var json_comments = new Array("

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate | Flag for review

I used to sell cars and if this would have happened at my lot, we would have refused her service as well. It's absurd but financing companies have certain guidelines they have to abide by. The main problem I faced with customers on the car lot was when they had a reposession on their cb. They almost always denied it or acted like that was crazy. I always told those people that if it's incorrect they have to get ahold of that credit bureau and have it fixed. So, since I've worked with credit before I'm now consciously aware of my own. So, I agree make sure to check your credit score at least once a year.

6 replies

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

@Joe_TheRapist: Is that really very common? I always thought of vehicle repossessions as one of those hyped events that really doesn't happen often.

$\"user-pic\"$

treimel

November 23, 2009 5:31 PM

Moderate |Flag for review

Well, it happens precisely as often as people stop making payments. According to this, about 1.8 million in 2008, and it's going up:
[www.allbusiness.com]

$\"user-pic\"$

Mike8813

November 23, 2009 5:31 PM

Moderate |Flag for review

@Joe_TheRapist: So... are you a therapist, a rapist, or a car salesman? (As your story would lead me to believe)

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

@Mike8813: I think he's just a fan of SNL Celebrity Jeopardy.

\"I'll take The Rapists for $200 Alex.\"

\"That's Therapists, not The Rapists.\"

$\"user-pic\"$

Mike8813

November 23, 2009 5:31 PM

Moderate |Flag for review

@PriceIsWrong: Up yours Trebek!

$\"user-pic\"$

gStein_*|bringing starpipe back|*

November 23, 2009 5:31 PM

Moderate |Flag for review

@Mike8813: who said car salesmen can't be rapists? or possibly a therapist who raped a client, lost their license, and is now a car salesman?

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

@Joe_TheRapist: My father went to buy a car recently and the only bureau the dealership dealt with, Experian, had combined his debts with mine and my brother's. We haven't lived with him in years but they their mistakes have taken over forty hours to get, well, it's still a mess. At least we know why one credit card dropped his credit limit from $50,000 to $5000.

","","

$\"user-pic\"$

Caveat

November 23, 2009 5:31 PM

Moderate |Flag for review

It just goes to prove that bankers are idiots. They are sheep that are incapable of any independent thought or action. Why is it a surprise that so many smaller banks are going under, and that the big ones, the ones that rely on the 3 credit report agencies for their decisions, are only surviving by our bailouts? Personally, I have never managed to have the patience to negotiate a mortgage with a bank. The same goes for car loans. Patience to wait until I can afford something and cash are my friends.

Also, those that let themselves be duped into believing that paying mortgage interest to banks for tax deductions, or because not tying up cash allows investing in more profitable ventures need to take courses in accounting.

9 replies

$\"user-pic\"$

friday3

November 27, 2009 3:30 PM

Moderate |Flag for review

Actually it might be a good idea for you to take a course in accounting if that is your belief. If I can invest my money and receive 8 per cent interest, that I pay 6 percent on, I will do that ALL day every day. If you think that is a bad deal, then you need to get educated. If on top of that, I receive a tax break of 20 percent of that interest, and also receive a property tax credit as an owner, then it seems to me like a no brainer. It is your choice to rent or buy, but to insult others choices as bad accounting, just dont add up.

$\"user-pic\"$

Nicole

November 23, 2009 5:31 PM

Moderate |Flag for review

@Caveat: I don't think this was an issue with a stupid banker, it was an issue with the technology. It sounds like that since Experian had her as deceased, the bank couldn't obtain her credit score at all.

$\"user-pic\"$

bwcbwc

November 23, 2009 5:31 PM

Moderate |Flag for review

@Nicole: I wonder what the bank would have gotten from the other credit reporting agencies? Her problems may not be over if the others grab the same erroneous information.

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

@Nicole: I agree...clerical error, nothing in the world is 100%. Sounds like what should have happened (appeal to experian, living status reversed) actually DID happen...just kind of a pain in the arse to be the one caught up in it.

$\"user-pic\"$

coren

November 23, 2009 5:31 PM

Moderate |Flag for review

@Caveat: Not stupid bankers, more like \"bankers confined by rules\", and in this case the rule was \"get a credit report from experian\". They say she's dead - what's the banker supposed to do, lose their job over it, and probably get this lady a loan that gets revoked, if it even gets that far?

$\"user-pic\"$

friday3

November 27, 2009 3:33 PM

Moderate |Flag for review

This is not only a bank rule. These loans get bought and sold, and loans without credit reports have less value for buying and selling. Experian is clearly the bad guy, not the bank

$\"user-pic\"$

PaperBuyer

November 23, 2009 5:31 PM

Moderate |Flag for review

@coren: Bingo, the FTC rolled out \"RED FLAGS\" that banks have to clear in order to verify a customers identity, Experian is getting that from the Social Security Administration, the actual wording on the credit file is \"Social Security number reported deceased.\"

$\"user-pic\"$

Kimaroo - 100% Pure Natural Kitteh

November 23, 2009 5:31 PM

Moderate |Flag for review

@Caveat: There are regulations in place about who and why you can lend money to people. It wasn't the bank's fault at all. They can't just decide to give someone money. What if it had been a case of identity theft?

If the credit report says deceased, all kinds of red flags go up and the loan is put on hold. There isn't anything the bank can do about it.

$\"user-pic\"$

Hazel-rah

November 23, 2009 5:31 PM

Moderate |Flag for review

@Caveat: So you'd rather the banks be allowed to give out mortgages to people with no credit score, or your dead relatives? Ever hear of identity theft?

Sure the bank should have looked more into it, maybe tried a different bureau, but the family should have spent their time arguing with Experien, since it was their problem (at least the articles make it sound like all the letters went to the bank)

","

$\"user-pic\"$

PsiCop

November 23, 2009 5:31 PM

Moderate |Flag for review

Sounds a lot like the MASH episode where Hawkeye was presumed dead; and the great character actor Eldon Quick marvelously deadpanned a military bureaucrat who spewed endless reasons why little or nothing could be done about it.

2 replies

$\"user-pic\"$

PsiCop

November 23, 2009 5:31 PM

Moderate |Flag for review

@PsiCop: Not to mention there was an episode of All in the Family where a computer mistakenly declared Archie dead ... and again, bureaucrats seemed unable to do anything about it.

$\"user-pic\"$

nybiker

November 23, 2009 5:31 PM

Moderate |Flag for review

@PsiCop: Or the very funny \"I'm not dead scene\" from \"Monty Python and the Holy Grail.\" [www.imdb.com]

$\"user-pic\"$

PsiCop

November 23, 2009 5:31 PM

Moderate |Flag for review

@nybiker: As in this?

","

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

How do you fix stuff on your credit report?

My mom has an unpaid cell phone account on her credit report, but she's never had any kind of cell phone. When she first saw it, she canceled the account with the cell phone company, but I guess the company still wants the money even though she's never had a cell phone. Since it's not hers, she's never paid it, and it's stuck on her credit report. Now she wants to refinance her mortgage, and she has had some kind of lawyer involved for over a year, but it's still on her credit report. I was going to take over, but I figure if some lawyer can't do it, how can I?

4 replies

$\"user-pic\"$

FDCPAGuy

November 23, 2009 5:31 PM

Moderate |Flag for review

@cordeliapotter:
Sorry but most credit fixing 'law firms' (for instance Lexington) don't do anything other than send disputes. I wish she was applying at the company I work for so I could specifically help her (it's what I do). Main thing, call the collection agency and request proof of debt validation, also explain to them the cell phone was fraudulently obtained in her name. They might want her to fill out an affidavit of fraud and file a police report if it's not too old. If it's been a few yrs it might be tough. The debt validation should be original creditor documentation which shows she owes it- which they most likely will not be able to provide. Push them to delete the account since it was fraudulent and if they won't lean on the original creditor (cell phone company).

$\"user-pic\"$

Nicole

November 23, 2009 5:31 PM

Moderate |Flag for review

@cordeliapotter: How did she cancel an account with a cell phone company if she never had an account with them?

$\"user-pic\"$

bones11

November 23, 2009 5:31 PM

Moderate |Flag for review

@cordeliapotter: You can go to their websites to obtain their addresses, send them a certified letter stating it needs to be removed from your credit report. They are under legal obligation to research it and if they find it shouldn't be on there it has to be removed within 30 days of receipt of your certified letter. Sometimes they work a little slower if just receiving the letter from you so it helps to have an attorney or paralegal write up the letter so it shows it's coming from a law firm.

$\"user-pic\"$

Al Swearengen

November 23, 2009 5:31 PM

Moderate |Flag for review

Sure, they have a legal obligation to \"research\" it, but from my experience, they don't do anything and say they researched it. I had a student loan showing on my report saying that it was past due and that I agreed to a \"payment plan\". I was a full time student in deferment, the loan was never past due (I always made payments), and there was no \"new payment plan\". I contacted the credit agency, they said they would do an investigation and two days later I got a letter saying the investigation was over, they found nothing wrong, and that the report would not be corrected. What the hell kind of investigation can they perform and still get me a letter in 2 days saying the investigation is completed? So, I told them to investigate it again, only this time, they should do an actual investigation. Two days later I get another letter saying everything is correct and no changes will be made. So, I wrote up a letter for the school, the loan servicer, and the credit agency, with all supporting documentation, showing how they screwed up, there was never any late payments, there was never any different payment plan, the fact that I was in deferment, and the fact that this all occurred when the school gave over loan servicing to a loan serviving company instead of doing it themselves. I told them if it wasn't corrected I would sue. Sure enough, a day later I get a call from the school and the loan servicer that they are going to get it all corrected, and finally it was cleared up, and they added a personal statement from me in my report saying how the screw up was in my report and it was not my fault.

My advice, don't trust the investigation, give them all the information needed to get them to decide in your favor, and hound them until they do.

","","

$\"user-pic\"$

bones11

November 23, 2009 5:31 PM

Moderate |Flag for review

Same company I work for. I actually just talked to a guy this last week who when I pulled his credit report showed he had a bankruptcy from 2008. Now I know it's illegal to continue reporting a bankruptcy from that far back, it's usually 7 or 10 years but I had to go by what my system says or I get in trouble. I recommended he contact the credit bureaus and he said he had no idea how so he'll just deal with it. Apparently not everyone is as invested in their credit as most, it shocked me that he had absolutely no desire to get it fixed and removed from his credit. Oh well.

4 replies

$\"user-pic\"$

FDCPAGuy

November 23, 2009 5:31 PM

Moderate |Flag for review

@bones11:
If you work for this mortgage company you guys should learn about rapid rescores. There is no excuse other than ignorance of the systems in place to help your borrowers with issues like this. Instead of the 30-45 day wait time or hoping the creditor submits an eOSCAR update the bank could have had it fixed for a cost of less than $50-60 and within 5 business days. It bothers me when consumers are stuck without knowledgeable help. I am glad it worked out though.

$\"user-pic\"$

bones11

November 23, 2009 5:31 PM

Moderate |Flag for review

@bones11: Correction 1998 is the year it was reported.

$\"user-pic\"$

wrjohnston91283

November 23, 2009 5:31 PM

Moderate |Flag for review

It might not be effecting his score, so that might be part of his lack of caring. Perhaps it's shown on the report, but the score algorithm doesn't factor it in. I'm not saying it should remain on his report past the legal limit, just a thought.

$\"user-pic\"$

bones11

November 23, 2009 5:31 PM

Moderate |Flag for review

@wrjohnston91283: Right the score may not factor in but anytime and anywhere he applies for credit it's going to show and most companies are going to hold that against him, even though it's an error on the credit bureaus end.

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

@bones11: Wow my bosses at FNMA said with newly established credit lines I can approve FNMA loans to borrowers 2 yrs after the discharge of thier BK. Thats much earlier then waiting 10 yrs (lets get this straight shall we BKs and foreclosures will appear till the day you die but they can only be a credit scoring factor for 10yrs.)

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

@brandmuffin: You are the one who is right, it is in fact, two years.

$\"user-pic\"$

FDCPAGuy

November 23, 2009 5:31 PM

Moderate |Flag for review

@smiling1809:
Nope sorry you are incorrect alone with brandmuffin. According to FNMAs selling guide, bottom of page 414 and 415 ([www.efanniemae.com])

• If a bankruptcy was filed within the 48-month period prior to the credit report date, the loan will receive a Refer with Caution/IV and will be ineligible for delivery to Fannie Mae.

$\"user-pic\"$

FDCPAGuy

November 23, 2009 5:31 PM

Moderate |Flag for review

@brandmuffin:
Wrong. Current FNMA guidelines on BKs depend on Loan to value but at their most lenient are 4 yrs from the filing date. Also BKs and foreclosures only stay on credit for:
Ch 7 - 10 yrs from discharge
Ch 13 - 7 yrs from discharge, 7 yrs from dismissal (except Equifax which is 10)
FC notation on a tradeline - 7 yrs

The consumer credit report does not contain this information once it's obsolete and the FNMA underwriting engine does not read things unless they are on the consumer credit report.

","","","","","","","","","","","","","

$\"user-pic\"$

Kimaroo - 100% Pure Natural Kitteh

November 23, 2009 5:31 PM

Moderate |Flag for review

This happened at my job as well.. we had to hold his application until he could convince Equifax that he wasn't dead. The credit report says everything on it except the score, and it would say \"WARNING: Deceased\" in place of it. He did eventually get it removed from his credit report.. I have no idea how, but he did end up getting the loan.. it just took a few months.

Also, another thing similar to this was that my grandma got in trouble (Or, I guess, technically my grandpa) for cashing her SS checks. The reason? They said SHE was dead. She had to go through all kinds of hoops to convince the Social Security office that she wasn't dead at all. They were accusing my grandpa of pulling fraud over on the Federal Government and everything.

What a pain.

","","","

$\"user-pic\"$

floridamom

November 23, 2009 5:31 PM

Moderate |Flag for review

Wasn't this an episode of \"All in the Family\" as well? C'mon...this is the next century. Is banking now jumping the shark as well?

","","

$\"user-pic\"$

Munchie

November 23, 2009 5:31 PM

Moderate |Flag for review

How much longer must all the credit bureau madness be allowed to continue? There needs to be monetary penalties for reporting false information on people.

","","","

$\"user-pic\"$

Lucky225

November 23, 2009 5:31 PM

Moderate |Flag for review

If the bank really said that they are in violation of the ECOA

IV. You Also Have The Right To...

Know why your application was rejected. The creditor must tell you the specific reason for the rejection or that you are entitled to learn the reason if you ask within 60 days. An acceptable reason might be: \"your income was too low\" or \"you haven't been employed long enough.\" An unacceptable reason might be \"you didn't meet our minimum standards.\" That information isn't specific enough

You didn't generate a credit score is not a specific reason, it doesn't indicate WHY you're not credit worthy.

1 replies

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

\"Reported as deceased\" is a valid explanation. She could then proceed to sue whichever institution erroneously reported her as deceased or attempt to sue the credit bureaus. Both of those options could take many years.

","","

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

Yeah, meanwhile, I'm sure the bank wouldn't have had any problem billing her if she owed them money.

","

$\"user-pic\"$

Nytmare

November 23, 2009 5:31 PM

Moderate |Flag for review

@Caveat: Yes, this one single problem, which made the news because it's exceptional, is proof that all bankers are just like this banker and that they are all idiots. Good logic there bud.

","

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

I had a customer who told me about something similar who happened to her. She was in a really bad car accident and her husband was killed and she was in the hospital for several months and suffered some brain damage. She wasn't expected to live but she did, however since all her accounts were join with her husband and she was in the hospital not expected to live, when her husband was declared dead all her accounts were frozen. She said she had to borrow money to get to her husbands funeral and while it was sorted out eventual it forever screwed up her credit. Her advice to me at the time was to make sure My husband and I had some separate accounts (credit and checking) just in case.

","","

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

Most loans are made based on the middle of your 3 scores. If you only have 2 scores the lower is used. If you dont qualify based on score you dont qualify.

","

$\"user-pic\"$

FDCPAGuy

November 23, 2009 5:31 PM

Moderate |Flag for review

Sorry a deceased borrower is an automatic no for any type of financing. What I suspect is going on is that the borrowers Experian report contains a tradeline which has a 'deceased' notation to it. Typically I see this with creditors like GEMB for some reason. This can also be caused by the bureau having a 'mixed file' and having two individuals credit smashed together. The deceased notation is a problem because the AUS (automated underwriting system) will reject the file no matter what until the 'Bruce Willis' situation is resolved ;)

","

$\"user-pic\"$

Al Swearengen

November 23, 2009 5:31 PM

Moderate |Flag for review

How is it that one agency thinks you are dead and the other two don't? And can't the woman add a personal note to the report saying - I AM NOT DEAD!?

2 replies

$\"user-pic\"$

FDCPAGuy

November 23, 2009 5:31 PM

Moderate |Flag for review

@Al Swearengen:
Consumer statements carry no weight on anything. I chuckle to myself when I see 'CONSUMER STATMENT: NEVER LATE. PAID AS AGREED' on it with a ton of lates.

$\"user-pic\"$

Al Swearengen

November 23, 2009 5:31 PM

Moderate |Flag for review

Sure, the personal statements about payments made might not hold any weight, but an I AM NOT DEAD statement should probably raise some eyebrows.

","","

$\"user-pic\"$

November 23, 2009 5:31 PM

Moderate |Flag for review

I bet three years ago, being dead wouldn't have disqualified her from getting a mortgage. Darn tightened credit standards.

3 replies

$\"user-pic\"$

Bruce

November 23, 2009 5:32 PM

Moderate |Flag for review

@madanthony: She may be dead but at least she can still vote in Chicago.

$\"user-pic\"$

FDCPAGuy

November 23, 2009 5:31 PM

Moderate |Flag for review

@madanthony:
yes it would have.

$\"user-pic\"$

treimel

November 23, 2009 5:31 PM

Moderate |Flag for review

@FDCPAGuy:
I think that was a joke.

","","","","","","

$\"user-pic\"$

BK88

November 23, 2009 5:31 PM

Moderate |Flag for review

Two Words... MANUAL UNDERWRITING

The FICO score is an \"I Love Debt\" score! Show them you can pay it with what you are doing now, not what has happened in the past!

","","

$\"user-pic\"$

H3ion

November 23, 2009 5:31 PM

Moderate |Flag for review

The problem stems from all the credit cards that were issued to zombies in the 90s. It made the banks very cautious.

","","","

$\"user-pic\"$

kd5jos

November 23, 2009 5:31 PM

Moderate |Flag for review

Let's try this again. How many credit bureaus are there? 3. You don't need a score from all three. Genius idea: get a score from a credit bureau that recognizes the woman as alive, then move ALL your transactions to that service. After all, the bank stated they KNEW the information was incorrect. Why would you want to deal with a company that is providing you information you KNOW is FALSE?

1 replies

$\"user-pic\"$

SacraBos

November 23, 2009 5:31 PM

Moderate |Flag for review

@kd5jos: It seems the bank had some knd of working relationship with Experian - and only used Experian. Yes, there are three, but if policy is to look at the corporate defined one, you're screwed.

This madness needs to stop. They need to be held accountable for the information which THEY assert is authoritative and/or release the result and contacts of EVERYONE involved in the \"investigation\" - i.e. who reported them dead (name, business, address, phone number) so that if you aren't allowed to sue for libel the credit agency, you can go to the person that's pumping the information into them.

Since a negative credit report does cause monetary and other real damages, the people that report to then need to be held responsible for their actions or the item go away.

","","

$\"user-pic\"$

duncanblackthorne

November 23, 2009 5:31 PM

Moderate |Flag for review

If this happened to me, my response would be simple and to the point: I'd tell them, to their faces, \"If you think so-and-so is dead then I must be trying to defraud you. Please call the police RIGHT NOW and have me arrested!\" and hand them the phone, maybe even dialling it for them. If the police can't confirm my identity and the fact that I am indeed alive and well then perhaps I need to be placed into a mental ward for dangerous delusions!

","","

$\"user-pic\"$

bones

November 23, 2009 5:31 PM

Moderate |Flag for review

When a banker tells you he knows you're alive but he can't help you because a credit agency says you're dead -RUN and find another bank. This idiot is the one making banking decisions for the bank - and if he exhibits the brilliance above with the other decisions he makes, you don't want to be associated with their impending financial failure. Credit Unions often are much more helpful and intelligent than bankers. Hopefully this bank will pass into history as a bad mistake.

","","","","","","");