What works then, may not work now and some other universal repair truths

[Jen23514]

In celebration of post # 6.000, Here are some random thoughts on credit repair, the journey, and a few other things.....

 

The amount of information on this board is overwhelming.... I think there is at least 1/2 dozen posts a day that confirm this.

Simply finding the starting point is not so simple sometimes. Then, when you find the newbies section, there may be contradicting information. A post from 2003, 2005, and 2007 all may address the same issue, but attack it differently. One method may work for member X, but not member Z. Why? YMMV of course!

 

Many people get frustrated and attitudes (and sometimes claws! ) come out, but in the end, we all have the same goal.... to reclaim control over lives, starting with our finances and credit. How we got here is as varied as each personality, but there are some things that are universal.

 

There are universal truths of credit repair from my POV and here they are.

 

 

 

1) You have to approach credit repair methodically.

 

This means, know where you are starting from, set your end goals, and develop a plan of attack. I am a proponent of getting your reports AND your scores before you send off a single letter. This sets your baseline to judge your progress and helps you to set mini-goals that lead up to your end goal. What is your end goal? How quickly do you want to accomplish it? How are you going to do it?

 

Your plan of attack should always include triaging your reports. No one explains this better than Psych Doc. Once you have a plan of attack, do not procrastinate. Quit analyzing, mulling, agonizing, getting overwhelmed with the enormity of it and losing sleep over it. Just do it!

 

Be organized. This does not come naturally to me and to many others. I've had to revamp my system a few times as my needs changed, but a system is necessary. Keeping a filing system and a calendar and a to-do list is necessary. KEEP DETAILED AND CLEAR RECORDS.

 

Keep in mind, that sometimes, NOT tackling a negative on your report is also part of the strategy.

 

Don't do anything with out fully understanding the down side risk as well as the up side gain. Every tradeline on your report needs to be considered in this manner.

 

Are you not sure where to start? Ask!

 

 

2) There are two parts to credit repair, removing inaccurate negative information and building positive tradelines.

 

At the same time you are tackling the baddies, get some history started.

 

For most people, that means getting a secured card. What? Can't afford to send in $300 to get one? You can't afford not to. If I would have gotten a secured card when I joined CB, by time I qualified for an unsecured one, I could have had 18-24 months of positive history. If I had, maybe my first unsecured line would have been bigger than $1500 (thanks Hooters ). Bigger limits beget bigger limits!

 

Use your inquiries wisely. Research the credit pulls database and ask around. Remember, getting inquiries is part of the repair process..... just use them wisely. Disputing inquiries is usually a waste of time, 99% of the people on this board have bigger fish to fry.

 

Have a dream card? Then add it to your list of goals! Capturing that mystical beast (the out of reach card) is truly a boost to your ego!

 

 

3) You MUST take the time to read the FDCPA and FCRA.

 

There is no way around this IMO. How can you threaten litigation (ITS) and churn out DVs and CRA disputes if you don't even know WHY you are doing it?

 

The FDCPA is a must-read and is short. It outlines what a CA can and can not do while collecting. If you don't care about your civil rights, then ignore this important document.

 

The FCRA is a much more difficult read. I won't pretend it's not. My advice? Print it out (sorry trees), get a pen, a highlighter, put it in a 3 ring binder and tackle it one section at a time. Don't understand a section? Search CB, a LOT of older threads (pre '05) tackle certain sections of the FCRA (and FDCPA). Or, post a new thread.... you know you're not the only one who is confused. Also, there are lots of new members everyday, maybe someone can provide a fresh look at a previously discussed section.

 

Take time to read the FTC opinion letters regarding the FDCPA and FCRA... they are invaluable as well.

 

 

4) Know your state laws regarding your consumer rights.

 

Learn the difference between the SOL for your state and the reporting SOL for CR

 

Does your state have their own version of the FCRA or FDCPA?

 

Does your state have added protection (such as TX) for consumers?

 

Does the CA need to be licensed and bonded for your state?

 

You see where I am going with this. Another important reason to learn your state laws, is that additional resources to attack a CA. Want to complain to the AG? They can only enforce state (not federal) laws. Want to sue in small claims? Use your state laws. Want to learn federal rules and procedures? Ignore your state laws. Think your DA would be interested in a business who is harassing you by phone? You have to know which state (or local) laws they are breaking.

 

Knowledge is power ~ Sir Francis Bacon

 

 

5) Change your methods as your situation changes and time goes on.

 

There is no one size fits all approach to credit repair. What was a good letter 3 years ago, may not be a good letter now. Laws change, your understanding of the laws change, your situation and needs change... everything changes. The letter you sent to CA#1 may not be the best letter to send to CA#2 or #3.

 

Do not send a single piece of paper or make a call or submitting a dispute before knowing what the future steps will need to be. Know thy game plan and stick to it. This is like a chess game, and your methods need to be adjusted frequently and on a case-by-case basis.

 

This is why doing a simply copy/paste of a letter you find in a forum (even a great forum like our sample letter forum) is a BAD idea. Use those letters in combination with your situation and also with your knowledge of the FCRA and FDCPA to make a letter perfect for YOUR situation.

 

Struggling with the wording? Ask someone to help. Post a rough draft and muddle through it with some of CBs greatest and brightest. Post what you're trying to accomplish and where you are getting hung up. Don't be afraid to ask for help.

 

 

6) CAs will break the law.

 

Stay off the phone. They are trained to fluster you into making mistakes. Personally, I am comfortable on the phone with a CA, but I was not always. Only you know when it's appropriate. If you doubt you can keep your cool and not get tripped up, stay off the phone.

 

It it never too late to ask for validation. Validation is the key to your success.

 

100% of the CAs lie 100% of the time, they probably will not delete as promised and more than likely aren't sending someone to your work/home as they speak

 

Never give a CA your banking information. Period. I can't think of a single reason when this is a good idea.

 

Don't forget to attack them as data furnishers as well, I doubt they are reporting correctly and the FCRA addresses this issue.

 

The CA is not your friend and is not here to "help you during this rough period". That is bull. Their bonus' are directly tied to how much money they can get from you. Treat them as such.

 

A well written letter is formidable ally, it shows you know your rights, you are going to protect them at all costs, and you are not messing around. You have everything to gain by a well-written letter.

 

If you have a working knowledge of the FDCPA (or keep a cheat sheet handy), review every letter they send you... look for violations.

 

Do not help them by giving them too much information.

 

If you are keeping good records, then each time the CA breaks the law, that just builds your case against their illegal practices.

 

 

7) The CRAs will make you mad as well

 

Sure collection agencies get our feathers ruffled, but I think negligence by the CRAs ruffles mine more. Remember, everthing on your CR can be disputed and previously investigated is NOT an option for the CRAs.

 

They must complete their investigation within a certain time period per the FCRA

 

There will be set backs and bumps in the road, but with persistence, you will prevail.

 

Be specific when you talk to the CRAs, if your problem escalates to litigation they will be in the wrong for not addressing the issues at hand.

 

Also, while 90% of our focus is usually on the big 3... do not forget about the other CRAs that influence our lives. We live in a world where we are defined by what is kept in databases and we need to stay on top of that info.

 

 

8) Taking a break is healthy.

 

Sometimes for your sanity or for other reasons a break is necessary. This is not a bad thing. Walk away and when you come back treat your reports like you are new all over again. Get a clean copy, triage them, and revisit your plan of attack. A fresh perspective is beneficial. I've been burned out 2 times in the last few years where I didn't do anything for my reports for 6 mos. I don't regret either break.

 

 

9) If you are served, do not ignore it.

 

Default judgments are given all the time on SOL debts. Why? People ignore the issue. DO NOT IGNORE IT. For many, the thought of going to court makes them nauseous. It does me. Get over it, or get an attorney. A default judgment can embarrass you at work (garnishment) or cause problems in other parts of your life. Also, IMO, a public record is the hardest entry to remove from your CR.

 

 

10) Never give up and pay it forward.

 

There are so many reasons not to.... some are universal (lower interest rates, etc) and some are not and are very personal. Just remember, you are NOT your credit score and if you keep moving forward towards your goal not only will your credit report improve, but the confidence you gain will be useful in other areas of your life. Knowing that 3 years ago, a CA could make you cry on the phone and have sleepless night, but now? Now? You can make THEM cry! That kind of self-confidence is priceless!

 

You didn't get into this mess overnight, you won't get out of it overnight. It takes time. Your patience will run thin. Use the time in between disputes to read up on your state laws, the FCRA, the FDCPA, search a keyword on CB, or a myriad of other things.

 

As you go on your journey, you become a wealth of information. It would be criminal not to pay it forward. That doesn't necessarily mean here on CB, but to your children, your family, or whoever else you feel would be blessed by this information. Knowledge is everything, but only if you use it.

 

 

 

Almost done...

 

One thing we can not forget as we journey along is that we also need to repair what got us here. Judgment errors? Lifestyle choice? Whatever. I am not talking about unfortunate unavoidable circumstances, but the consumer-orientated mindset that many (myself included) lead us to this board in the first place.

 

MLK said, "Freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed." To apply that quote here, it is freedom from being scared to answer your phone or open "those" envelopes that come in the mail. Your rights are your rights... Period. In this country, we have the freedom to enforce those ourselves. Learn your rights. Stand up for your rights. Devise a plan of attack. Don't give up. Setbacks are inevitable, but defeat is not an option. You are better than any CA and you will be a better person for this journey.

 

That's my 2cents.... take it or leave it.

 

Good luck!

[FuzzyWa]

Very well said!

[undertakeress]

:clapping:

 

Thank you Jen. This is the motivation that i needed to not stop at the daunting task ahead of me (over 100 collection accounts total, all medical) on my reports, on top of Arrow and Midland.

 

Great write up!

[dvdcoll]

Well put! This should be pinned up the top. Thanks.

[medicalhelp]

Awesome post. Very well said. Thank you!

[Operation_Home_Ownership]

Now I see why you have been quiet today, you were preparing your 6000 post bombshell, well done!!!

[Shawnee]

Good stuff Jen.

 

You'll read a lot of "surefire" ways to remove accurate baddies. The reality is they are hard to get deleted. Sometimes you can, but some just stick on like glue. I've watched people waste months and even years putting all their efforts into an uphill battle regarding accurate baddies when that time could have been better spent building positive history after bad. What happens when you don't build any history and get the baddies off? You have no history and get denied for it.

[Mike1111]

Great post. I've seen a near 100 point increase in almost a month due to this board, but your advice rings so true. This is merely advice, and a guideline for repair/rebuilding/building. Sometimes you have to follow your own path and do things your own way. What worked for user73612 might not work for you, infact it may backfire and cause damage to your scores. Understand what you are doing first. I've read psychdoc's seminars almost 5 times now and I'm starting to get it all finally.

[bird2006]

wonderful post, Jen23514!

 

X 100000000

[doit]

Good stuff, very inspiring!

[Stryker]

Quit analyzing, mulling, agonizing, getting overwhelmed with the enormity of it and losing sleep over it. Just do it!

 

Great, great post... particularly the statement above.

 

I know because I was there. This is enormous, but don't psyche yourself out by focusing in on it.

[daemlar]

You just reminded me why I'm doing what I'm doing!! Thank you for that. I needed that bit of inspiration today!!

[centex]

Let us not forget some words of wisdom that have withstood the test of time...

 

"Now the general who wins a battle makes many

calculations in his temple ere the battle is fought.

The general who loses a battle makes but few

calculations beforehand. Thus do many calculations

lead to victory, and few calculations to defeat:

how much more no calculation at all! It is by attention

to this point that I can foresee who is likely to win or lose."

 

~~~

 

"What the ancients called a clever fighter is

one who not only wins, but excels in winning with ease.

 

Hence his victories bring him neither reputation

for wisdom nor credit for courage.

 

He wins his battles by making no mistakes.

Making no mistakes is what establishes the certainty

of victory, for it means conquering an enemy that is

already defeated.

 

Hence the skillful fighter puts himself into

a position which makes defeat impossible, and does

not miss the moment fordefeating the enemy.

 

Thus it is that in war the victorious strategist

only seeks battle after the victory has been won,

whereas he who is destined to defeat first fights

and afterwards looks for victory."

 

~~~

 

"The art of war teaches us to rely not on the

likelihood of the enemy's not coming, but on our own readiness

to receive him; not on the chance of his not attacking,

but rather on the fact that we have made our position unassailable."

 

~~~

 

"Hence the saying: If you know the enemy

and know yourself, you need not fear the result of a

hundred battles. If you know yourself but not the enemy,

for every victory gained you will also suffer a defeat.

If you know neither the enemy nor yourself, you will

succumb in every battle."

[travelgrl]

Nice post. It is a journey and we have to be committed to it. Knowledge is power for sure.

[Jen23514]

centex, I knew I could count on your for SunTzu quotes

[Jen23514]

Now I see why you have been quiet today, you were preparing your 6000 post bombshell, well done!!!

 

I can be quiet

 

 

or you totally busted me :lol:

 

unfortunately (or fortunately), you might have to wait until post 7000 until I attempt something like this again

Edited June 17, 2008 by Jen23514

[Jen23514]

Damn.

 

It seems the CAs wanted to celebrate my 6,000th post as well.... upon my return from lunch, I got a myfico notice on my BB..... a decrease of 45 points.... a new CA popped up.

 

Sometimes.... the battle never ends

 

actually, timing of this makes me :lol:

Edited June 17, 2008 by Jen23514

[medicalhelp]

Damn.

 

It seems the CAs wanted to celebrate my 6,000th post as well.... upon my return from lunch, I got a myfico notice on my BB..... a decrease of 45 points.... a new CA popped up.

 

Sometimes.... the battle never ends

 

{{{Jen23514}}} GO GET 'EM! lol

[centex]

centex, I knew I could count on your for SunTzu quotes

 

LOL

 

just adding to the collective font of knowledge that people should consider...but, perhaps by placing the reminder in this thread, some will have a better idea of why I approach some of the threads with a response the way I tend to do...

[Jen23514]

centex, I knew I could count on your for SunTzu quotes

 

LOL

 

just adding to the collective font of knowledge that people should consider...but, perhaps by placing the reminder in this thread, some will have a better idea of why I approach some of the threads with a response the way I tend to do...

 

I always kept in mind Butch's and Psych approach..... this is war and approach it with a litigious mindset

[centex]

centex, I knew I could count on your for SunTzu quotes

 

LOL

 

just adding to the collective font of knowledge that people should consider...but, perhaps by placing the reminder in this thread, some will have a better idea of why I approach some of the threads with a response the way I tend to do...

 

I always kept in mind Butch's and Psych approach..... this is war and approach it with a litigious mindset

 

One need not necessarily have a litigious mindset to prevail...properly prepared, one need never set foot in the Clerk's office while on the offensive. One only need know the remedies that may exist on that section of tiled floor and laminate countertop leading to the path of oak or mahogany.

[Jen23514]

centex, I knew I could count on your for SunTzu quotes

 

LOL

 

just adding to the collective font of knowledge that people should consider...but, perhaps by placing the reminder in this thread, some will have a better idea of why I approach some of the threads with a response the way I tend to do...

 

I always kept in mind Butch's and Psych approach..... this is war and approach it with a litigious mindset

 

One need not necessarily have a litigious mindset to prevail...properly prepared, one need never set foot in the Clerk's office while on the offensive. One only need know the remedies that may exist on that section of tiled floor and laminate countertop leading to the path of oak or mahogany.

 

I think 90% of a litigious mindset is being organized and prepared. If you are those things, as you said.... you will probably never step inside a courtroom. I treat every correspondence and phone call like it might have litigious use later.... I cover my butt, I record calls, I am clear and concise and particular about what I want and what I am trying to achieve.

 

BUT if you take a namby-pamby-half-flowers approach, then there will be issues down the road. Start off on the right foot and there won't be issues

[aescutie]

BUT if you take a namby-pamby-half-flowers approach, then there will be issues down the road. Start off on the right foot and there won't be issues

 

[aescutie]

This was a MUCH needed thread in this forum. I haven't been over here in a while, and it amazes me how some people are thinking these days.

[Jen23514]

This was a MUCH needed thread in this forum. I haven't been over here in a while, and it amazes me how some people are thinking these days.

 

Thanks hon!