Two reasons to pull your credit reports after beating a collection suit
You’ve been sued by a debt collector or debt buyer such as Midland Funding, LVNV, Portfolio Recovery, and you’ve won your case. What do you do next? Pull your credit reports.
Hopefully, you have looked at your credit reports before you get to the end of your lawsuit.
Even if you haven’t, go on and pull them now.
Whether you just won your suit yesterday or you won… (Read more)
General breakdown of the 5 categories FICO looks at for your credit score
FICO is the dominant credit scoring model in the country used to determine eligibility for mortgages, auto loans, credit cards, and more.
There are 5 categories used by FICO to determine your credit score:
Payment History
Amount / Utilization of your debt
Age of debt
Number of inquiries
Mix of debt
In this article, we will provide a brief overview of these categories and what they mean. … (Read more)
4 Types of money damages you can recover under the FCRA
What type of damages can you get from an FCRA lawsuit?
There are 4 types of damages you can recover when suing under the FCRA:
Mental Anguish / Emotional Distress
Economic
Statutory
Punitive
Mental Anguish
There is false credit reporting and you have the ability to sue.
Typically this means you have done a dispute through the credit bureau and it doesn’t get fixed.
Now, this false credit… (Read more)
Two enclosures that should be mailed with your FCRA dispute letter to a credit bureau
There are two things you should include in any dispute letter a credit bureau (TransUnion, Equifax, etc.)
Driver’s license or another form of government ID.
Recent bill or statement that shows your name, address, and the company name.
Why should you include these items if they aren’t required?
Credit bureaus hate investigating claims. They don’t make any money from investigating claims.
So, we are trying… (Read more)
My frustration with disputes people make to credit reporting agencies
I have been suing credit bureaus and furnishers (companies that provide your information to credit reporting agencies) for about 20 years.
During these twenty years, I encounter a frustrating mistake which is made far too often.
I want to share this frustration with you so that you can avoid the same mistake.
Here’s the situation:
I am contacted by a credit repair place, the client of a credit repair place,… (Read more)
Is it legal for an original creditor to pull my credit reports after settling with them?
Let’s say you’re being sued by an original creditor, Capital One, for $10,000. You settle for $5,000.
Once this has been settled, Capital One should show the balance as $0. You no longer owe them anything.
If they leave it at $10k, that’s false credit reporting.
If they listed the balance as $5,000 (the difference between the original amount and the amount of the… (Read more)