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Established Member
Abcmom22
Posts: 25
Registered: ‎09-20-2011
0

help cleaning credit report-duplicate entry?

I have pulled our credit reports, and I need to raise our scores about 10 more points (or more) I would like to pay off all of the old collections but want to make sure that I do them in a way that will not ruin our scores that we already have. Right now we are sitting at EFX-624, TRU-630, and XPN-648. My husband's is EFX-631, TRU-553, and XPN-646.

 

What we have on our credit seems to be some weird duplicates maybe? I have pulled single reports also to look and they are only reporting once on each credit report.

 

What I am talking about is:

A LVNV funding which is reporting twice on the 3n1 report. It shows one way on the TRU, and EFX but shows with a different address and more numbers after the account number and a different phone number on the XPN report. It is from an old HSBC card.The HSBC is showing up on my husband's credit reports as charge off, and "purchased by another lender" as well as the LVNV funding. 

Is this a duplicate? Do I ask for valididation from CA? I know that LVNV is a stinker to work with, and read a thread about it. The SOL is not over yet, and it won't be for 3 more years. I do have the money to pay for it but would settle it for less because they have jacked the price up.

 

Next is a charge off from an old electricity company. I would like to pay this but also how do I have this changed so it doesn't hurt the score? Can I send a GW and say that I will pay it if they delete?This is also reporting twice, and they are also showing different addresses. One address is on the TRU and EFX report and the other is XPN report and it also has more numbers on the account. If I pay and do the GW will it change on all three?

 

As for the rest they are all old collection but are mostly through collection agencies. How do I go about paying these (I want to pay them to be done with them) but I do not want them to hurt my score or my husband's score any more then it has to. I know it will but I want it to do the least amount of damage on the score.

 

We are trying to raise our scores to be able to get a larger house, not a fancy house. Just more square feet. We bought within our budget and now we are in a position that we need more room because of a surprise child :smileysurprised:

 

I appreciate any help that I can get. I have read alot of the threads on this board, and understand some but want to make sure that I do this correct.

Thank you so much in advance!

Frequent Contributor
CreditBob
Posts: 498
Registered: ‎05-01-2007
0

Re: help cleaning credit report-duplicate entry?

What you can do is contact each of the companies & compare account numbers, etc. This way it will help you to be sure whether or not it is a duplicate account. You can also start a investigation with the credit bureaus by disputing the information. Just make sure you send in all documents & be very specific in a letter to why you feel the information in  your report is inaccurate. As far you your fico score goes there are too many sceneries or factors to determine what would happen with your score. With lenders the score is only a small part of the decision making.

Established Member
Abcmom22
Posts: 25
Registered: ‎09-20-2011
0

Re: help cleaning credit report-duplicate entry?

Basically the mortgage company said to pay these things off, and then they would do a rapid rescore. They said it would just take paying this stuff off in order to get us to where we need to be. I just thought that when you pay things off that it lowered your score. I want to pay all these things off though.

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: help cleaning credit report-duplicate entry?

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.

 

LVNV appears to be reporting OK. It isn't uncommon to see small differences like acct numbers. So as long as it is the same debt across all 3 and the same DOFD, then it is OK. Also, both the OC and the CA can report. I wouldn't dispute because it is likely the same vs. duplicate and a dispute can take up to 30-45 days max to resolve. Also, some mortgage lenders will deny you if there is a dispute reporting, or ask you to clear it (takes up to a month to clear) before allowing you to proceed in the mortgage process. If you have time, I would send a DV. If they verify and you agree then send a PFD. If in the middle of the mortgage process, then mail a PFD to the CA. For the OC (HSBC), all you can do is send a GW.

 

For the utility, it appears to be OK based on what your posted. Send a PFD.

 

For the remaining CAs, send DVs. If they verify and you agree, then mail PFDs.

 

GWs are only for paid debts.

 

A rapid rescore will not help your FICO scores if it gets updated to "paid" with a $0 balance. Paying a CA never helps your FICO score unless you can get them to delete.

 

 

Established Member
Abcmom22
Posts: 25
Registered: ‎09-20-2011
0

Re: help cleaning credit report-duplicate entry?

Thank you! I have done DV for all the CAs and will send them tomorrow certified. I will do the PFD with the utility also. Thank you.

I have used this mortgage company before when we got into our home that we are in now, so I know they are good people but I know that paying old debt hurts your score so I want to do this right. Thank you for your help! I will make sure I read those links you provided also. Thanks!

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: help cleaning credit report-duplicate entry?


Abcmom22 wrote:

Thank you! I have done DV for all the CAs and will send them tomorrow certified. I will do the PFD with the utility also. Thank you.

I have used this mortgage company before when we got into our home that we are in now, so I know they are good people but I know that paying old debt hurts your score so I want to do this right. Thank you for your help! I will make sure I read those links you provided also. Thanks!


I'm not sure I know what you mean?  How would paying an old debt hurt your score?  Collections hurt your score when they are first reported, and whether it says paid or unpaid, the score stays the same.  I paid off 9 medical collections and I lost only 1 point - I think I lost that point because I disputed through EQ to make sure they updated to show paid.  i should have just waited it out.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: help cleaning credit report-duplicate entry?

I guess what can or does happen to your score is an individual case. In my case, when going through the mortgage process my lender required a small collection (about $300) to be paid. It was almost 5 years old at the time. When I paid it they updated the records to reflect paid and the Date of Last Activity  (DOLA) updated also. I saw a small drop (10-15 points) across all three bureaus. The new activity seemed to have brought the effect of the collection forward as there was no other meaningful activity in my reports to account for the score change, i.e.., no new accounts or inquiries.

 

Now, a year out and the scores have recovered and gone up from what they were. But I have a lot of activity to account for that (positive history for another year, new mortgage, decreased utilization). I tried for a PFD before just paying it and they would not. So I paid it to satisfy the mortgage lender.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Established Member
Abcmom22
Posts: 25
Registered: ‎09-20-2011
0

Re: help cleaning credit report-duplicate entry?

What the mortgage company told me exactly is, to pay off old collections, give it 6 months, and we can get the FHA mortgage since a 640 is needed. I am trying for PFD with the two utilities. If that doesn't work, I will just pay it off regardless.We want everything paid for and off, that way even if it hurts us now, it will look better later.

 

 


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