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Tuesday, December 19, 2006

NCO is dodging service, forwarding order expired

I thought I’d see whether they accept the waiver of service and just looked up the status on Endicia:

From the PA Department of State as of 12/12/06:

NCO GROUP, INC.
Entity Number: 2711959
Status: Active
Entity Creation Date: 8/27/1996
State of Business.: PA
Registered Office Address: No Address
Mailing Address: No Address

Officers
Name: STEVEN L WINOKUR
Title: Treasurer
Address: 1740 WALTON RD
BLUE BELL PA 19422-0

On my credit reports they’re identified as NCO Financial, which seems to have been dissolved and is probably a dba now.  If anybody knows how to serve NCO, please post a comment or send me an e-mail.

Monday, December 18, 2006

Citibank sued over $36 million fraud by former employee

The usual scenario: 

The bank screws up, consumer sues, bank has unlimited funds for lawyers, consumer has nothing (often due to the bank’s fault) and bank wins or settles for next to nothing.

Here we have a MILLIONAIRE and with $36 millions at stake, I sure hope he does what it takes to put Citi in its place.

Millionaire sues Citibank after funds go missing

A reclusive German millionaire is claiming damages against Citibank in what lawyers say is the biggest alleged fraud in Swiss private banking history.

Lawyers for Peter Mikutta, a self-made millionaire who moved to Switzerland after selling his data communications group, last week filed papers claiming SFr44m ($36m) in damages against the US banking giant for dereliction of its fiduciary duties.
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Michael Werder, a top Zurich lawyer, said the bank had for years allowed Mr Mikutta to be defrauded by failing to check movements on his account.

In a separate, but linked, criminal case, Zurich public prosecutors are accusing a former Citibank employee who went to work for Mr Mikutta of fraud and falsifying documents amounting to SFr114m.

The twin cases, to come before the courts next year, are expected to generate immense interest given Switzerland’s famously discrete and dedicated private banks. The country is believed to hold about one-third of the world’s total offshore assets.

The civil and criminal cases allege the former Citibank employee falsified Mr Mikutta’s signature on documents to divert funds from his account for her own uses. The employee’s lawyer, Tanja Knodel, said her client was innocent until proven guilty.

Mr Mikutta’s lawyers allege the bank accepted faxed instructions – sometimes involving multi-million sums – without requesting an original signature or verbally checking the instructions with the account holder.

It is alleged the transfers were approved because the former employee knew the bank’s internal procedures and used her influence and former position as an account manger to bully and cajole staff into doing as she wished. She also regularly threatened to move the account – allegedly Citibank’s largest at the time – to another bank if her requests were not met.

Mr Mikutta, who lives in Zurich, apparently failed to detect that his account was being depleted because he was given periodic performance data purporting to show his money was in safe hands.

His lawyers admit Mr Mikutta contributed to his losses by failing to notice what was happening, but still argue the bank was largely to blame for allowing the transfers to occur.

The civil case follows attempts by Mr Mikutta’s lawyers to negotiate an out of court settlement, which they say Citibank rejected.

The bank, which has hired one of Switzerland’s best known legal firms to defend it, said last night: “In the civil litigation against Citibank (Switzerland) we believe it is without merit and will defend ourselves vigorously.”

The criminal case has been postponed to August after a change of defence lawyer.

I know of so many cases of outright fraud by Citi Financial, and the American consumer lawyers are simply incapable of getting justice for consumers.  Most are downright stupid and the few lawyers with legal skills are extremely picky about who to represent.  NOBODY wants your case just because a bank defrauded you out of a few hundred dollars and screwed up your credit.

Hopefully there will be lots of media coverage, it will be interesting to see the Swiss legal system in action.  And I expect Citi to lose MANY big accounts. 

Since Citi denied liability, only an idiot would trust them with large amounts.

Sunday, December 17, 2006

Lexington credit repair new dispute letters and attorney Adam Fullman’s explanation

I recently received the latest Lexington Law Firm California dispute letters including letters to collectors and Directing Attorney Adam Fullman’s explanation of their idiotic disputes:

“You will note that the correspondence is drafted in the vernacular, and may not read as a letter one would typically expect from a law firm. This style has been carefully selected and we believe it to be the most effective style for obtaining results.”

What a stupid moron!

It looks like NONE of the 4 Lexington Experian disputes were processed as Experian apparently determined that they were frivolous credit repair letters and they demanded proof of identity.

Of course that’s GOOD, because otherwise they could refuse the real disputes, the disputes of the score lowering recent lates after the charge-off, etc.  The CRAs should refuse ALL disputes from scummy outfits like Lexington. 

So, if you want to destroy your credit and make yourself look like a lying moron, there’s no need to pay Lexington or any of the incompetent credit repair lawyers.

Feel free to copy the Lexington disputes:

The latest Lexington dispute letters

If you have half a brain and you already signed up with Lexington, cancel and get your full REFUND.

And please don’t order my services if you had Lexington or any other credit repair scum submit disputes within the last 6 months.  I would have to charge at least twice my regular fee (depending on the # of disputed accounts) because it’s so much more work to have to review the Lexington disputes and CRA results.

Thursday, December 14, 2006

The score factors for 804 Experian FICO score

804 Experian FICO score factors

Top Positive Factors

Not reported for Experian

Top Negative Factors

The length of time your revolving accounts have been established is too short

You have recently been seeking credit or other services, as reflected by the number of inquiries posted on your credit file in the last 12 months

No recent non-mortgage balance information is being reported

You have no recent revolving balance information being reported

This is quite interesting, not many people with 800+ scores need my services.  But the reason for the 804 score is that NONE of the 4 accounts with balances (mortgage, HELOC, auto, revolving) are reported to Experian.

730 Equifax score factors:

Top Positive Factors

You have no late payments reported on your credit accounts

You have 0 accounts that show evidence of missed payments in the past.

You demonstrate a relatively long credit history

Your most established credit obligation is 277 months old and your newest credit account was opened 23 months ago.

Top Negative Factors

The proportion of balances to credit limits on your revolving accounts is too high

The proportion of balances to credit limits (high credit) on your revolving accounts is 56%.

The amount owed on your revolving accounts is too high

According to your credit file, the total amount owed on your revolving/charge account credit obligations is $13,598

It’s so important to understand that eliminating one score factor will result in a NEW factor.

While I always encourage my readers and clients to analyze their score factors to determine what lowers the scores and which corrective actions to take, you do have to plan ahead and consider the consequences of changes to the report.

If one was to only look at the Experian score factors, the immediate solution to an even higher score APPEARS to be to get the open accounts reported. 

BUT, the result would definitely be a lower score, somewhere in the mid 700s and the score factors would change to include the B/L ratio as on Equifax.

It is amazing that you can have an 800+ FICO score without a single open account.  Of course there are NO derogs on these reports, the only inquiry is a 9/06 mortgage application and we have many years of positive account history.

Obviously, NOTHING should be done to improve the Experian score.  But paying down the balance on the revolving account would definitely improve the Equifax score.

Wednesday, December 13, 2006

Illinois Attorney General implies that consumers must pay FEE to dispute credit errors

http://www.illinoisattorneygeneral.gov/consumers/creditreport.html

Fixing Credit Report Errors

If you find inaccurate or incomplete information in your credit report, notify the CRA immediately. They are required to re-investigate the items in question. If the new investigation reveals an error, a corrected version must be sent, at your request, to anyone who received your report in the past six months. If the new investigation doesn’t resolve your dispute, request that the CRA include your version or a summary of your version of the disputed information in your file and in future reports. There is no charge for this service if it is requested within 30 days after you receive notice of your application denial. [emphasis added]

I don’t think I’m seeing right. 

How can the Illinois attorney general’s web site imply that consumers have to pay a FEE to dispute incorrect credit reporting unless they dispute within 30 days after a decline?

Not to mention that these idiots recommend the inclusion of a consumer statement which is IGNORED by almost all lenders, insurers etc. because they don’t even see it—they use credit scores and scores IGNORE these statements.

Just about everything on this page is LIES and DECEPTION, designed to get consumers the worst possible credit rating.

I was looking for the TU registered agent, just had to post this quickly.  And of course I submitted this URL on their web form, expecting nothing but to be ignored, as always.