Ok Guys Im a new member here and I need some advice and some questions answered about my bad C.R. I was one of the unlucky ones that lost my job after 9/11 but after 5 years I am back on my feet. Anyway, I recently pulled 2 scores and a summary of my report from truecredit, one for Experian (Vantage Score) and the other from Equifax (Fico Score). For Transunion, I had a lender Realtor that I was working with to pull it down since I was looking for a Home to rent. That was a FiCo score also. I wasn’t approved to rent a home by the way. Anyway I got the Lender to email me my Credit report from transunion and now I have all the information I need to get some advice on where to start.
My score as follows…
Transunion - 479
Experian – 623
Equifax – 565
1st thing I need help on is I have several accounts that were opened on my Experian report that show transferred and closed. There are HSBC Best Buy, CompuUSA, and another one that is RS which I have no idea on what this is. Anyway these accounts were Opened in 08/1999, Reported in 06/1998 Date of Status 10/2002, Last Reported 10/2002 and Status reads: “Transferred, Closed, Collection Account. There is no “Status Details” on this account. A few pages further down I noticed that they were again reported by a collection agency called LVNV Funding for all 3 accounts. These read Date Opened 12/2002, Reported Since 12/2002, Date of Status, 12/2002, Last Reported 2002. There is a Status Detail that reads “This account is scheduled to continue on until 2008”.
Is there anyway I can remove these from my CR?
2nd. I have about 16 accounts not including the ones from above , that are “Charge Offs” or “Collections” The Status Details read “This account is scheduled to continue on until Month, 2008” on all of them.. Should I pay for these accounts or wait for them to fall off my CR? Which leads me to my second question…How accurate is the “Status Details Section”? What if they do not fall off my report on the month specified and 6 months from now I pull another credit report from the same Bureau and it’s bumped up another year.
3rd If these accounts fall off or I pay them off, does this information reflect to the other credit bureaus if it’s the same account number?
4th I need someone to help me understand what the following categories mean on my credit report:
Date Opened 11/03 Im guessing this means the date the collection agency reported me to the Credit Bureau?
Reported Since 06/2004
Date of Status 06/2004
Last Reported 04/2007
So if My status Details Read “This account is scheduled to continue on until 2008”, Why is it less than the 7 year retention period?
Anyway guys my credit reports are a mess and I want to start somewhere to improve my Credit Score by next year so I can get my Family out of this 2 bedroom apartment and move to a descent home.
I appreciate your help and time.