Friday, September 26, 2008
Jason Wade Barnette, Esq. Sues Rip Off Report
The Managing Member of Apex Credit Services, LLC, Jason Barnette, Esq., also of Barnette Law Offices, LLC, instituted a civil action today against Xcentirc Ventures, LLC, Rip Off Report and Ed Madegeson. The action was filed in the Circuit Court of Kanawha County, WV under Case Number 08-C1859.Someone has to step up to the plate to put a stop to this.
Wednesday, September 24, 2008
I am often asked by people "what are the ways to fix bad credit." The answer is fairly simple, the right way to fix credit is dispute and remove inaccurate information from the credit files, protect the rights afforded to you under the FDCPA dispute questionable debts without hesitation.
For inaccurate items that remain thereafter, contact Jason Barnette at Barnette Law Offices, LLC if you are a TN resident.
Barnette Law Offices, LLC
http://www.barnettelawoffices.com
615-585-3885
For inaccurate items that remain thereafter, contact Jason Barnette at Barnette Law Offices, LLC if you are a TN resident.
Barnette Law Offices, LLC
http://www.barnettelawoffices.com
615-585-3885
New Anti-Consumer Law About To Pass
Credit Cardholder's Bill of Rights Passed in House
Tuesday September 23, 2008
The Credit Cardhlder's Bill of Rights is one step closer to becoming a reality. The act passed in the House today with a vote of 312 to 119.
If passed, the Bill of Rights will make several amendments to consumer credit laws prohibiting lenders from certain predatory actions. For example, credit cards will no longer be able to use the double billing cycle method of calculating finance charges. They will also be required to send billing statements at least 21 days before the due date, giving consumers more time to pay their bills.
Next, the proposal must be passed by the Senate and signed by the President to be made into a law.Read The Credit Cardholder's Bill of Rights for a list of changes the law would make.
Tuesday September 23, 2008
The Credit Cardhlder's Bill of Rights is one step closer to becoming a reality. The act passed in the House today with a vote of 312 to 119.
If passed, the Bill of Rights will make several amendments to consumer credit laws prohibiting lenders from certain predatory actions. For example, credit cards will no longer be able to use the double billing cycle method of calculating finance charges. They will also be required to send billing statements at least 21 days before the due date, giving consumers more time to pay their bills.
Next, the proposal must be passed by the Senate and signed by the President to be made into a law.Read The Credit Cardholder's Bill of Rights for a list of changes the law would make.
Friday, September 12, 2008
Barnette Law Offices - Wait On Buying that House
Anyone in the market for a new home may want to wait just a little bit. There are rumblings in Congress for FHA to re-implement their down payment assistance program. Without it, sales are going to plummet insofar as FHA now requires between a 3% to 5% down payment plus PMI. In this economy, most people don't have that money laying around.
Thus, wait a few weeks and see how this shakes
Thus, wait a few weeks and see how this shakes
Wednesday, September 10, 2008
Watch For Experian's Date Of Status . . .
They have a tendency to mark the date of status as the date the account tradeline was verified. If so, dispute it again as erroneous. If they verify it once more or fail to investigate it a second time, consult an attorney such as Jason Wade Barnette if you're in TN. Our number is 615-585-3885 and you may contact through our website at http://barnettelawoffices.com
Watch out for Trans Union's Account Status
With respect to debt purchasers, they pretty much mandate them to report them as "open" account types. SMS Financial through litigation has supplied us with this information.
As such, dispute any erroneous account type or status with TU and pray they verify it. It will be a FDCPA violation for the furnisher as well as a FCRA violation under 1681s-2b and a FCRA violation for TU. If this does happen, contact Jason Wade Barnette., Esq. if you're a TN resident at Barnette Law Offices, LLC. Our number is 615-585-3885 and our site is http://barnettelawoffiices.com.
As such, dispute any erroneous account type or status with TU and pray they verify it. It will be a FDCPA violation for the furnisher as well as a FCRA violation under 1681s-2b and a FCRA violation for TU. If this does happen, contact Jason Wade Barnette., Esq. if you're a TN resident at Barnette Law Offices, LLC. Our number is 615-585-3885 and our site is http://barnettelawoffiices.com.
Monday, September 8, 2008
FICO 08 TO SCORE AUTHORIZED USER ACCOUNTS
FICO 08′ TO SCORE AUTHORIZED USER ACCOUNTS
September 9, 2008 by barnettelawoffices
Fair Isaac has changed its mind about removing piggybacked accounts from the FICO score equation.
In 2007, Fair Isaac announced a new credit scoring model - FICO 08 - that would no longer consider authorized user accounts. This decision came on the heels of the mortgage meltdown.
In a prepared testimony, Tom Quinn, Vice President of Global Scoring Solutions for Fair Isaac Corporation states: “After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the FICO 08 model.”
September 9, 2008 by barnettelawoffices
Fair Isaac has changed its mind about removing piggybacked accounts from the FICO score equation.
In 2007, Fair Isaac announced a new credit scoring model - FICO 08 - that would no longer consider authorized user accounts. This decision came on the heels of the mortgage meltdown.
In a prepared testimony, Tom Quinn, Vice President of Global Scoring Solutions for Fair Isaac Corporation states: “After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the FICO 08 model.”
Capital One Harmful To Credit Scores
If you have a credit card with Capital One, chances are your credit score is lower than it would be with a different credit card. This is because Capital One (and possibly other companies) don’t report your true credit limit.
Part of the calculation for your credit score is your ratio of used credit to credit available. $100 used out of $10,000 (a ratio of 1%) available is good. Rather than your real credit limit, Capital One report your highest credit usage. So if $200 is the highest amount of credit you’ve used, then your ratio is $100 out of $200 (a ratio of 50%), which is not nearly as good and can hurt your credit score.
You won’t have any luck trying to get Capital One to report your true credit limit typically absent litigation. If this is harming your scores, consult a reputable attorney such as Jason Barnette of Barnette Law Offices, LLC.
Part of the calculation for your credit score is your ratio of used credit to credit available. $100 used out of $10,000 (a ratio of 1%) available is good. Rather than your real credit limit, Capital One report your highest credit usage. So if $200 is the highest amount of credit you’ve used, then your ratio is $100 out of $200 (a ratio of 50%), which is not nearly as good and can hurt your credit score.
You won’t have any luck trying to get Capital One to report your true credit limit typically absent litigation. If this is harming your scores, consult a reputable attorney such as Jason Barnette of Barnette Law Offices, LLC.
Understanding Your FICO Score
KNOW YOUR CREDIT SCORE
With all the misinformation surrounding FICO we thought we’d take the time to explain how most of their many models work. Your credit score is a three-digit number that is used to predict how you will pay your bills. The score ranges from 300-850 and is calculated using your credit history information from your credit report.
When you make an application for credit, the creditor or lender uses your credit score to quickly make a credit/no-credit decision. This same decision can very well be made by simply viewing your credit report, but the credit score makes decision-making easier and less subjective.
While there are several different versions of the credit score, the most commonly used version is the FICO score. Developed by the Fair Isaac Company, the FICO score is used by many creditors and lenders to decide whether or not to extend credit to you.
Because some parts of your bill-paying history are more important than others, different pieces of your credit history are given different weights in calculating your credit score.
Even though the specific equation for coming up with your credit score is proprietary information owned by Fair Isaac, we do know what information is used to calculate your score.
Payment history is 35%
Lenders are most concerned about whether or not you pay your bills. The best indictor of this is how you’ve paid your bills in the past. Late payments, collections, and bankruptcies all affect the payment history of your credit score. More recent delinquencies hurt your credit score more than those in the past.
Debt level is 30%
The amount of debt you have in comparison to your credit limits is known as credit utilization. The higher your credit utilization – the closer you are to your limits – the lower your credit score will be. Keep your credit card balances at about 30% of your credit limit or less.
Length of credit history 15%
Having a longer credit history is favorable because it gives more information about your spending habits. It’s good to leave open the accounts that you’ve had for a long time.
Inquiries are 10%
Each time you make an application for credit, an inquiry is added to your credit report. Too many applications for credit can mean that you are taking on a lot of debt or that you are in some kind of financial trouble. While inquiries can remain on your credit report for two years, your credit score calculation only considers those made within a year.
Mix of credit is 10%
Having different kinds of accounts is favorable because it shows that you have experience managing a mix of credit. This isn’t a significant factor in your credit score unless you don’t have much other information on which to base your score. Open new accounts as you need them, not to simply have what seems like a better mix of credit.
With all the misinformation surrounding FICO we thought we’d take the time to explain how most of their many models work. Your credit score is a three-digit number that is used to predict how you will pay your bills. The score ranges from 300-850 and is calculated using your credit history information from your credit report.
When you make an application for credit, the creditor or lender uses your credit score to quickly make a credit/no-credit decision. This same decision can very well be made by simply viewing your credit report, but the credit score makes decision-making easier and less subjective.
While there are several different versions of the credit score, the most commonly used version is the FICO score. Developed by the Fair Isaac Company, the FICO score is used by many creditors and lenders to decide whether or not to extend credit to you.
Because some parts of your bill-paying history are more important than others, different pieces of your credit history are given different weights in calculating your credit score.
Even though the specific equation for coming up with your credit score is proprietary information owned by Fair Isaac, we do know what information is used to calculate your score.
Payment history is 35%
Lenders are most concerned about whether or not you pay your bills. The best indictor of this is how you’ve paid your bills in the past. Late payments, collections, and bankruptcies all affect the payment history of your credit score. More recent delinquencies hurt your credit score more than those in the past.
Debt level is 30%
The amount of debt you have in comparison to your credit limits is known as credit utilization. The higher your credit utilization – the closer you are to your limits – the lower your credit score will be. Keep your credit card balances at about 30% of your credit limit or less.
Length of credit history 15%
Having a longer credit history is favorable because it gives more information about your spending habits. It’s good to leave open the accounts that you’ve had for a long time.
Inquiries are 10%
Each time you make an application for credit, an inquiry is added to your credit report. Too many applications for credit can mean that you are taking on a lot of debt or that you are in some kind of financial trouble. While inquiries can remain on your credit report for two years, your credit score calculation only considers those made within a year.
Mix of credit is 10%
Having different kinds of accounts is favorable because it shows that you have experience managing a mix of credit. This isn’t a significant factor in your credit score unless you don’t have much other information on which to base your score. Open new accounts as you need them, not to simply have what seems like a better mix of credit.
Has a debt collector ever contacted you about a debt that you weren’t sure was yours? Under the Fair Debt Collection Practices Act, a federal law regulating debt collectors, you can request the debt collector to send proof of the debt. This process is called debt validation.
The Debt Validation Period
Within five days of its first communication to you, the debt collector is responsible for sending you a debt validation notice. This notice should be in writing letter letting you know you have the right to dispute the validity of the debt within 30 days. The FDCPA prescribes that the collector must include the debt validation notice in the initial communication.
So, if the debt collector’s first communication with you is by phone, you should receive a debt validation letter from them within five days.
If the first communication is by letter, that letter might already include the debt validation notice; otherwise, you should soon get another letter including the notice.If you don’t dispute the debt in writing within 30 days, the debt collector has the right to assume the debt is valid. During the 30 day period, the collector can continue attempts to collect the debt from you until it receives your validation request.
Submitting a Validation Request
To be valid, your request for debt validation must be submitted in writing. You can dispute the entire debt, part of the debt, or request the name of the original creditor. After receiving your dispute, the debt collector cannot continue collection activity until it has provided you with the requested information if you requested validation within thirty days from you receipt of their initial communication. This includes verifying a consumer dispute of any tradeline through the credit reporting agencies. Contact Jason Barnette, if a TN resident, is this happens.
Your debt validation letter should be sent in writing. It’s best to send the letter via certified mail with return receipt requested. This way, you have proof of the letter’s mailing and receipt by the debt collector. If you have to file a lawsuit against the debt collector, the certified and return receipts will help strengthen your case.
Sample Debt Validation Letter
The Collector’s Response
After receiving your dispute, the collection agency must send you proof that it owns or has been assigned the debt by the original creditor or cease collection efforts. Verification that you owe the debt and the amount of the debt needs to include documentation from original creditor (however, it is the debt collector who sends it to you). It is not enough for the collection agency to simply send you a printout of the amount owed. Again, if this does happen, contact Jason Barnette at Barnette Law Offices, LLC at 615-585-3885.
Should the debt collector list the debt on your credit report, you can dispute the debt with the credit bureau. Sending the credit bureau a copy of your debt validation letter along with the certified and return receipts will help get the account removed from your credit report. If any portion of the account tradeline is inaccurate and/or incomplete but, is verified, it may give rise to an FCRA claim as well.
If you're a Tennessee resident at this has happened to you, contact Jason Barnette - Attorney at Law at Barnette Law Offices, LLC. Our number is 615-585-3885 and our website is http://barnettelawoffices.com
The Debt Validation Period
Within five days of its first communication to you, the debt collector is responsible for sending you a debt validation notice. This notice should be in writing letter letting you know you have the right to dispute the validity of the debt within 30 days. The FDCPA prescribes that the collector must include the debt validation notice in the initial communication.
So, if the debt collector’s first communication with you is by phone, you should receive a debt validation letter from them within five days.
If the first communication is by letter, that letter might already include the debt validation notice; otherwise, you should soon get another letter including the notice.If you don’t dispute the debt in writing within 30 days, the debt collector has the right to assume the debt is valid. During the 30 day period, the collector can continue attempts to collect the debt from you until it receives your validation request.
Submitting a Validation Request
To be valid, your request for debt validation must be submitted in writing. You can dispute the entire debt, part of the debt, or request the name of the original creditor. After receiving your dispute, the debt collector cannot continue collection activity until it has provided you with the requested information if you requested validation within thirty days from you receipt of their initial communication. This includes verifying a consumer dispute of any tradeline through the credit reporting agencies. Contact Jason Barnette, if a TN resident, is this happens.
Your debt validation letter should be sent in writing. It’s best to send the letter via certified mail with return receipt requested. This way, you have proof of the letter’s mailing and receipt by the debt collector. If you have to file a lawsuit against the debt collector, the certified and return receipts will help strengthen your case.
Sample Debt Validation Letter
The Collector’s Response
After receiving your dispute, the collection agency must send you proof that it owns or has been assigned the debt by the original creditor or cease collection efforts. Verification that you owe the debt and the amount of the debt needs to include documentation from original creditor (however, it is the debt collector who sends it to you). It is not enough for the collection agency to simply send you a printout of the amount owed. Again, if this does happen, contact Jason Barnette at Barnette Law Offices, LLC at 615-585-3885.
Should the debt collector list the debt on your credit report, you can dispute the debt with the credit bureau. Sending the credit bureau a copy of your debt validation letter along with the certified and return receipts will help get the account removed from your credit report. If any portion of the account tradeline is inaccurate and/or incomplete but, is verified, it may give rise to an FCRA claim as well.
If you're a Tennessee resident at this has happened to you, contact Jason Barnette - Attorney at Law at Barnette Law Offices, LLC. Our number is 615-585-3885 and our website is http://barnettelawoffices.com
Beware of Inquiry Removal Solicitations
You can’t and they can’t. Experian and Trans Union won’t re-investigate them and any companies that say they can get them to are scams or are partaking in illegal activity. The only way to do it is send a letter to each inquiror and ask them the permissible purpose or to delete it. It is possible to litigate this matter insofar as the credit reporting agencies are prescribed to re-investigate anything on a consumer credit disclosure which a consumer disputes. However, it takes a good fact pattern.
If unauthorized inquiries are on your reports, consult an attorney and if in TN, contact Jason Barnette at Barnette Law Offices, LLC.
Barnette Law Offices, LLC
1-615-585-6885
If unauthorized inquiries are on your reports, consult an attorney and if in TN, contact Jason Barnette at Barnette Law Offices, LLC.
Barnette Law Offices, LLC
1-615-585-6885
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