Repair Credit Fast Forces Rebecca to Fight "Nasty" Debt Collector!
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Mike Payne
Mar 28, 2013, 12:40:04 AM3/28/13
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Article Title: Repair Credit Fast Forces Rebecca to Fight "Nasty" Debt Collector!
Author: Mike Payne
Word Count: 854
Article URL: http://www.isnare.com/?aid=554342&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=554342
Easy Publish Tool: http://www.isnare.com/html.php?aid=554342
*********************** ARTICLE START ***********************
Repair credit fast demands strategy, not a bunch of worthless dispute letters fired off by a credit disrepair company or uninformed mortgage person.
Recently, Rebecca from New Mexico contacted me about a collection account rejecting her attempts to buy a home. Rebecca admitted the account was hers but only after a few phone calls and faxes.
To Rebecca�s consternation, this bad credit account was more than 12 year old. Rebecca never questioned whether she had to pay.
Instead, Rebecca questioned the $1435.26 the debt collector demanded she pay.
Turns out, zombie debt collectors had purchased this charged off debt for pennies and waited for Rebecca to complete a credit application.
Just as the debt collector expected, Rebecca�s mortgage application triggered a call to action. The zombie debt collector had re-aged this ancient debt, reporting the debt as if it were current. That is, the debt appeared to be within the most recent 24 months and within the state�s statute of limitations.
The debt collector knew three conditions to be true:
1.Rebecca eventually would apply for credit and would be told to satisfy the collection before new credit consideration. In this case, Rebecca wanted to buy a home.
2.Some uninformed mortgage person would tell Rebecca to pay off the collection before attempting to qualify for a mortgage.
3.The debt collector knew (most) mortgage people and even fewer consumers (including Rebecca) know anything about their rights including but not limited to Fair Debt Collections Practices Act (FDCPA) or Fair Credit Reporting Act (FCRA).
Most mortgage people unintentionally HELP debt collectors break the law and collect money to which they�re not entitled.
Of course, debt collectors (in this regard) practice strategic debt collections � they break the law, playing very favorable odds.
On the flip side, Rebecca knew nothing about her rights. She knew ZERO about strategic credit repair.
Foolishly but expected, she was prepared to pay off this questionable collection, simply to go forward with grabbing the keys to her new home. Yep, debt collectors expect this behavior as well.
It was not the age of the debt that troubled Rebecca, whose memory took this alleged debt back more than 12 years during college.
Rebecca recalled defaulting on a credit card during college�a card with something like a $500.00 credit limit. Problem was, her credit reports reported she owed $1435.26 and a creditor she didn�t recognize.
In this case, firing off a template dispute letter might have created a worse situation for Rebecca. This debt collector, who had dunned Rebecca and had begun calling her, now was on to Rebecca, instigated with a mortgage application allowing the mortgage person to pull her credit.
1.Firing off template dispute letters can and usually do have a damning effect on people naively sending them or when credit disrepair companies fire off rounds of dispute letters on your behalf.
2.Rebecca needed to prove the debt was outdated�without a doubt.
3.Rebecca needed to confirm debt collector (Furnisher) had illegally re-aged the alleged debt.
4.Rebecca needed to force debt collector to delete alleged account with all bureaus and provide written (& signed) verification for future reference in the (likely) event this debt collector sells the debt to yet another debt collector for the process to start over again.
Bad credit repair turned easy for Rebecca, whose proof encouraged the debt collector to delete the account with an apology and written verification.
Rebecca admitted she would�ve paid off the account if the amount owed had not been $1435.26. Of course, debt collectors bank on this behavior.
Here�s something Rebecca (and probably you too) didn�t know: paying off a debt collector does NOT improve your credit. As illogical as it is, this is what happens with Fair Isaac & Company�s absurd credit scoring algorithm.
Please pay attention to these key points:
1.Do not simply fire off worthless dispute letters you download off some website.
2.Do not pay a credit disrepair company to fire off rounds of worthless dispute letters.
3.REAL credit repair demands strategy, not a bunch of worthless dispute letters. You must examine each bad credit account, determining whether the �furnisher� owns legal right to pursue collections.
4.Do not expect your mortgage person to know anything about credit repair � some might pretend they know credit repair, just as Rebecca�s mortgage person advised her to throw away $1435.26. Worse, Rebecca�s scores would�ve dropped. If your scores (after the ill-advised payoff) cannot sustain the score drop, your mortgage application will be rejected�all because of the blind leading the blind.
Repair credit fast requires you take a deep breath and a step back. Even if money is not the object, paying off alleged debt will not improve your credit�though you won�t hear that from a credit disrepair company or uninformed mortgage person.
About The Author: Bad Credit Repair Renegade Mike Payne helps people (just like you) improve their credit and grab the keys to their new homes...as quickly as possible...starting with 8 SECRETS TO A 680 CREDIT SCORE at http://www.fixmyuglycredit.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=554342
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Mike Payne
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=554342
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=554342
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Repair Credit Fast Forces Rebecca to Fight "Nasty" Debt Collector!
Author: Mike Payne
Word Count: 854
Article URL: http://www.isnare.com/?aid=554342&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=554342
Easy Publish Tool: http://www.isnare.com/html.php?aid=554342
*********************** ARTICLE START ***********************
Repair credit fast demands strategy, not a bunch of worthless dispute letters fired off by a credit disrepair company or uninformed mortgage person.
Recently, Rebecca from New Mexico contacted me about a collection account rejecting her attempts to buy a home. Rebecca admitted the account was hers but only after a few phone calls and faxes.
To Rebecca�s consternation, this bad credit account was more than 12 year old. Rebecca never questioned whether she had to pay.
Instead, Rebecca questioned the $1435.26 the debt collector demanded she pay.
Turns out, zombie debt collectors had purchased this charged off debt for pennies and waited for Rebecca to complete a credit application.
Just as the debt collector expected, Rebecca�s mortgage application triggered a call to action. The zombie debt collector had re-aged this ancient debt, reporting the debt as if it were current. That is, the debt appeared to be within the most recent 24 months and within the state�s statute of limitations.
The debt collector knew three conditions to be true:
1.Rebecca eventually would apply for credit and would be told to satisfy the collection before new credit consideration. In this case, Rebecca wanted to buy a home.
2.Some uninformed mortgage person would tell Rebecca to pay off the collection before attempting to qualify for a mortgage.
3.The debt collector knew (most) mortgage people and even fewer consumers (including Rebecca) know anything about their rights including but not limited to Fair Debt Collections Practices Act (FDCPA) or Fair Credit Reporting Act (FCRA).
Most mortgage people unintentionally HELP debt collectors break the law and collect money to which they�re not entitled.
Of course, debt collectors (in this regard) practice strategic debt collections � they break the law, playing very favorable odds.
On the flip side, Rebecca knew nothing about her rights. She knew ZERO about strategic credit repair.
Foolishly but expected, she was prepared to pay off this questionable collection, simply to go forward with grabbing the keys to her new home. Yep, debt collectors expect this behavior as well.
It was not the age of the debt that troubled Rebecca, whose memory took this alleged debt back more than 12 years during college.
Rebecca recalled defaulting on a credit card during college�a card with something like a $500.00 credit limit. Problem was, her credit reports reported she owed $1435.26 and a creditor she didn�t recognize.
In this case, firing off a template dispute letter might have created a worse situation for Rebecca. This debt collector, who had dunned Rebecca and had begun calling her, now was on to Rebecca, instigated with a mortgage application allowing the mortgage person to pull her credit.
1.Firing off template dispute letters can and usually do have a damning effect on people naively sending them or when credit disrepair companies fire off rounds of dispute letters on your behalf.
2.Rebecca needed to prove the debt was outdated�without a doubt.
3.Rebecca needed to confirm debt collector (Furnisher) had illegally re-aged the alleged debt.
4.Rebecca needed to force debt collector to delete alleged account with all bureaus and provide written (& signed) verification for future reference in the (likely) event this debt collector sells the debt to yet another debt collector for the process to start over again.
Bad credit repair turned easy for Rebecca, whose proof encouraged the debt collector to delete the account with an apology and written verification.
Rebecca admitted she would�ve paid off the account if the amount owed had not been $1435.26. Of course, debt collectors bank on this behavior.
Here�s something Rebecca (and probably you too) didn�t know: paying off a debt collector does NOT improve your credit. As illogical as it is, this is what happens with Fair Isaac & Company�s absurd credit scoring algorithm.
Please pay attention to these key points:
1.Do not simply fire off worthless dispute letters you download off some website.
2.Do not pay a credit disrepair company to fire off rounds of worthless dispute letters.
3.REAL credit repair demands strategy, not a bunch of worthless dispute letters. You must examine each bad credit account, determining whether the �furnisher� owns legal right to pursue collections.
4.Do not expect your mortgage person to know anything about credit repair � some might pretend they know credit repair, just as Rebecca�s mortgage person advised her to throw away $1435.26. Worse, Rebecca�s scores would�ve dropped. If your scores (after the ill-advised payoff) cannot sustain the score drop, your mortgage application will be rejected�all because of the blind leading the blind.
Repair credit fast requires you take a deep breath and a step back. Even if money is not the object, paying off alleged debt will not improve your credit�though you won�t hear that from a credit disrepair company or uninformed mortgage person.
About The Author: Bad Credit Repair Renegade Mike Payne helps people (just like you) improve their credit and grab the keys to their new homes...as quickly as possible...starting with 8 SECRETS TO A 680 CREDIT SCORE at http://www.fixmyuglycredit.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=554342
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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