Huge Difference between 2 FICO scores and the 3rd. HELP!! 538!!

[Anonymous]

Hi all,

I have been a member for a while and this is my first post.  As of today I have the following scores:

Efx - 673

Exp - 658

TU - 538

WOW - 538.  I hope this is the one that is incorrect as opposed to the other 2.  Here is the story.

I am trying to get all scores over 700 this year as I am buying both a new car and my first Condo later this year.  I am 43, single, make $100K+ year, living in a paid corporate apartment for 2008 only (so no rent or mortgage) have an almost non-existant (3% as of today) Debt to Income ratio, and a perfect 5 year auto note paid off last fall a couple of months early, but unfortunately I do have a couple of old lingering charge-offs that went to collection which I lost track of, and quite frankly lost interest in.  DOH!!  The TU report today was a shocking and disturbing development in my 2008 road to fiscal recovery plan.  I do know that the only late payment I had was 25 months ago, and another timely account has been siginficantly paid down and neither has been updated on TU, so I suspect that score will go up 40+ points as the other 2 did recently, but I think that is minor compared to the following.

Those 2 OC charge-offs are from 2001.  In the Efx and Exp files these are showing in the Accounts Section with appropriate Dates of Last Activity of June, 2001 and August, 2001.  There is nothing showing up on the Collections Tab of the myfico report for either EFX or EXP.

These same two accounts in the TU report do not show in the accounts tab, rather they only show in the collections tab, and of course the Dates of Last Activity is showing None Reported, so these things are looking pretty new, which I surmise means they are looking pretty bad and negatively impacting my score.  Based on the lack of DOLA, I think TU is more likely to be incorrect than the other 2.

I am looking for your help in determining the best course of action in getting the TU items fixed.  The 2 CA's are Asset Acceptance LLC, and Portfolio Recovery Assoc. for $3,800 and $2,400 respectfully.  With no rent or mortgage in 2008 I can pay these now, but understand I shouldn't do so without a Pay for Delete agreement.  I have never had these validated either, although I do know where they came from. 

In summary:

Should I validate both?  If so, how should I do so?  What would validating accomplish?

Can I have TU dispute the "None Reported" for DOLA on both accounts?  If so, how do I do this?  Do I tell TU what the DOLA should be and have them look into it?

Should I do a PFD for each, offering approximately what I think is fair based on what was originally owed?  The amounts would be about $2K and $1K respectively.  I absolutely hate the idea of giving these snakes twice what was originally owed when they bought it for pennies on the $$. 

Finally, any guesses as to how off the TU score may be if it is in fact the incorrect score?

One other quick question - If I buy a $40K car and put $20K down will I have a problem getting an auto loan?  If not, will the $20K down help me get the best interest rate?

Many, many thanks in advance for all of your help.  Reading these boards has been informative, eye-opening, and most of all inspirational.

Thanks!

Message Edited by cruise_bone on 04-02-2008 01:53 PM

[Anonymous]

What is your SOL?     The dates that you need are DOFD      only EQ drops by using DOLA!

What is the dates that the CRAs say this will drop?  You want these dates from the reporting OC!!!!

The CAs may have changed them!

You would not dispute for not showing DOLA

As to auto buying...I would finance shop before going shopping!  You might go to your bank first.

When you walk into an auto lot  they will submit to several loan co.

Also you want the collections OFF your CR.......If past SOL and it isn't going to drop soon....I would not pay unless the OC accepts a PFD!!!

Always try to PFD the OC........If the OC sold the debt   you are out of luck, You must deal with the CA....Keep in mind that the DOFD does NOT change when the debt is sold.

If you have to deal with the CA   DV them CMRRR    IMO never dispute a CA before sending a DV   It gives them a heads up.

Also check your state law....does a CA have to be licensed...if so are they?

Message Edited by HappyDays on 04-02-2008 02:09 PM

[Anonymous]

Ah - DOFD.  thanks.  How do I track down this information if neither OC is on my credit report?  Do they have to tell me this if I track down the OC after selling the debt?

Thanks for mentioning that I should DV prior to ever disputing, and to not dispute for the lack of a DOLA.  I actually meant to ask in the original message whether I should DV them both, not dispute them both. 

I think at this point I will have to deal with CA as opposed to OC. 

[Anonymous]

DV both accounts (do check SOL first though) - from what little info you have given -  both should fall-off later this year....

A dispute with the CRA allows a CA to ask you for documentation.  Validation is totally on the CA and they must (within 5 days) report that the account is disputed to the bureaus.

[Anonymous]

Thanks!  Sorry for the "what little information you have given".  Maybe the following will help:

Account #1 was a Credit Card account, opened in 1999 while I lived in CT.  I moved to GA in late 2000 and currently am on a 1 year temporary assignment in NYC for 1 year through November.

Account #2 was a purchase from Dell Computer in 2000 while living in GA.

SOL on Credit Cards in GA is 4 years.  If the computer is a promissory note or written contract it is 6 years.

SOL on Credit Cards in CT is 6 years.  Computer also looks like 6 years.  

Based on living in 2 or 3 different places during the existance of these debts, I'm not sure which SOL should apply.

Hope this helps.

Thanks again.

[Anonymous]

SOL can only be where you opened the account or where you live now --- concentrate on those.  Big factor is DOLA for each.  If you aren't past SOL but they are 'close' to dropping be cautious.  Opened date does not matter as much as DOLA or DOFD.

Account #1 was a Credit Card account, opened in 1999 while I lived in CT.  I moved to GA in late 2000 and currently am on a 1 year temporary assignment in NYC for 1 year through November.

When did this go deliquient?

Account #2 was a purchase from Dell Computer in 2000 while living in GA.

when did this go deliquient?

SOL on Credit Cards in GA is 4 years.  If the computer is a promissory note or written contract it is 6 years.

SOL on Credit Cards in CT is 6 years.  Computer also looks like 6 years.  

[Anonymous]

Hi again,

They both have DOLA in early to mid 2001 on Equifax and Experian, but no DOLA on TransUnion.  I do not have any idea of DOFD, but wouldn't that have to be prior to DOLA?

Assuming the worst of SOL for CT, GA, and NY is 6 years for both the Credit Card and the Computer purchase, aren't I now beyond the SOL for both accounts?  If so, how do I get everything removed?  A simple DV to the CAs?

[Anonymous]

early to mid 2001 +7 === early to mid 2008  OR  +7.5 mid to late 2008.

These seem to be past SOL so DV them - they might have to remove and they might be able to validate.  Either way these 'should' drop this year!

[Anonymous]

But 2001 + 6 yr SOL = 2007.  Doesn't that mean that the CAs can no longer validate if the debt is beyone SOL?

I understand the 7yr +180 reporting period by the CBs, but how does this effect the CAs? 

[Anonymous]

SOL and reporting period are 2 entirely different things (I was computing drop date, if it's that close and SOL is 6 years thenyou are past SOL).  These will come off your report this year purely by age.  You can try a DV and see if they will validate or remove - but worst case is you wait these out to fall off.