topic Re: Wait it out or what? in Rebuilding Your Credit

Wait it out or what?

relentless602 — Sat, 14 Jul 2012 05:08:42 GMT

Hi everyone,

First post here on myFICO. So here is my situation. I had a collection from Rickenbacher Collections that I paid in 2007 ($65.00) for a bill back in 3/09/06. The item only shows on my TU report and not the other two. Obviously this is adversly affecting my score on TU but I was wondering what to do (if anything) about it? Looking at my report from TU, it is estimated that it will be removed as of 12/2012. Anything I can do in the mean time?

Also,

If I can't do anything but wait, can I accurately rely on TU to drop this from my report in December?

Is a GW letter or e-mail in order for this? Any suggestions from people who have been through something similar would be ever so helpful!

Re: Wait it out or what?

llecs — Sat, 14 Jul 2012 20:07:27 GMT

I'd send a GW asking if they wouldn't mind deleting. Many will if asked.

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 20:52:14 GMT

So would I send a GW letter to TU or to the collection agency that I paid back when I took care of it?

Re: Wait it out or what?

AcidKoolz — Sat, 14 Jul 2012 20:54:37 GMT

relentless602 wrote:
So would I send a GW letter to TU or to the collection agency that I paid back when I took care of it?

You would send the GW to the collection agency.

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 20:56:34 GMT

Thanks. The only concern I have now is getting the letter to the right place. I think the collection agency I dealt with hs been bought out or no longer exists. Hmmm... Not sure where to go with that.

Re: Wait it out or what?

AcidKoolz — Sat, 14 Jul 2012 21:00:35 GMT

relentless602 wrote:
Thanks. The only concern I have now is getting the letter to the right place. I think the collection agency I dealt with hs been bought out or no longer exists. Hmmm... Not sure where to go with that.

If they no longer exist, then dispute it with TU. If they don't exist, they can't verify, and won't respond to GWs.

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 21:03:41 GMT

Yeah that seems like the way to go. If they don't respond to the dispute it would come off, but my only concern is that the information is accurate because I paid it years ago. Doesn't that mean that TU can't do anything about it? I mean, the thing comes off in December according to TU, but the sooner the better I can get this off of my record.

Re: Wait it out or what?

RobertEG — Sat, 14 Jul 2012 21:06:13 GMT

Dispute based on what asserted/documented inaccuracy in their reporting?

A dispute in name simply to require an investigation can be dismissed without investigation as "frivolous or irrelevant."

Re: Wait it out or what?

AcidKoolz — Sat, 14 Jul 2012 21:09:01 GMT

relentless602 wrote:
Yeah that seems like the way to go. If they don't respond to the dispute it would come off, but my only concern is that the information is accurate because I paid it years ago. Doesn't that mean that TU can't do anything about it? I mean, the thing comes off in December according to TU, but the sooner the better I can get this off of my record.

I'd ask that someone with more knowledge than me chime in on this, but, I believe it boils down to your ethics.

If the information is correct, then it should be on your report. If you wanted it removed as a measure of goodwill, then normally you would GW the CA, but in your case, the CA no longer exists, so you are unable to do that. Disputing the CRA would theoretically work, since they can't verify...but that could be unethical depending on how you look at it, since your only disputing on the basis of getting it removed since you KNOW they can't verify...You're not actually disputing becuase the information is incorrect.

Has anyone ever GW a CRA? Maybe that might be the solution, but I would still wait for someone that has more insight into this than me before taking any action.

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 21:10:38 GMT

Hi Robert,

No. The information is accurate and was paid long ago in 2007. It is scheduled to come off completely in Dec. and it is only on my TU bureau (hence why my score is lower there). I waa trying to see if there is anything I can do to get it off earlier, because I am paying off all of my revolving and this is my only other blemish to worry about. The agency that placed the collection no longer exists as far as I know and I was just wondering what to do with this situation. But yes, the infomation is accurate in terms of the biil and payment of the collection.

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 21:17:21 GMT

Great point. Yeah in terms of the ethical aspect of it, I'm not so worried. If I dispute it and lose, no one loses anything. If I dispute it and win, I gain something and a company that no longer exists loses nothing. But how would I even go about disputing it? It has been years since I paid the thing and I'm not sure what grounds I could dispute it on.

Re: Wait it out or what?

sidewinder — Sat, 14 Jul 2012 21:20:21 GMT

First off, don't dispute it unless inaccurate.

Second, do you plan to apply for any major credit before December?

Third, IMO, this is likely have little impact on your score if it is so old UNLESS this is your only blemish.

Unless you have some major reason for wanting it removed early, leave it alone and let it die a natural death.

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 21:26:11 GMT

I hear what you are saying sidewinder. I suppose I could "let it die" in December. I was planning on applying for credit in January at the earliest and maybe not until May, I'm not in dire need of new credit. Question, would I be hurt by disputing it and losing? Just curious how that works. Yeah it could be worse. TU report says it is coming off in Dec. it could be A LOT worse in that regard.

Re: Wait it out or what?

sidewinder — Sat, 14 Jul 2012 21:27:11 GMT

Is this your only blemish?

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 21:36:33 GMT

I'm not so sure but I think so. I mean I have low revolving available that may my only other "negative" as I mention what i'm doing in my original post. No late payments ever. 72 month car loan paid off in 2006. Several installment loans all paid on time and paid off throughout my credit history. I will have my revolving paid off around December and was hoping to get my TU score up, because this is the only blemish in terms of collections or anything else. I do have an old Citi account with 2,800 on it that was closed at my request in 2007, still paid on time every month. Obviously, I now know closing the account was a mistake but at that time, I was not aware and angry with Citi's service. I am taking care of that one in August. It messed my utilization rate up for sure but I'm not sure that's a blemish, is it?

Re: Wait it out or what?

llecs — Sat, 14 Jul 2012 22:03:18 GMT

Kind reminder that advocating or suggesting the disputing of accurate info, even if you think the OC/CA is defunct, is a no-no due to the Credit Repair Discussion Guidelines, Terms of Service, and User Guidelines that prohibit the promotion of certain types of credit repair.

ETA...OP, send a GW to the CA using the address they used on your CR.

Re: Wait it out or what?

relentless602 — Sat, 14 Jul 2012 22:15:36 GMT

Sorry sir. Won't happen again. That is what I will do. Send a GW to the CA listed and just see where it goes from there. Thanks!

Re: Wait it out or what?

Booner72 — Sun, 15 Jul 2012 00:36:28 GMT

Since it's only on TU and gone in six months then I would do nothing - The reason being, some CA's find out they only report to one CRA and update to the others. I've read about it here - it's waking a sleeping giant IMO. I'd dispute w/ TU about a month before it's supposed to fall off saying it's past the CRTP, that way it is sure to be gone by the beginning of DEC.

Re: Wait it out or what?

Rhaeny — Sun, 15 Jul 2012 03:01:25 GMT

relentless602 wrote:
Hi Robert,

No. The information is accurate and was paid long ago in 2007. It is scheduled to come off completely in Dec. and it is only on my TU bureau (hence why my score is lower there). I waa trying to see if there is anything I can do to get it off earlier, because I am paying off all of my revolving and this is my only other blemish to worry about. The agency that placed the collection no longer exists as far as I know and I was just wondering what to do with this situation. But yes, the infomation is accurate in terms of the biil and payment of the collection.

Couldn't hurt to dispute with TU that this tl is obsolete or something along those lines if you don't want to try the GW. No harm in asking.

Re: Wait it out or what?

llecs — Sun, 15 Jul 2012 06:36:48 GMT

Rhaeny wrote:
relentless602 wrote:
Hi Robert,

No. The information is accurate and was paid long ago in 2007. It is scheduled to come off completely in Dec. and it is only on my TU bureau (hence why my score is lower there). I waa trying to see if there is anything I can do to get it off earlier, because I am paying off all of my revolving and this is my only other blemish to worry about. The agency that placed the collection no longer exists as far as I know and I was just wondering what to do with this situation. But yes, the infomation is accurate in terms of the biil and payment of the collection.
Couldn't hurt to dispute with TU that this tl is obsolete or something along those lines if you don't want to try the GW. No harm in asking.

Is it obsolete? OP said it is scheduled to come off in December. Second kind reminder that advocating or suggesting the disputing of accurate info isn't allowed on here.