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Rental Credit Report Money Your Questions

Carol asks…

Have you ever owed money to Aarons or a furniture rental place? What happened?

My little cousin is in college and she rented a tv from there. she broke the tv and her boyfriend threw it out., she knows she has to keep paying on it, but she also just lost her job and is 2 months behind on her monthly 75 dollar payment. What will they do to her? They are coming up to her job harrassing her and calling her entire family of references every single day. She explained what happened but they wont stop and she wont have her money for what she is behind until the 30th. Will they sue her? Take to court? Have her arrested? Or just put it on her credit report? She is scared and I dont know what to tell her, I have never dealt with furniture rental companies before.

Mike answers:

All of the above. They don’t care what happened. It doesn’t relieve her of the responsibility. Actually, they cannot come to the job or call the job. That violates the Fair Credit Reporting Act. She should file a complaint with the FTC. She can do it online at http://www.ftc.gov. As for court and her credit report, they can and likely will. She can’t be arrested unless they suspect she’s hiding the TV and committing a fraud to keep it without paying and the level of charges would rely on the value of the TV.

Sandy asks…

How many credit cards should you have to rebuild credit?

I am trying to rebuild my credit after ID theft, a couple of problems that were mine and years of basically not having any credit reported. (I primarily use my debit card and pay cash for everything). I make good money now and am trying to rebuild in order to purchase a condo in the next couple of years. My good accounts (rental, club, cable, cell, etc.) have not reported my good credit. So how many cards should I take out that will help boost my credit score but not hinder my credit. Thank you!

Mike answers:

I would take out no more than 2. I would start out with a secured card. Granted you would have to put a deposit upfront to secure a line of credit, but the deposit would also garner interest while you’re proving your creditworthiness. You could start out small, like $200-300 or larger like $1000-2000. Either way, I strongly suggest you to continue to use your debit card and pay cash like you’ve been doing, and make small purchases that you can pay off in full every month (around $20-50). I would only use the credit card in dire emergencies. After the secured card becomes unsecured, then you could receive offers for other cards, but chances are just the one card could work just as well. Be sure to dispute anything that was involved in the identity theft and make sure that you have a POLICE REPORT. Your “good accounts” (rental, club, cable, cell, etc.) CAN be reported through this reporting agency called PRBC. (http://prbc.com/default.php?) This is for REAL. You can have your good credit reported and complied in a scored report that can be considered with your traditional credit reports. It’s become increasingly popular and I’m certain that it will help you out immensely.

Robert asks…

disputing credit report?

my husband and i lived in an apt 3 years ago, and had to break our lease. we paid the amount in full, plus all the charges totalling about 2200 dollars. well, we jut recently tried to get approved for another rental, this time a house, and got shot down. when we asked why, we were told that we had this charge off on our account!! well we contacted the apt complex and they were like “oh sorry, we have your receipt right here…just dispute the charges on your credit report“. we are so angry because this has brought down our credit score tremendously, and im sure it affected our interest rate with everything weve gotten since then – like 2 cars!! so my queston is this – what are my legal options…should we sue because we have clearly lost money because of their mistake, but we have no idea how much exactly. oh and to end on a good note, we got the house after they cleared things up with the apt complex. = )

Mike answers:

Um…excuse me?

Who exactly put this on your credit report? The landlord? The collection agency?

Would you like to get this taken off in just a couple of days? Call the landlord and explain to him that as of today, he is KNOWINGLY posting incorrect information on your credit report. He is in violation of the FCRA and you could easily trot down to the courthouse and file a lawsuit.

Why do YOU have to go through the trouble of filing a dispute with the credit bureau? Do you understand what this process involves?

1) You send them a dispute letter

2) They contact the person who posted this to your report and “verify the info is correct”

3) The creditor notifies them that the info is not correct, and requests that it be deleted.

So my question is….why are YOU being told to do Step #1 and #2 with this guy could easily just jump to #3? The procedure to get this deleted is just as simple as putting it on your report!

Call the landlord and tell him to fix it TODAY or you will sue for $1000 plus damages.

As for what damages you can sue for, start with any expenses that occurred as the result of you losing your first mortgage. Then check your credit cards and see if there was a rate increase that occurred after this was posted. They may have raised your rates as a result of a credit score drop.

Check to see if your insurance rates were effected, as many use credit scores as part of their formulas.

In any event, you can easily get $1000 for your troubles. If this were me, I would not let the landlord off easy.

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