Have read through [cr] [home loan]

admin — Tue, 19 Jul 2011 03:30:00 +0000

Ok I am sure that what I am asking has been addressed numerous times before in numerous threads, but I just can't seem to find what I need and if anyone can give me some specific, personalized advice I would really appreciate it.
Been reading the boards here for a few weeks, and here is where I am at.
At the end of last month I applied for a home loan and discovered there were 3 negatives on my CR for nonpayment. I wasn't sure what they were, or if they were valid, so I sent CRRR validation requests (or verifications? still not sure of the difference) to the three separate CA's.
After 30 days, I have received responses from two. A form cover-letter, and a bill for the amount owed (one a cell phone bill the other a library late fee). The third (a home phone bill), has not responded.
What is the next step I should take with each of these? I assume that the 3rd should be removed, as they have not responded, but I do not know if I should contact the CA or the CRA to request the removal, OR if I should get my credit pulled to see if it has been removed automatically first. In the case of the other 2, they provided minimal information, and ignored the majority of proofs I requested in the initial validation (verification?) letter. How do I tally up violations? How do I negotiate the removal or substantial lowering of the amounts based on their violations?
#3 (home phone bill) is the largest amount of the 3, and is nearly 6 years old at this point.
#2 (cell phone bill) is the second largest, and is approx. 3 years old
#1 (library) is under $100 and I might pay it, other than the moral of the whole thing.
Thank you for any help you can provide! And I apologize again for not reading everything here, there is a LOT to read and I want to get this moving ASAP so I can buy a house!!

Best Answer: You should certainly not just sign it and go forward. Usually the first offer sent to you by a solicitor is a low-ball offer in hopes that you will just sign it. I would recommend going through the whole process, as an attorney can generally get you more than the attorney's fees in added compensation.

Reply: So wait.. should I or should I not Opt-Out?
As a newb, the conflicting information isn't helping
I'm a noob too, and the Opt-Out topic is one of the most debated topics I've seen. Both sides of the argument have their points. Both sides will have respectable people from the CB board that discuss their reasons too well.
On one side, there are people in favor of it (moderators, Dragonflyer, list continues) that say Opt-out helps when beginning the disputing process. Whether it be in the beginning (clearing personal information, blanket disputes) or middle (DV's to CRA's/CA's, etc) of the CR clearing process, this helps to make it easier to clear your information.
On the other side, there are people against (GEORGE, guy, list continues) that say Opt-out prohibits the other side of credit repair. This is building new credit to add positive TL's to your CR's/FICO. You will not receive new offers for CC's or other forms of financial help.
Both sides are very helpful, and it's very hard to discern who is wrong and who is right. If I can say, to put it to an extreme, it's CB's version of the abortion topic, only relating to credit repair (hopefully no one is offended by that comparison). I am in favor of it. I do NOT own, by any means, a quarter of the knowledge that these guys hold. I Opted-out because I can Opt-in whenever I feel like it. Right now my credit is HORRIBLE. So I don't want to be getting anything right now until I get it in the mid-600's. At that point, I'll immediately Opt back in and go from there.
YMMV and I hope this quick explanation helps even the least.
Which Mods advocate Opting Out?

Reply: Welcome to CreditBoards. In order to give yourself the best opportunity to achieve improvement in your credit history, I strongly suggest that you start by investing a considerable amount of reading time toward learning the basics. A good grounding can carry you far. There is no instant breakfast packet, nor any microwave entree here; you need to learn for yourself what ingredients to put together.
Start with the Newbies' Forum from start to finish. Find the glossary lists.
Don't skip threads because you don't think that the title sounds like something which is an exact match for your own issues. That's also true when you break off to read current and recent threads in the Credit Forum. There are nuggets of info buried in many threads, even if the primary topic may not be one of your own negatives.
Start a personal notebook. Jot down notes just for yourself whenever you come across topics or terminology which you don't yet understand. Update your notes as you later locate those answers.
Use the Search function (find it in the red menu bar below the CreditBoards masthead) to find PsychDoc's seminars. Together with the Newbies' forum, they provide very good material for novices and experienced folks alike.
There's no race here — no timed event with only one winner. If you feel that you don't have reason to take the time to learn what you need to, nor wish to make it a priority at this time, then no one will argue with your decision. It will simply mean that you've decided not to work on credit repair at this time in your life. Maybe at another time it will become more of a priority and interest for you and you'll start your learning cycle then.
You are correct, actually full-scale credit rebuilding (actually my credit isn't terrible, average of 630 from EQ/TU/EX) does take a lot of time and if that were my short term goal I would definitely be doing as you suggest. However, that is my long-term goal, with a pressing short-term goal of removing these three black marks on my credit score in order to be approved for a mortgage. I have already selected a home, and have pre-approval pending the removal of those items, and for the time being am most interested in whatever will get those resolved ASAP.
If that means payment, then so be it. My preference would be to have them removed, regardless of if there was a continued ding on my credit score for the time being or not. My pre-approval for the loan has assured me that rebuilding my credit score, although worthwhile and a definite long-term goal, is not the pressing issue for me right this moment.
I appreciate any input you can add to my problem to help me resolve it, and if you would prefer not to assist me with this particular sort of rushed problem I truly completely understand.
Thank you!

Reply:"Validation should not be a print off by the CA, but a copy of something from the OC. How old are these debts? Are they within SOL for your state? If you're not sure, check whychat's site for SOL times by state."
The library fine looks like a one sheet print, could have been from the library I'm not certain.
The cell phone amount is a 3-4 page, double-sided cell-phone bill.
Nothing yet from the home phone bill.
As far as the SOL goes, I'm in GA which according to Whychat's site is 4 years (if I'm reading it right, legalese is my kryptonite). I will have to find out where each of the CA's are based to see what their SOL is. I'm certain that the home phone bill would be beyond the SOL. Fairly sure about the library. Cell probably not, I think its roughly 3 years old. When I check the SOL for where the bills come from, do I need to check the CA's home state? Or the OC's home state?
"Have you disputed with the CRAs as well? or just letters to the CA?
Non response to a DV is not grounds for removal from your reports."
No, I havn't started the Opt-Out or address removal process yet, so I havn't disputed with the CRA.
If non-response isn't grounds for removal, then what is?

Reply: At the end of last month I applied for a home loan and discovered there were 3 negatives on my CR for nonpayment. I wasn't sure what they were, or if they were valid, so I sent CRRR validation requests (or verifications? still not sure of the difference) to the three separate CA's.
You ask CA for validation.
You ask CRAs for verification.
There are several links in my profile that will help, but try here for a more indepth discussion: After 30 days, I have received responses from two. A form cover-letter, and a bill for the amount owed (one a cell phone bill the other a library late fee). The third (a home phone bill), has not responded.
Validation should not be a print off by the CA, but a copy of something from the OC. How old are these debts? Are they within SOL for your state? If you're not sure, check whychat's site for SOL times by state.
What is the next step I should take with each of these? I assume that the 3rd should be removed, as they have not responded, but I do not know if I should contact the CA or the CRA to request the removal, OR if I should get my credit pulled to see if it has been removed automatically first. In the case of the other 2, they provided minimal information, and ignored the majority of proofs I requested in the initial validation (verification?) letter. How do I tally up violations? How do I negotiate the removal or substantial lowering of the amounts based on their violations?.
Have you disputed with the CRAs as well? or just letters to the CA?
Non response to a DV is not grounds for removal from your reports.
I see you answered my "how old" comment from above, so ignore that…
#3 (home phone bill) is the largest amount of the 3, and is nearly 6 years old at this point.
#2 (cell phone bill) is the second largest, and is approx. 3 years old
#1 (library) is under $100 and I might pay it, other than the moral of the whole thing..

Reply:So wait.. should I or should I not Opt-Out?
As a newb, the conflicting information isn't helping

Reply:
OPT-OUT
Remove old addresses
Get hard copys from the big 3
After that…I'd suggest disputing with the CRA's.
Not to be contrarian, but what is the "purpose" of Opting out?
1/2 of Credit Repair is adding credit and opting out certainly doesn't help there.
Also this misinformation about Opting out stopping CA's is simply not true.
OC's nor CA's do not have to honor Opting nor do JDB's.
So who are you avoiding?
The answer is those companies who might offer you rebuilding credit!
Other than that your advice is Spot on!

Reply:I found the OPT OUT info on Whychat's site. I am sure if you search OPT OUT you will find it. I called the number listed since my zip code is apparently too new for the online system.
As far as getting the old addresses deleted you need to contact all 3 CRA's in writing and request they remove any address that is not your current address. Send a copy of your DL with current address, a copy of your SS card and a Current utility bill showing your current address.
good luck!
I am just starting this journey myself.

Reply:Pinned Topics: http://{$MySite}/forums/index.php?showtopic=341014
All Newbie topics are there. That should suffice.

Reply: OPT-OUT
Remove old addresses
Get hard copys from the big 3
After that…I'd suggest disputing with the CRA's.
Thank you for the quick response! Can you provide links that explain each of those steps? I don't remember reading any tutorials regarding how to do those things

Reply:OPT-OUT
Remove old addresses
Get hard copys from the big 3
After that…I'd suggest disputing with the CRA's.

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Have read through [cr] [home loan]