Steve [Not A Lawyer]
Bradenton,#2Consumer Suggestion
Mon, March 05, 2007
Latonya, Your loan officer is NOT working in YOUR best interest if they are telling you to pay off this bogus account. NEVER do this!! The loan officer is looking after his/her own needs of closing a loan. Paying off an old collection account [whether valid or not] actually hurts your credit. It will not get rid of it, but will just be a more recent negative showing as a "paid collection". You need to hold off on that home purchase, or find a mortgage broker that get get an exception on this with the underwriter. I was in the mortgage business and this is very easy to do. You simply create a statement of facts and provide whatever proof you have. You MUST dispute the entries with the credit bureaus and the collection agency. Communicate only by certified mail, return reciept requested. Be sure to put the certified# on the letter itself, and keep a copy for your records. This procedure is very important. In your dispute to the credit bureaus, demand to see all communications used in the investigation of your dispute as per your rights under the FCRA. In your dispute to the collection agency, clearly dispute the debt, and demand to see the original signed contract that created the debt and full account history, and itemization of all charges. Also demand proof that they have the legal right to collect on the debt, and if they claim to own it, proof of purchase and clear chain of title all the way back to the original creditor. Keep in mind that helig Meyers is no longer in the picture here except for the determination of statute of limitations. Palisades are junk debt buyers. You have the right to sue for the bogus entry on your credit, and resulting damages, actual costs and up to $1000 in punitive damages. I would sue them right away. That is the fastest way to get things done. Don't get mad, GET PAID!
Latonya
sumter,#3Author of original report
Mon, March 05, 2007
steve if your availble what do suggest i do???