What process should I use to start?

[Anonymous]

HI All-

I've made getting a better handle on my finances a prority this year and lurking on this board has given me much to think about.  I've pulled all three CR through annualcreditreport.com and found things that are both incorrect and valid derogatories I will have to work on.

My questions are these:

1. Does an organization chart or decision tree exist on the boards that tells me which tactics should be used  and in what order?

2. I have old accounts that I want to clean up.  Should I send all of them an DV letter or should I look to see which ones might age off within 6 mos and just let sleeping dogs lie on those?

3. Another question I 'm confused about is the SOL.  I have two capital one charge offs that are under 2000 and delete in 15 mos.  What should be my first move regarding those?

4. Lastly, how do I determine what inquires are legitimate?.  I have copied the letter to get the ones off that should not be there, I just dont know how to determine which ones those are.  There is a wealth of information on these boards, I would just like some suggestions on how  to organize my efforts. 

Thanks in advance.  This community has helped me to know that I am not the only one with work to do. 

[Anonymous]

My questions are these:

1. Does an organization chart or decision tree exist on the boards that tells me which tactics should be used  and in what order? NO there isn't because very situation is unique and responses must be tailored.

2. I have old accounts that I want to clean up.  Should I send all of them an DV letter or should I look to see which ones might age off within 6 mos and just let sleeping dogs lie on those? Depends on when you need your score to go up - IF you are only in repair mode (and not buying a home car or desperately need a CC - then letting them fall-off is the less angst riden of the options.

3. Another question I 'm confused about is the SOL.  I have two capital one charge offs that are under 2000 and delete in 15 mos.  What should be my first move regarding those? Checl SOL for your state CC are open accounts.  If you lived in another state when you opened the account check that SOL also.  SOL can key from either DOLA or DOFD - most states use DOLA so that one is usually 'safe'.  If past SOL then you can DV the CA with fear of them being able to win a lawsuit (does not mean they won't try)

4. Lastly, how do I determine what inquires are legitimate?.  I have copied the letter to get the ones off that should not be there, I just dont know how to determine which ones those are.  There is a wealth of information on these boards, I would just like some suggestions on how  to organize my efforts.  Inquireies fall into 3 categories HARD (which are the ones we are concerned with) - these are the ones where you applied for credit  SOFT  - which are usually account reviews etc, and PROMO - which is creditors looking to extend you credit.  HARDS only hurt for a year but show for 2 years on your CR.  Your only concern should be the hard ones (and if you remember trying to get credit from them or a reason that they would have looked at your report (like auto loan shopping - you may not know everyone that the loan was submitted to) 

Thanks in advance.  This community has helped me to know that I am not the only one with work to do. 

[Anonymous]

What you start with is up to you!   I always advice to know your SOL befor doing anything!!!

    SOL is state law.....each state is not the same. It is the time frame in which a creditor can file a lawsuit!

CRTP is federal law and only deals with CR.

The OC sets the DOFD and DOLA and reports them to the CRAs.    SOL goes by DOLA or DOFD  most by DOLA

Cap1  will sue in a heartbeat!!!   they have up till the last day of the month stated to file.

A simple dispute can wake a sleeping giant!

simple SOL

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

The dates that an account is closed because of default is NOT when you start counting for CRTP or SOL

try and match COs with CAs   look at CR for the DOFD  DOLA under the OC reporting!

[bamagirl1]

I agree with both lady scarlet & happy days especially about crapital one they are sue happy..and yes sometimes after you dv etc sometimes it awakens those sleeping dogs, sometimes not, sometimes if feels like a catch 2022 but it does all work itself out

[Karma2678]

I also agree with everyone who has responded. It is really up to you which tactic to use so I can only tell you how I would begin.

For future reference know that the free copy of your credit report allows the CRA's to take and additional 15 days while investigating your disputes. Normally, with a paid report they have 30 days. This really can make a difference depending on certain credit repair techniques.

Have you taken the first necessay steps? 

 The first thing you should so is to OPT OUT with each major bureau. You can call a toll free number in order to do this. This should be the first thing you do before beginning your credit repair. It will help to keep new CA's from popping up on your credit.

Next, you need to contact each CRA and have them to delete ALL former addresses and name variations on your credit reports. This is a MUST! EQ and TU is really good about this. You can call them on the phone and they will usually delete quite easily. EX is another issue all together. EX usually will not delete any address that is connected with a TL on your file. With them you really have to keep hanging up and calling back until you get a rep on the phone willing to do this. If that doesn't work send them a letter certified mail.

Everyone who said sending a DV letter can wake a sleeping giant is correct! This can happen very easily. This is why if I were you, I might would do a blanket dispute of all negatives.  I know that many people say to break up the disputes over a period of time and this is also true. However, if you think about it.. when a person pulls there report and finds several inaccuracies it is a normal thing to do , to dispute all inaccuracies.  This will get rid of all of the "low hanging fruit" so to speak. Then you will only be left with the negatives you are going to have to work on a bit. At this point you will need to come up with a strategy for each account.

I will provide you with the strategy that I use. I am in no way saying its the right way or the only way, but it works for me. This is a very basic outline:

Once only my current address and all correct personal info is reporting on my file I begin working on each negative.

I make two copies of each report. One is for my records and one is to work with. Take a red pen and go through your credit report looking for any account where you were ONLY 30 days late on that account.  On each acct where you were ONLY 30 days late you would mark it "goodwill letter".

Then you go through your reports again and find any account where you are 60 days late on it and mark it "goodwill letter".

Then you go through your reports again to find any accounts where you were 90 days late and mark it with "FCBA or NUTCASE LETTER". ( I will provide a sample of these letters ASAP).

Then you go through your account and find any accounts where you were 120+ days late or Charged Off and mark it will "OC VALIDATION/VERIFICATION LETTER". This is an account where you would send the OC a letter similar to a DV letter, but for an OC requesting verification.

Then you go through your reports again and find any collections and mark them "DV LETTER".

Then go through reports again to find any medical debts and write "HIPAA LETTER" on it.

Lastly, you would go through reports and find any public records and write "COURT HOUSE" on them.

This will at least give you a good guideline of what you need to do regarding each negative. This way you can take appropriate action. If you need a sample of any of these letters or further explanation of the credit repair techniques, just let me know.  I am not going to list the explanations here because its possible that you already know the techniques you can use and I don't want to waste your time, if this is so.

I hope this helps and did not bore you too badly.

[Anonymous]

Start with the biggest, baddest baddies first-

Save the low hanging fruit-

[Anonymous]

Thanks to all who have replied so far, my course of action is getting clearer. 

I am putting together a spreadsheet to upload in hopes that by looking at the issues and acting on the input from this board, I can order my actions in a way that is most effective..  It will be up by 8 a.m. tomorrow.  I hope you will check back and give me some observations.  I'm not sure I can upload an attachment so it will just paste it in the body of the post.

[Anonymous]

Hi all- well I made the spreadsheet but it became too large to cut and past into the post. It was helpful though in identifying what my real issues were. I've been able to group them and would appreciate any comments and/or suggestions.   

Goal-  to have sufficient fico scores in the next 6-9 mos to qualify for rehab loan for a property  I own.

What I have done so far

[Anonymous]

Hi all- well I made the spreadsheet but it became too large to cut and past into the post. It was helpful though in identifying what my real issues were. I've been able to group them and would appreciate any comments and/or suggestions.   

Goal-  to have sufficient fico scores in the next 6-9 mos to qualify for rehab loan for a property  I own.

What I have done so far

[Anonymous]

Sorry- Here is the rest of that Post-

What I have done so far-

confimed opt out of all three agencies. 

removed all incorrect personal information (alternate spellings of names, wrong addresses, wrong SS#'s.) 

determined that there is one hard inquiry on my file in the last two years.  This  inquiry is scheduled to drop off on or before 3/30/08.

____

I have determined that 4 items rank as biggest and baddies.  Two of them are capital one.

1. capital one acct. credit limit of 300, current balance 1150.  opened 02/01, last payment  06/04, scheduled to remain until 05/2010.   What is the implication of SOL?. my state is IL.  I have not heard from capital one in at least a year, although they show an accounts receivable inquiry in December 2007.

2. second capital one account credit limit 500, balance 1950, opened 02/02, last payment 07/03. scheduled to remain  until 06/2010.  Again, what is the impact of SOL, the Bankrate chart says 5 years but 5 years from when?

3.In 2002, a tenant in a property I own was scheduled to pay their own utilities, they skipped on the electric bill and the utility charged it back to the owners.This is a large bill ($6300),  I have supplied documentation to the utility but they refuse to remove the charge,  it has been referred to a collection agency and the agency shows it on the credit report. 

4.Because of employment and immediate family death, we pay two mortgages (our residence and a small income property)  on the 59th day after our due date.  We have 7 consecutive 30 day lates showing.  I have a fixed amount of money to devote to this.  With the string of lates, should I consider incurring a 60 day late on one account in order to bring the other account current.  I'm not sure that a single 60 day late will be more negative than this continous string of 30 day lates.  I would appreciate any discussion on this topic.  I speak reguarly with the mortgage co. and while they dont like it, I have documented the circumstances which have led to this.

___________-

My second set of issues is a lot less dire.

There are 2-3 long distance service collections (ATT, SBC) in the 200 range.  It looks like these could be the same account sold from CA to CA ( calvary, midland, MCO).  How do I determine who has the actual collection in order to pay only once?    I'm considering sending the letter authrored by Lady Scalet on 11/24/2007.  Is this the correct path to take? Again, thanks for any observations or  suggestions.

thanks again, your help has already made me feel more empowered over my circumstance.