Office of the State Bank Commissioner of Kansas

[Jen23514]

Details to follow after this is tidied up. But I will state the following....

 

In KS, the Office of the State Bank Commissioner is the regulatory agency for lenders. This includes PDLs, mortgage, and other such entities. you might look at the site and see what is equivocal in your state

 

Let's say you have an entry on your credit report reporting as installment and/or factoring account. You live in a state with an agency such as this. Lenders must be licensed and have to pay yearly fees and a host of other things to lend in your great state.....

 

Hypothetically there is a CA who likes to report as an installment updating your report every month with a bigger amount. It's not allowed. You dispute with the CA. Then you dispute with the CRA. Then you 1-2 punch them again with the FCRA 623 dispute. You get no where..... what can you do now?

 

You make copies of everything!!!!! Then you send it to your state AG outlining which laws this lender potentially broke (yes, you have to research your state laws), letting the AG know that you realize they can not represent you as an attorney or sue on your behalf, and the AG has no authority over federal manners such as the FCRA or FDCPA, but by reporting as a lender and verifying dispute as a lender, you simply want to make the AG aware that this CA is potentially illegally lending, or representing they have the right to lend, in the state. You're just making an inquiry if you're reading the statutes correct. It appears that if they are willing to violate the rights of one citizen, how many more could be affected? Following me?

 

Then you do almost the same for the OSBC, but tweaking it for issues they have oversight for. Again, no accusations directly, but an inquiry as to "if this company is reporting as a lender, aren't they responsible for filing fees and being a licensed lender in our great state?"

 

What is amazing that (hypothetically of course) both of these state entities might get back to you in record time when your letter is VERY specific, not only to them, but the party you are disputing with.

 

What else is encouraging is when you get a letter back saying the company will be investigated and also included is a copy of the letter send to the offending party requesting in strong language that they reply to the state agency by the 29th.

 

It is possible that within 48 hours of the OSBC and AG signing for the green cards that the CA reporting as an instalmment and/or factoring account disappears off 2 of the 3 CRAs.

 

Details to follow as soon as #3 falls off... one way or another

 

The lesson? Learn your state laws, and sometimes things move a little faster when you have a well laid out argument how you're getting shafted and you make it clear what you want investigated from the state under their jurisdiction.

 

I am not the only one with success using state agencies.

 

KNOW YOUR STATE LAWS!!!!

[hdporter]

I'll second that the state AG can be the expressway to dealing with a CA problem. State AG's are ALL OVER CA non-compliance with the law and haven't been afraid to go after them with a big stick.

 

Stymied in dealing with one myself a couple of years ago I made an initial inquiry with the PA AG office that deals with CA. I provided detailed info over the phone, but failed to follow up with written docs I volunteered I'd provide. Nonetheless, just a couple of weeks later the CA stopped sending letters (I had held of on a C&D pending seeking other avenues of resolution) and soon after the CRA entry for the debt dropped. End of story.

 

It would appear that AG's have teeth with some, if not all, CAs.

[Sourgirl32]

Would this work with CA's reporting as OPEN?

[Sourgirl32]

Is this it?

 

224.03 Banking, unlawful, without charter; penalty. It shall be unlawful for any person, partnership, association, or corporation to do a banking business without having been regularly organized and chartered as a national bank, a state bank or a trust company bank. Any person or persons violating any of the provisions of this section, either individually or as an interested party in any partnership, association, or corporation shall be guilty of a misdemeanor and on conviction thereof shall be fined not less than $300 nor more than $1,000 or imprisoned in the county jail for not less than 60 days nor more than one year or both.

[Jen23514]

Is this it?

 

224.03 Banking, unlawful, without charter; penalty. It shall be unlawful for any person, partnership, association, or corporation to do a banking business without having been regularly organized and chartered as a national bank, a state bank or a trust company bank. Any person or persons violating any of the provisions of this section, either individually or as an interested party in any partnership, association, or corporation shall be guilty of a misdemeanor and on conviction thereof shall be fined not less than $300 nor more than $1,000 or imprisoned in the county jail for not less than 60 days nor more than one year or both.

 

I don't know if reporting as "open" is enough I'd have to know more about the TL and the details.

 

also, I'd have to know how you tackled it before.

 

 

 

I will post my letters and the details when this is cleared up. They are supposed to respond to the OSBC by the 29th, and the KS AG by the 27th.

[pryan67]

this is an INCREDIBLE find Jen....it looks to be a new way to attack ANYONE reporting incorrectly (CAs, JDBs, etc)....

 

since they're claiming to be a creditor on your reports...you're just "helping" OSBC and AG, by trying to get "clarification" from them...worst case scenario, the CA says "oops" and corrects it (on ALL the reports in your state)....or they just go away on your report...

 

 

best case, the OSBC cracks down on the illegal lending...

 

 

 

don't forget the letters that the CAs send welcoming you as a new customer...where they claim to be your new "creditor"....that could also work in your favor

[Jen23514]

don't forget the letters that the CAs send welcoming you as a new customer...where they claim to be your new "creditor"....that could also work in your favor

 

I hadn't thought about that.

 

right now I have 4 (Jefferson, Asset, Arrow, and the unnamed one in this thread) collectors claiming to be "factoring companies" and/or reporting as creditors. Considering the swift response I got from both state agencies, it appears that I must have hit the nail on the head.

 

I am looking forward to updating this thread in full when it's appropriate for sure. And if it works for this particular CA, then I will attempt it on the other 3.

 

I am using this tactic in combination with a standard FDCPA dispute and a FCRA 623 dispute. I am hoping to lay out cases that if letters to the OSBC and KSAG do not work, then an attorney can easily follow my paperwork and my thought process. Up until now for many reasons I've been hesitant to take anyone to court, but 2009 is a new year. I'm ready.

[pryan67]

another thought concerning this tactic....

 

since most CAs don't even bother learning FDCPA/FCRA....it's even MORE likely that they won't know the laws of all 50 states (or even their own)...so it's DEFINATELY worthwhile to check into your state laws

[peanutandbutterbean]

I think I love you

[Jen23514]

I think I love you

 

well, thank you. usually there's drinks involved before I hear that :lol:

 

 

seriously, I hope it helps!

[EarnIt]

I think I love you

 

well, thank you. usually there's drinks involved before I hear that

 

 

seriously, I hope it helps!

 

The drinks?