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🧵 Thread (22 tweets)

Patrick McKenzie@patio11• almost 8 years ago

It occurs to me that my hobby in writing letters about the Fair Credit Reporting Act is suddenly topical! So some quick opinionated advice:

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

Do not pay for credit monitoring. You're statutorily guaranteed three free credit reports a year. That's sufficient.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

Free options also exist through many banks these days; they use them as aquisition/retention channels. Amex and Capitol One both offer.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

If someone opens a loan or CC in your name, deep breath: you are going to lose some time but not money. You haven't been stolen from.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

You will be inclined to do things over phone, because credit reporting agencies and banks push people to it (and lately apps). No. Calls.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

Everyone attached to a telephone at a CRA has scripts which are optimized for getting you off the phone and minimal ability to help.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

If someone has opened an account in your name do not call the bank and ask them to close it. You do not have or want authority on acct!

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

You should file a police report locally and get the police to issue a paper copy or receipt. It doesn't matter if they investigateZ

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

You will snailmail copy of that report to the bank's legal department (address available online) with a short letter.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

The contents of the letter: you did not open; correct immediately; any collections activity including reporting to CRAs a FCRA violation.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

The bank is responsible for all damages and this letter is specific written notice of your complaint. You require resolution immediately.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

You also require all communication about the matter to be in writing to you.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

Why do you write these things? Because you a) start the clock on a variety of regulatory state machines and b) signal that you know that.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

One group in the bank is scored on tickets per hour. Another's KPI is "zero regulatory actions this quarter." You only want to talk to them.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

People do not believe me on this but trust me a professional firm letter from someone who sounds competent gets to a lawyer or SVP reliably.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

Keep copies of everything, indefinitely. Keep a log of when mail was sent and when mail was received. Dropbox is your friend.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

Because of reasons that are difficult to express in a tweet, these issues can appear solved and then affect you 5 years down the line.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

In the event that happens, you want an organized file that you can mail in attached to a letter titled "intent to sue."

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

You should not act like a supplicant; you owe the bank nothing as you're not in a commercial relationship with them. But: no anger.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

You do *not* want to be read as someone who is angry and needs to be talked down. You want to be read as someone collecting a paper trail.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

Yelling cannot hurt a bank. Bluster cannot hurt a bank. They are institutionally aware of this. Paper trails, though, have consequences.

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Patrick McKenzie@patio11• almost 8 years ago

Replying to @patio11

I followed up on this tweetstorm with a longer version here: https://t.co/0cL8wiD5z3

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