03-27-2010 05:25 PM - edited 03-27-2010 05:50 PM
So, its been a long time. Many years in fact. But I finally have almost all of the negative items on my credit reports removed that were due to Identity Theft.
It has cost me thousands of dollars and thousands of hours. I dont really care about the money, but the countless hours of dealing with creditors and collection agencies gets very tiring and causes stress.
Unlike some people, I was lucky that they actually caught two of the individual and prosecuted them. One was a repeat offender for Identity Theft, so with his prior strike against him he was sentenced to 3.5 years in prison. The other was a first time offender was sentenced to 2.5 years in prison. I personally dont feel either of these sentence were long enough, but I should be happy that they at least caught the individuals. I am sure that they are both going to come out and do the same thing again. Even the prosecutor said that is usually the case. if you take a tiger out of the jungle, it doesnt make it any less of a tiger. Does it...?
In any case, there are only 2 items left to be removed from my reports, both items are large collections. One is a $2500 collection and the other is a $5000 collection, both are fairly recent (within that last year) so I assume they are affecting my score tremendously. My scores are currently hovering around the low-mid 600 range, though I am not sure what my EX is "exactly" as I can only base it on what their own website shows. After these collections are removed and my CC balances update (paid everything off this last month) I am sure my score should be right back to where it was many years ago (mid-high 700's)
The only CC's and loans I currently have are as follows, all CCs are paid off and no lates showing. My credit history goes back roughly 9 years. I live in CA:
Capital One $1500
Continental Finance $500
Plains Commerce $500
Toyota/Lexus (installment loan for my Lexus) - balance owing is $32k, orig amount financed was $54k
Student Loans (Dep of Education) - 18k in repayment
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO