Foreclosures: Sometimes foreclosure accounts will have a balance. This is an obvious error because how can there be a balance when the property has been foreclosed upon and all debts have been paid?

  • Their intentional and willful furnishing of inaccurate information is a violation of FCRA Section 623 and according to FCRA Section 611. The credit reporting agencies MUST correct or delete this immediately. That’s the gist of those two sections with 623 the harsher one and actually addressing the responsibilities of the “furnisher of information”. So for a person who provides or furnishes the data.Section 611 spells out what is required in the investigation when it is pointed out that there are errors on the credit report.

IIB Accounts: IIB means Included In Bankruptcy. Because a bankruptcy cancels out all debt, it is impossible that you still have an account with the creditor. There is no more debt. If your bankruptcy was dismissed however, then it is as though there never was a bankruptcy. If a balance has been reported as owed by you, then their intentional and willful furnishing of inaccurate information is a violation of FCRA Section 623 and according to FCRA Section 611.

  • Tax Liens : Taxpayer information is confidential and not allowed to be on any taxpayer’s credit report. Your tax return information is confidential. The IRS and your tax professional cannot disclose your tax information to anyone else without your explicit consent. If you find out that the IRS or your tax preparer has disclosed your tax information without your consent, you may bring a civil lawsuit for damages. It is a violation of 26 U.S. Code § 6103. Confidentiality and disclosure of returns and return information

Collections:

  • FDCPA 809b always requires that any collection activity be suspended until the debt collectors validate. The law is very clear on this.

Charge Off’s:

  • Since you now know that the debt collector has to verify and validate, and that charge offs are unverifiable, FCRA Section 611 REQUIRES the deletion of the negative entry on your credit report..

Repos: If the repo auto loan account has a balance because of a “deficiency” remaining after the car was sold, then this is treated as a charge off.

  • FCRA Section 611 applies here as well.