Suing Collection Agencies and Credit Bureaus - Questions and Answers [creditdiagnosis]

Suing Collection Agencies and Credit Bureaus - Questions and Answers [creditdiagnosis]

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This is part 1 of a rough edit of the entire question and answer session with peter joseph at the Luminopolis event at the SE1 club london bridge november 2008

http://leafgardenpress.com/ Pt 1 Questions & Answers With ZEITGEIST creator Peter Joseph, and director of addendum

Let's face it, we all try to avoid going to court due to the time required and the expense. However, sometime we have no other choice but to use the court system to get the big bad Credit bureaus and Collection agencies to follow the law. When these companies violate your rights, you have to fight back by taking them to small claims court. In this article, I will discuss some of the questions, and answers posed to me about suing in small claims court.

Suing collection agencies and credit bureaus - Questions and Answers

What is small claims court? It's an informal, inexpensive procedure to handle a claim. In this court, the plaintiff (you) and the defendant (the credit bureau, collection agency, or creditor) argue a cause of action in front of a judge that can produce a monetary award in between $ 100 to $ 10,000 depending on the state court.

The benefits to filing in small claims court are as follows: You don't need an attorney The case is short You represent yourself You don't need any legal training There is a small amount of paperwork involved Rules of the court are simple

Suing collection agencies and credit bureaus - Questions and Answers

What are the powers of the court?

In the small claims, the judge can award claims for money such as out of pocket losses directly related to the subject matter of the suit.

For example, you can be awarded the cost of the suit. These include the filing fees, sheriff's fees, and witness fees. The judge can also order the defendant to pay punitive damages if he violated a state or federal statue, and it allows damages. The judge, however, cannot issue out rulings on specific performance (making someone comply with a contract clause) or injunction relief (stopping something from happening).

Suing collection agencies and credit bureaus - Questions and Answers

What is a court of Equity?

These courts have the power to order a company to complete a specific performance. If you are trying to get an item removed from your credit report, and you sue the credit bureau in a court of equity, you have a good chance of getting it removed. The reason for this is the credit bureau/creditor/collection agency won't show up, and you get a default judgment. Now, if you are suing for monetary damages, the bureau may file a motion to have the case moved to Federal court. In this case, you would have to hire an attorney. Before filing your claim, ask the clerk of court if the court is a court of equity.

Suing collection agencies and credit bureaus - Questions and Answers

What type of cases can be heard?

Any type of case involving a small amount of money can be heard. The courts have limits on how much you can sue for, and if your claim is over that limit, you must hire a lawyer and sue in higher courts.

Who can I sue?

Any person or business that currently resides, works, or does business in your state. You must, however, be able to provide a current address (not a P.O. BOX) for the defendant. Talk with the clerk of the court to make sure that the defendant's address is in the right district. Moreover, you want to make sure you have the bureau or collectors correct name to avoid the case from being dismissed based on a technicality.

As you can see, there are many things, you need to know before deciding to bring a lawsuit against the agencies. Stay tune because in my next article I will provide you with more information on suing the agencies. Now that you are empowered with more information, go out there, and take action.

 

Recommend Suing Collection Agencies and Credit Bureaus - Questions and Answers Issues

Question by Krystal: need some credit questions answered. How long to get to 700? This is my situation and I need some concrete (or close estimates) answers on when I can get to 700. I currently have a 600 credit score, have 2 cards with 300/500 CL, only have 10% usage on them. I have two charge offs, one 550, one 2100, student loans totaling 17000, and late payments on one card about 6 months ago. How long until my score reaches 700 if I pay off the charge offs and have them reported as paid as agreed, pay my cards on time, and pay my student loans on time? Am I better off not paying the charge offs since they wont let me pay for delete? Also, if I am trying to get a mortgage in 2-3 years, will they approve me? What kind of rates? What are some tips you have to raise my credit score fast? Best answer for need some credit questions answered. How long to get to 700?:

Answer by Erica
:)

Answer by Mark
you will get a great credit score if you behave like you need no money lent to you. Just behave as if you don't care about no lenders, it means never asking anyone for money, always paying your bills with your money and always paying your way in life using your own money. Evantually they'll think "this person definitely knows how to deal with money" and that will be the truth.

Answer by BungalowMo
Paying the chargeoffs will not turn those accts into a positive category. The late payments & the dings for simply having chargeoffs will not disappear. First...How long ago did the chargeoffs occur? Were these chargeoffs sent to collections? Are those collections also reporting? Did you pay the collections? Many many factors go into this. Normally, on a C/O account, you will see a string of late posts: 30, 60, 90, 120, 150, etc. 7 years after the "30", that will drop & the next month, the 60 drops, then the 90 & so on. Not until after the C/O hits the 7 year point will the acct show as a positive. That being said...the late card payment 6 months ago is hurting you as well. If you have absolutely NO more lates of any kind, and the cards you have get older, will you possibly see a score near 700. (Acct age is a BIG factor in your FICO score...about 30%. Payment history is another 30 to 35% of your score) I sat in the same boat about 6 years ago. It took a lot of work & sending goodwill letters (google that term) to get bad accts cleaned up & collection accts removed. Whatever you do...Never EVER be late with your student loans! Those loan companies never give you a break & never remove bad info early...even if you beg! Credit card late payments & even collection accts will sometimes remove baddies log before any student loan company will. But...taking all that into account, you likely won't see a 700 FICO score until the baddies hit about the 6 year mark....unless you get a good will removal early. Be prepared to pay in full! And keep in mind, credit accts that have been charged off are no longer owned by the original creditor, so that company has absolutely no incentive to remove anything early since you cannot make payments directly to them.

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