Navy Federal Credit Union Violation of FRCA?
by Author on Monday, September 6th, 2010 | 3 Comments
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Pay off the account and close it. Wait 30 days or so. Then send in a dispute letter to the 3 credit bureaus – not to Navy Fed. Tell them your name, ssn, address, acct name and #, and that you are disputing the account payment history. THAT’S ALL – don’t tell them anything else yet.
In a week or so you will get a confirmation letter and in 30-45 days you will get a response letter. When you get their results, find another fault with the account (just the truth please) and dispute it again. If Navy Fed does not respond in time (30 days), the account gets deleted.
This is what we call a rolling late payment – you were late ONCE but the creditor is reporting every payment as a late payment. It may be legal, but it isn’t ACCURATE and that it your basis for disputing the account.
Good Luck
Your screwed and there’s nothing you can do now that it is reported on your credit. You can pay it and it will show paid. Snooze you loose.
Unfortunately, even if a lender does grant an extension, they will and legally can report you for being over the 30 day period.
Most consumers do not realize this, and any payment plans or arrangements still do not supercede the payment schedule outlined in the origional loan contract.
Unfortunately, there is nothing that violates the FRCA, and you will only cause the lender to refuse to work with you in the future.