In order to get damages I need THIS.

[foolsmission]

What is the name of your state? CA
Please help.

I've been working really hard on my credit repair but cann't seem to master where everything is cited.

I was recently denied a mortgage refinance. Now that I've sent DV letters and Verification request to OCs, Im ready to proceed against CAs who are re-aging as defined in Section 605 (a) as interpreted in section 2 as interpreted by FTC (Amason) letter.

Sooooooooooooo,
How to I force the (innocent) Lender/Broker to give me EVIDENCE that I was turned down for credit due to "information" in my CREDIT REPORT from CRAs. I'll need this when I go after SCUMBAGS:
SHERMAN & ARROW.

[Tayla]

Originally Posted by foolsmission

What is the name of your state? CA
Please help.

I've been working really hard on my credit repair but cann't seem to master where everything is cited.

I was recently denied a mortgage refinance. Now that I've sent DV letters and Verification request to OCs, Im ready to proceed against CAs who are re-aging as defined in Section 605 (a) as interpreted in section 2 as interpreted by FTC (Amason) letter.

Sooooooooooooo,
How to I force the (innocent) Lender/Broker to give me EVIDENCE that I was turned down for credit due to "information" in my CREDIT REPORT from CRAs. I'll need this when I go after SCUMBAGS:
SHERMAN & ARROW.

OC's= Original creditors dont have reply to DV letters.
Anytime a credit report is pulled the original requester for such is required to send you a notice of reason why you were declined or accepted. How else would you technically know? Request the company that declined your refinance to send you the name of the CRA they used. Request from the CRA a full credit report that shows the Pull (inquiry) from said finance company. You should get one free since you were declined the loan.
Your case will need to be built on factual evidence. Whos to say you werent declined for poor credit, past dues, or other negative information on file? Since your case carries many factors and your looking to zoom in on the re-aging factor you'll need a consumer lawyer to weed thru your files and aid on this. Go to creditboard.com to help you research.

[curious100]

Originally Posted by foolsmission

What is the name of your state? CA
Please help.

I've been working really hard on my credit repair but cann't seem to master where everything is cited.

I was recently denied a mortgage refinance. Now that I've sent DV letters and Verification request to OCs, Im ready to proceed against CAs who are re-aging as defined in Section 605 (a) as interpreted in section 2 as interpreted by FTC (Amason) letter.

Sooooooooooooo,
How to I force the (innocent) Lender/Broker to give me EVIDENCE that I was turned down for credit due to "information" in my CREDIT REPORT from CRAs. I'll need this when I go after SCUMBAGS:
SHERMAN & ARROW.

It depends on how far your process went. Did you talk to a broker about refinancing which caused them to run a preliminary credit check, whereupon they verbally told you that you wouldn't qualify based on your credit? Or, did you actually fill out a loan application, pay a credit check fee, and have all your documentation and paperwork submitted to underwriting, whereupon you were denied the loan?

If it's the latter, then your lender has 30 days from your application date to explain in writing why the loan was denied. They have to give you what's called an "adverse action notice," and it must state a specific reason for the denial. If the notice refers to negative info on your credit report, then that written notice, along with a copy of the credit report, might be the evidence you need. You are entitled to a free copy of this credit report since you were denied credit.

Good luck to you.



If

[foolsmission]

The GOOD NEWS:
#1 One CRA has already deleted one One OCs Tradline for re-aging/not providing proof to counter my submitted documentation.

#2 Another CRA has just deleted a Junk Debt Buyers Tradeline for the same reason.


Yes. In addition to asking the OCs to verify(required or not), I have DVed the CAs/J.D.Bs and none have listed the date of default or last activity accurately.

Violation 1?) They have re-aged by two and three years on the three accounts in question? (None have corrected with CRAs after thrity days)

Violation 2) None have notified the CRA that the Tradelines are in dispute by consumer?


The lender said the collections account were THE REASON for denial.
So I'm just looking for assurance that the Lender who denied me MUST provide WRITTEN verification of my denial...and perhaps the fact that they already stated that the collections account were the cause of denial.
What body of law is the Adverse Action Notice found under?

Any section of the law that I can force the lender to adhere to in getting my proof in writing would be much appriciated.

Thanks again for your input...I really appriciate the help I'm getting here.

[foolsmission]

Originally Posted by curious100

It depends on how far your process went. Did you talk to a broker about refinancing which caused them to run a preliminary credit check, whereupon they verbally told you that you wouldn't qualify based on your credit? Or, did you actually fill out a loan application, pay a credit check fee, and have all your documentation and paperwork submitted to underwriting, whereupon you were denied the loan?

If it's the latter, then your lender has 30 days from your application date to explain in writing why the loan was denied. They have to give you what's called an "adverse action notice," and it must state a specific reason for the denial. If the notice refers to negative info on your credit report, then that written notice, along with a copy of the credit report, might be the evidence you need. You are entitled to a free copy of this credit report since you were denied credit.

Good luck to you.



If

Opps Are posts missed each other I was composing a response when you posted.
Yes I filled out a loan application including amount they sent me a TILA Disclosure Statement that reads "This is neither a contract nor commitment to lend" From Lehman Brothers Bank FSB. It has a control number and a Loan number marked preliminary.

[Tayla]

See Banking regulations:
Regulation B
Sec. 202.9 Notifications

[JETX]

Originally Posted by Tayla

Anytime a credit report is pulled the original requester for such is required to send you a notice of reason why you were declined or accepted.

And of course, that is NOT correct.
The potential creditor is only obligated to provide information to you if you have been adversely affected.

From the FCRA (Fair Credit Reporting Act):
§ 615. Requirements on users of consumer reports [15 U.S.C. § 1681m]
(a) Duties of users taking adverse actions on the basis of information contained in consumer reports. If any person takes any adverse action with respect to any consumer that is based in whole or in part on any information contained in a consumer report, the person shall
(1) provide oral, written, or electronic notice of the adverse action to the consumer;
(2) provide to the consumer orally, in writing, or electronically
(A) the name, address, and telephone number of the consumer reporting agency (including a toll-free telephone number established by the agency if the agency compiles and maintains files on consumers on a nationwide basis) that furnished the report to the person; and
(B) a statement that the consumer reporting agency did not make the decision to take the adverse action and is unable to provide the consumer the
specific reasons why the adverse action was taken;

[foolsmission]

Well then,
I'll ask for the Notice of Adverse Action in writing and pray they send it.

Thanks for the input everyone!

[bigun]

FACTA is now in affect. Here's a link that shows the changes to the FCRA.

[url]http://www.moo3mods.com/FCRA2003.htm[/url]

623 will help as you dispute with the OC.

[JETX]

Originally Posted by bigun

FACTA is now in affect.

No it is NOT!!!
The 'changes' you refer to were just signed by President Bush last week (12/4/04) and includes the following as to when it takes effect:
"Requires the Board of Governors of the Federal Reserve System (Board) and the Federal Trade Commission (FTC) to jointly prescribe final regulations that establish effective dates for this Act before the end of the two-month period beginning on the date of the enactment of this Act.

States that in no case shall the effective date be later than ten months after the date of issuance of such regulations in final form."

[foolsmission]

Keep it coming guys and gals.

[bigun]

I thought the President had signed the legislation on 12/03. In Oct. and Nov the FTC issued final rulings on ID theft and some other things. Plus, the free credit report rollout starts on 1/05 for the western states.

[ihatearizona]

Free credit report roll out started 12/01/04 for the Western States But, beware if you use these credit reports to dispute info as FACTA now gives CRA's 45 days for the dispute instead of the traditional 30 (only applies to reports granted through FACTA).

[JETX]

The schedule for access to free credit reports is:
December 1, 2004: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming.

March 1, 2005: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin.

June 1, 2005: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas.

September 1, 2005: Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia, Puerto Rico, and all U.S. territories.