the F being an expletive. It also does not stand for anything else.

 

10. If you cannot pass this test, do not continue, do not pass go, and do not collect $200. http://creditboards.com/forums/index.php?showtopic=523143

 

That is all I got, for now. Any other cliff notes/add-ons for newbie?

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Anyone with info, or proper use, of the ITS variety?

 

The best advice that I can think of to contribute on that is to not make idle threats to sue.

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ICANHASMUNY, any ITS info/tidbits for the thread?

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???

 

Well, we have a good thread going here.. let's add in!

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Any other learned useful tidbits for this thread? Let's not let this treasure trove fizzle out.

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Funkiehouse, when I get home I'm going to add your excellent explanation of payments and SOL resets and collection agencies in relation to the OCs from the other post!

 

:clapping:

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Funkiehouse, when I get home I'm going to add your excellent explanation of payments and SOL resets and collection agencies in relation to the OCs from the other post!

 

:clapping:

 

Sounds good. Feel free to clean it up if you wish/need to.

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Paying on a collection/debt only restarts the clock for SOL but not for reporting. Once you reach 7.5 years after the DOFD, neither the CA or OC can continue to report the CO. The CA must comply with the DOFD provided by the OC and can't change it. Paying an account that is charged off does not restart the 7.5 year reporting statute. If a CA starts reporting a debt that is 6 years past the DOFD they can only report it for 1.5 more years or face FCRA violations.


 

No worries. It's one of the more confusing parts of credit repair to understand. This example might be a little repetitive just to make sure all parts are covered.



The SOL, statue of limitations, is set either by the contract you signed (agreed to) or by your state's laws on SOL. For example, California law sets the SOL for credit card debt at 4 years so I'll use that for this example.



Say you opened a credit card in Jan 2008 and your first missed payment (30 day late) was reported Jan 2010 and you never paid again and the card was charged off in June 2010. Your date of first delinquency is Jan 2010 and that can't change. Since the SOL (to file suit) for California is 4 years, the OC or the CA has until Jan 2014 to be able to file suit to force you to pay.



Let's say the OC sold the debt to a CA in Jan 2012, the CA is still bound by the DOFD SOL for suing you. If the don't sue you before Jan 2014, then they can't sue you for it, BUT they can still report it and try to collect from you. The CA can still report a balance and the trade line until June 2017, which is 7.5 years after the DOFD. The OC can also still report the trade line, with a zero balance if sold to the CA, until June 2017.



Just because the CA bought the debt in Jan 2012 doesn't mean that they have 4 years from the day they bought it to sue you. They still only have until Jan 2014 to sue and win. Just because they bought it on Jan 2012 doesn't mean that they can report it for 7.5 years from that date. They are still bound by the reporting limit of 7.5 years from the original DOFD of Jan 2010. If a CA were to continue to report it after June 2017 you could sue them for FCRA violations. (On a side note, they can still file a lawsuit after the SOL of Jan 2014 has past but you can go to court and tell the court this case is time bared because its past Jan 2014, the SOL. If you don't show up they can still get a judgement against you because you didn't show up to defend yourself but thats something different altogether.)



If the CA bought the the debt in Jan 2012, as mentioned, and in Jan 2013 you made a payment to them for the debt (even $1), admit to them you own/owe the debt, agree to a payment plan, or make any agreement to pay then you have restarted the 4 year SOL to be sued. That means they now have until Jan 2017 (a new 4 years) that they can sue you if you don't pay it as you agreed. The new 4 years starts on the day you made the payment or agreement to pay. Even if this happens, they can't continue to report the debt past the original DOFD, which is still June 2017. They do have to prove you admitted to it or made a payment if you get sued in court. This is the major reason why everyone here will tell you to stay off the phone with CAs and do everything in writing. They could ask you if its sunny where you live and then they have you recorded saying "yes", then they can plug into anywhere they want in a recorded conversation.



Hopefully, this will help but feel free to ask questions.



Everyone- Please chime in if I have made a mistake anywhere. My wife has the Bachelor turn up so loud I can barely think.


 

© Running of reporting period
(1) In general

The 7-year period referred to in paragraphs (4) and (6) of subsection (a) of this section shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.


 

A PFD should only be done after the SOL has passed.

 

:good:

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Having all your cards PIF will help credit score. you don't have to use them other than using them every few months just to keep them open.

 

You only want 1 card to report a small balance. The rest you want to report no balance at all. You don't want all 5 cards reporting small balances as that's very bad for your score.

Edited by rslifkin

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OK. New gold nuggets:

 

1. The "Jack Attack." http://creditboards.com/forums/index.php?showtopic=313560&p=2885329

 

2. The CFPB, plan of attack blueprint: http://creditboards.com/forums/index.php?showtopic=428895

http://creditboards.com/forums/index.php?showtopic=428895&p=4082997

*Could not post pictre directly into this thread.

 

 


As to the 1-2 punch, it has been said that you wait for the Green Card to come back from your DV. However, if 31 days goes by, then that should be reasonable enough time. I have sent mine within a week, or sometimes even a few days of each other, (exactly as indicated above,) and FWIW I was successful, but it was indicated to me that that was not enough time to be credible, and that it was not proper methodology. The DV has a 30-day window, if it is their first communication to you. Here is the 1-2 punch "Flow Chart" thread. http://creditboards....howtopic=428895

 

The pin in the grenade is if the CA responds to your DV or not. More often than not, they appear not to. Sometimes they do.. but a lot of the times, they don't. Then you have an illegal collection being reported. After 30 days. :) And it feels good to exercise your rights.

 

http://creditboards.com/forums/index.php?showtopic=510290&p=4836091

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Let us begin, and feel free to chime in with newbie pointers: *This can also be a great refresher for the amateurs among us.

 

1. Short-hand abbreviations that you will see EVERY SINGLE DAY and used like water here on CB. Some of the short-hand abbreviations, in no particular order, are: EX or EXP, EQ, TU, CA, (JDB,) OC, CO, CRA, CL, TL, CLI, CLD, (AA,) AU, CC, SOL. I am almost sure I left some out, but here are the definitions of each one:

EX or EXP is Experian.

EQ is Equifax

TU is TransUnion

CA is Collection AGENCY, could technically be Collection AGENT but CA usually refers to a COMPANY. (Side note: JDB can be an individual, OR really bad CA.)

*JDB is a Junk Debt Buyer.

OC is an Original Creditor.

CO is a Charge Off.

CRA is a Consumer Reporting Agency. We do NOT say CDB, the B would be Bureau.

CL is a Credit Line.

TL is a Trade Line.

CLI is a Credit Line Increase.

CLD is a Credit Line Decrease. (Side note: CLD is a form of AA.)

*AA is Adverse Action.

AU is not Australia; it is Authorized User.

CC is Credit Card.

SOL is Statute of Limitations. (Side note: SOL can also mean S*** Outta Luck.)

 

 

2. STAY OFF THE PHONE with ANY CA. ALWAYS in writing, ALWAYS Certified Mail, CM-RRR, Certified Mail, Return Receipt Requested (Green Card!) PAPER TRAIL. (Side note: There IS a pinned thread about how to handle Debt Collector phone calls, http://creditboards....howtopic=486657 * DC is a Debt Collector, but it should ONLY be used if you are caught off-guard; STAY OFF THE PHONE! This is CB BIBLE, 1:1 "In the beginning, God commanded that thou shalt stay off the phone with any debt collectors, and use certified mail, in writing, only.")

 

3. RE-READ #2.

 

4. ALL CAs LIE 100% OF THE TIME.

 

5. RE-READ #4.

 

6. The first step when receiving a Dunning Letter (Dunning Letter is to mean "Initial communication" with a CA is to SEND A DV. DV means Debt Validation (letter.)

 

7. THIS FORUM IS ABOUT SELF-HELP. READ, READ, READ!!!

 

8. Any Non-FICO score is commonly referred to as a FAKO, or "Fake score," hence FAKO (F, A, K, and O are parodies on FICO, or Fair Isaac COrporation) should only be used for the purposes of the lottery.

 

*The Fair Isaac score model has different versions, and, as it is the most commonly used by lenders, it is the only score that counts.

** Examples of "made-up" "FAKOs" are: Experian PLUS, Vantage, and there are more. They change with the wind, and are not real. They exist to make the 3 CRAs money. (Proof: EXPERIAN Plus.) They are irrelevant, so move on, and continue reading.

 

9. A FOAD letter is an "Eff Off And Die" letter, the F being an expletive. It also does not stand for anything else.

 

10. If you cannot pass this test, do not continue, do not pass go, and do not collect $200. http://creditboards.com/forums/index.php?showtopic=523143

 

That is all I got, for now. Any other cliff notes/add-ons for newbie?

 

:good:

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