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AUTOMATIC VIOLATIONS that could lead to compensation for your clients!
Hello Everyone,
While you are reviewing your clients credit reports, there are some automatic violations that you need to look for. These violations will get escalated to an attorney, that will represent your client at zero out of pocket cost.
Bankruptcy:
Any creditor that was included in a bankruptcy that is still reporting a balance, post bankruptcy, is an automatic violation – Send them over.
Mixed Files
Any client that has multiple social security numbers on their credit report, names, addresses, etc (especially Jr’s, Sr’s, I, II, III, IIII, etc) Please send them over as their credit report could be mixed with another individual – Send them over
Payment Plans
Any client currently on a payment plan, making their monthly payments and the creditors are not updating the balance, This is an automatic violation – Send them over
Settlement Agreements
Any client that makes a settlement agreement and has written proof of the settlement agreement and the balance isn’t reduced to the agreed upon balance on the credit report, this is an automatic violation – Send them Over
Identity Theft
Any client with identity theft – send them over
I will need the following information:
Credit Report
Client Name
Client Phone Number
Email Address
Please forward to: ali@ficodiva.com
Start Hunting!!
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5 Replies
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Great information and thank you for sharing. How about creditors reporting rolling 30 day payments for 15 months? Is there any way of correcting rolling 30 day late payments on your credit reports?
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Hi Max,
Usually a running 30 day is because the client made 1 payment and hasn’t caught up with the send late payment causing a running 30 day late. I would have to pull an unmerged report to verify and then we can go from there.
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Thank you for the valuable information Ali. How about removing lates due to forgetting to pay annual membership. I run into tons of clients who have zero balance credit cards and the creditor does not notify the cardholder to remind them and report them late.
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Hi Gus,
So the clients do get a statement, usually an e-statement, and since they know they haven’t charged on the card, they ignore the statement. The client’s need to be pro-active and open the statement and see why there is a balance reporting. Anyone can say they didn’t know, they didn’t realize, but the reality is they ignored. We can always work on those, but the outcome of a deletion is not promissed not guaranteed as the creditor also emails and calls them……
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Thank you Aldiva. Can you please take a look at Jennifer’s Bk payment history to the trustee and see when the arrears occured and match it with the husband’s surgery and recovery period. There were two intances of health issues/hospitalization versus not timely payment. Extenuating circumstances are extremely difficult but works if it is major illness such as stage four cancer or death. The last extenuating circumstances we did with late payments during a Chapter 13 Bankruptcy repayment period was six months and got the extenuating circumstances approved and the deal closed. This deal where we got approved and closed was a situation where the major wage earner died and that was the reason. Everything crosschecked. We never had a problem with a Trustee writing a letter on the client’s behalf. Also, the payments to the trustee can be halted when the petitioner explains the temporary hardship such as being out of work due to major illness or hospitalization due to surgery and recovery. Not once have we ever had an issue for the a trustee not granting the motion. Jennifer reached out to the attorney and requested it but the response was she spoke with the trustee and it was denied. I do not believe that but something is up. Maybe you and Jennifer should get on the phone together and talk to the attorney and see what she has to say. I can have Angie or a member of my ops or support staff do this but I rather have a professional who is an expert and knows the legal system which is you. I will pay for your consultation services so that is not a problem. Email the Bill to Marga and copy Angie and the payment will be sent out from corporate. As soon as you have this letter of explanation and supporting documentation, I am going to have Angie prepare the package and submit the file as a TBA underwriting pre-approval which is a loan commitment. Once approved they can go and shop for another house. Thanks. Appreciate you @Ali
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