topic Re: Rebuilding - Need Help in Rebuilding Your Credit

Rebuilding - Need Help

Firi — Tue, 15 Jan 2013 07:52:30 GMT

Hello All!

I am in the process of rebuilding my credit which took a hit after leaving the country and eventually not being able to make pmts. There are a few items in my report that I need to take care of. One of them is the Charge off by Capital one. The acct shows as a charge off, however, there is no additional CA entry on my report for this account as I worked with Nelson Watson and Associates to start making payments (now I know its a bad idea). I have been making those small pmts for over a year. I have saved enough to PIF, however, my question is wether I can strike a PFD with them? can OC remove a charge-off? or are they required by law to stay there?

I also have 3 other accts that are reflecting both a CO and CA entries each. Should I keep making pmts on my Capital One and try to PFD one or two of these three instead?

SOL for Cap One is out of the question since I am making pmts, DOFD for other three is showing as 09/2009 (EAF LLC), 10/2009 (Pinnacle Credit Services), and 03/2010 (Asset Acceptance) on EQ CR. SOL in my state is 4 years for credit card debt. Even if they go by DoFD for SOL, I have another 9-14 months for those accounts. I would rather be done with them by then. I also have an old ATT bill via EOS that is showing up, however, I am working on PFD'ing that already.

- I never heard anything from EAF

- Pinnacle has Vision Financial collecting for them. They sent me an offer 07/12, 08/12 I counter-offered a lower amt for PFD, 10/12 I send the offer again (CMRRR both times). Nothing so far. They do call me, well, my Google voice number quite a bit.

- Asset Acceptance might have sent me a letter or two. Do not remember for certain, but I have not heard from them for quite some time.

Any input would be appreciated!

Re: Rebuilding - Need Help

llecs — Tue, 15 Jan 2013 15:32:27 GMT

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

CapOne likes to own their own CO'd debts. They'll usually only sell the debt once SOL expires. They'll most usually add lates each month following the CO and uptick the balance due to interest. You can certainly try a PFD. IME, DW had a CapOne CO and we sent dozens and dozens of PFDs with no luck. Definitely try, but I'd suggest after a couple of No's pay it off and GW at a later date. Not saying that CapOne is impossible to get a PFD with, I've only seen a couple IIRC. The CA in your example won't ever report. Definitely keep paying the CA while trying the PFDs. CapOne isn't required my law to report it; they only must report accurately. BTW, simply paying it in full might result in a significant score gain if your CC util improves in the process.

Are the other baddies newer? If so, I'd focus on them. If older, then I'd focus on CapOne. CapOne's age factors in too. If it is your oldest accounts, you may not want it deleted out of risk of losing points. If younger on average, then no harm in asking to have it removed via a PFD now or GW after PIF.

SOL varies by state. Some states allow SOL to be reset via a payment. Some states allow SOL to be suspended if you move out of state or out of the country. Make the assumption that you are inside SOL unless proven otherwise.

If you are inside SOL and have the $$$ to PIF the EAF debt if you had to (to avoid a judgment), then send a DV to EAF. If they verify and you agree, then send a PFD.

IMO, ignore Vision. Focus on Pinnacle since they are the ones reporting. Sometimes OCs and CAs will outsource their collections to a 3rd party, but often that 3rd party can do squat, as in this example.

Send a PFD to Asset if wanting to go that route.

Re: Rebuilding - Need Help

Firi — Tue, 15 Jan 2013 17:39:02 GMT

Thanks llecs. The Cap One was opened in 2006, the other three are from 2007 and 2008. I will DV EAF. Should I PFD Pinnacle right away? or should I DV them first? I will need to hold off on Asset Acceptance until I have enough funds to cover them as well.

Re: Rebuilding - Need Help

Shogun — Tue, 15 Jan 2013 17:54:16 GMT

I would PFD Pinnacle first, just to make sure they still have the debt. Then if agreed, send a PFD.

Re: Rebuilding - Need Help

NewbieReed — Tue, 15 Jan 2013 17:54:45 GMT

@ Firi I would DV and then PFD with Pinnacle. because if they cant validate, they must delete themselves and save u some cash!

Re: Rebuilding - Need Help

Firi — Thu, 17 Jan 2013 17:00:35 GMT

Thanks for the help. I will update once/if I hear from EAF and Pinnacle.

Re: Rebuilding - Need Help

Firi — Sat, 19 Jan 2013 01:42:43 GMT

A little update. DVs to EAF and Pinnacle are on their way. I found a dv that I had sent Asset Acceptance back on 10/31 after they sent me a letter on 10/16. Credit Karma showed a small increase in my score on 12/29. the 3-in-1 report pulled on 1/1/13 no longer shows their entry. I do still shows OC (BEST BUY) on TU and EX, however the entry in EQ is by CAP1/DAMARK INTERNATIONAL INC. They all show 0 balances. Should I try disputing those entries with CRAs since CA was not able to validate and deleted?

Re: Rebuilding - Need Help

Firi — Tue, 29 Jan 2013 07:24:36 GMT

Any ideas on how i should proceed with best buy CO? I cant PFD to do the GW route with OC as CA was not able to verify.

Re: Rebuilding - Need Help

llecs — Wed, 30 Jan 2013 01:31:38 GMT

Firi wrote:
Any ideas on how i should proceed with best buy CO? I cant PFD to do the GW route with OC as CA was not able to verify.

Since the BB CO shows as paid, it means they either sold it or it was paid. Since $0, send a GW.

Re: Rebuilding - Need Help

guiness56 — Wed, 30 Jan 2013 02:22:55 GMT

NewbieReed wrote:
@ Firi I would DV and then PFD with Pinnacle. because if they cant validate, they must delete themselves and save u some cash!

No, they do not have to remove the TL. They just can't continue collection activity until they do.

Re: Rebuilding - Need Help

Shogun — Wed, 30 Jan 2013 04:01:17 GMT

+1 A DV never has to be replied to. If it is timely, then they cannot resume collection activities until they verify the debt. Even with that, at any time they can come back and verify and resume the collection activity.

The only exception to this I am aware of is a DV utilizing the Texas statute.

Re: Rebuilding - Need Help

Firi — Sun, 03 Feb 2013 03:38:26 GMT

Credit Karma just told me that Asset Acceptance reported the BB debt AGAIN two days ago. Have not received anything from them yet. Should I wait and see if they send me something so I can DV it? or should I just send a DV?

Re: Rebuilding - Need Help

guiness56 — Sun, 03 Feb 2013 03:43:56 GMT

What do you mean reported you again? I thought they were still on your report. Did I miss something?

Re: Rebuilding - Need Help

Firi — Sun, 03 Feb 2013 11:26:31 GMT

Firi wrote:
A little update. DVs to EAF and Pinnacle are on their way. I found a dv that I had sent Asset Acceptance back on 10/31 after they sent me a letter on 10/16. Credit Karma showed a small increase in my score on 12/29. the 3-in-1 report pulled on 1/1/13 no longer shows their entry. I do still shows OC (BEST BUY) on TU and EX, however the entry in EQ is by CAP1/DAMARK INTERNATIONAL INC. They all show 0 balances. Should I try disputing those entries with CRAs since CA was not able to validate and deleted?

I failed to notice that it was gone when writing my OP. Now, apparently, it is back.

Re: Rebuilding - Need Help

guiness56 — Sun, 03 Feb 2013 13:18:10 GMT

Did you ever dispute through the CRAs or it was just gone because of a DV to Assest? I'm taking it they never validated?

Was the DV timely? Sent within 30 days of the first dunning notice?

Re: Rebuilding - Need Help

Firi — Sun, 03 Feb 2013 14:55:36 GMT

I never disputed via CRAs. Im guessing it was gone because of DV and Yes, it was within 30 days of the notice i got from them back in October.

Re: Rebuilding - Need Help

guiness56 — Sun, 03 Feb 2013 15:39:06 GMT

If they removed the TL because they couldn't/didn't validate and have since put it back on your CR, they are in violation. That is a big no no.

At this point I would file complaints with the BBB, FTC and your states AG.

You could also send them a letter siting their violations, that you have reported them to the above, and if they don't delete the TL you will sue. Only tell them you will sue if you mean it and intend to do so.

Re: Rebuilding - Need Help

Firi — Wed, 06 Feb 2013 23:16:59 GMT

A little update. Got a letter from Asset Acceptance. It is dated January 08, 2013 (it was delivered to my old address they have on file). it says:

"Dear ___, We are in receipt of your written correspondence disputing the above referenced account. This account was purchased by Asset Acceptance Recovery Services LLC, on January 08, 2013. Our client indicated that the account was associated with a consumer with the name, (My name), and a Social Security Number ending in xxxx"

They also told me they are adding $808 as interest on top of the $1850 balance and attached a copy of my application for the Best Buy cc. They just validated the debt, but are telling me that they purchased the debt on January 08, 2013 in a response to DV sent on October 31, 2012. At this point I would like to PFD but is there anything I can do about the interest they are charging me? Or should I try to PFD with a xx% settlement?

On separate note, EAF got back to me as well and validated. I will send a PFD. No word from Pinnacle.

Re: Rebuilding - Need Help

Firi — Wed, 13 Mar 2013 23:28:17 GMT

I have another question. It has been over a month since I sent out my PFDs. have not heard back from none of the three CAs. Should I consider calling them, or should I wait a little longer and then send another PFD? I know a lot of people say talking to them doesn't do much good as PFD terms still have to be put on paper. Not sure what to do right now.