Advice on next steps

[givens1026]

I am looking to take care of a few straggling problems on my CR's.  Any advice on what I should tackle next?  I am looking to try for a USDA home Loan this summer.  Debt to Income and Utilization are good right now as well.  Here is what I have left:

Transunion
Creditor	Balance	Remove Date	Pay Status
Consumer Portfolio Service	$0.00	Feb-13	Charged off as bad debt
Credit Collection Service	$270.00	Mar-13	Collection Account
IC Systems Collections	$101.00	Jul-13	Collection Account
Plains Commerce Bank	$0.00	Oct-12	Payment After Charge Off
Portfolio Recovery Service	$5,164.00	Oct-12	Collection Account
Equifax
Creditor	Balance	Remove Date	Pay Status
Jefferson Capitol System	$470.00		Collection Account
IC Systems INC	$101.00	May-13	D-Unpaid
Collection Associates	$0.00		Collection-P-Paid
Experian
Creditor	Balance	Remove Date	Pay Status
Collection Associates	$0.00		Paid Closed
Consumer Portfolio Service	$0.00	Feb-13	Charged off as bad debt
IC Systems INC	$101.00	May-13	D-Unpaid
Portfolio Recovery Service	$5,164.00	Oct-12	Collection

[llecs]

If I had those, I would do the following:

I would send GW letters to Collection Associates and to Consumer Portfolio Service and ask them to delete.

I would send a GW to Plains Commerce and either: 1) ask for a full deletion or 2) ask them to remove the CO comment and/or lates. In any case, I wouldn't do anything if this is one of my oldest TLs or helped my AAoA by a good deal.

For the unpaid debts, I would take action if 1) SOL expired or 2) I had the money set aside to PIF. If one of these two conditions are met, then I'd take action. Otherwise, I'd wait. Since they are all CAs, I would send DV letters to each. If they verify and if I agreed with the debt, then I'd send PFDs. If they agreed to the PFDs in writing, then I'd pay it and they'll delete forever.

[LIGHTNIN]

Hi givens 1026 and Welcome back to the forums,

llecs, took the words right out of my mouth. LOL I totally agree with llecs plan.

Good Luck to YOU!! Keep us informed of your progress.

[RobertEG]

Many of the items you list are not creditors.  They are debt collectors.

Collections, paid or unpaid, will remain in your CR, and thus have equal impact on your credit score, for 7 1/2 years from the DOFD on the OC account.

The unpaid collections are your biggest concern.  They could, at any time, result in legal action, and a possible judgment being obtained and added to your CR.

So the first thing I would do is to know the expiration of your state SOL on each and every unpaid debt.  That will tell you, if they do bring legal action, whether you will have an expiration of SOL defense in court.  Additionally, mortgage lendors will most probably require, as a condtion for any mortgage loan, the payment of existing, reported debts.

As for the paid debts, recourse is write them in an attempt to obtain GW deletion from your CR.

COs done by an OC and now paid and showing $0 balance should be addressed by GW letters to the OC.

[givens1026]

Thanks for the quick replys!  I am ready to get started.  Couple of questions, is the SOL for the state where the contract originated (where I lived) or the state where I currently reside?  And, does the SOL refer to the OC or the CA?

Edit:  Just confirmed with an attorney, all outstanding debts are beyond SOL!!

So far have sent PFD to IC Systems, SFD to Jefferson Capitol, GW to Collection Associates.  I'm at a loss with the Consumer Port. Serv./Port. Rec. Serv. issue.  Don't know what avenue to pursue.  It was a repo and I have challanged claimed deficiency, sent multiple DV's.

[LIGHTNIN]

Great news your passed SOL. Good Luck on the PFD letters.

Keep us informed of your progress

[RobertEG]

SOL is based on the period of time the debt has been delinquent, and the type of debt (e.g., revolving, written contract, etc).  The type and status of increasing levels of delinquency are not normally SOL factors, unless your state SOL statute has a specific reset provision.

[givens1026]

Update of progress so far:

Transunion
Creditor	Balance	Remove Date	Pay Status
Consumer Portfolio Service	$0.00	Feb-13	Charged off as bad debt
Credit Collection Service	$270.00	Mar-13	Collection Account
IC Systems Collections	$101.00	Jul-13	Collection Account
Plains Commerce Bank	$0.00	Oct-12	Payment After Charge Off
Portfolio Recovery Service	$5,164.00	Oct-12	Collection Account
Equifax
Creditor	Balance	Remove Date	Pay Status
Jefferson Capitol System	$470.00		Collection Account
IC Systems INC	$101.00	May-13	D-Unpaid
Collection Associates	$0.00		Collection-P-Paid
Experian
Creditor	Balance	Remove Date	Pay Status
Collection Associates	$0.00		Paid Closed
Consumer Portfolio Service	$0.00	Feb-13	Charged off as bad debt
IC Systems INC	$101.00	May-13	D-Unpaid
Portfolio Recovery Service	$5,164.00	Oct-12	Collection

IC Systems Inc - Has been deleted from all three reports

Collection Associates - Has been deleted from Equifax and Experian

Jefferson Capitol System - Has been deleted from Equifax

Portfolio Recovery - Have in my hands a signed PFD agreement from them.  Mailing certified funds today.  Will send UDF to bureaus and me upon recieving payment!!!!

What a wonderfull resource this site is to those who wold have otherwise not stood a chance.  Almost there!!!

[debtoranon]

Congrats on your success! That is really exciting. I am dealing with both Portfolio and IC as well and I haven't been able to get an agreement for a PFD. Would you mind sharing your strategy? Also, if you don't mind me asking, did you PIF to Portfolio or did they agree to a settlement?

[givens1026]

Update of progress so far:

Transunion
Creditor	Balance	Remove Date	Pay Status
Consumer Portfolio Service	$0.00	Feb-13	Charged off as bad debt
Credit Collection Service	$270.00	Mar-13	Collection Account
IC Systems Collections	$101.00	Jul-13	Collection Account
Plains Commerce Bank	$0.00	Oct-12	Payment After Charge Off
Portfolio Recovery Service	$5,164.00	Oct-12	Collection Account
Equifax
Creditor	Balance	Remove Date	Pay Status
Jefferson Capitol System	$470.00		Collection Account
IC Systems INC	$101.00	May-13	D-Unpaid
Collection Associates	$0.00		Collection-P-Paid
Experian
Creditor	Balance	Remove Date	Pay Status
Collection Associates	$0.00		Paid Closed
Consumer Portfolio Service	$0.00	Feb-13	Charged off as bad debt
IC Systems INC	$101.00	May-13	D-Unpaid
Portfolio Recovery Service	$5,164.00	Oct-12	Collection

IC Systems Inc - Has been deleted from all three reports

Collection Associates - Has been deleted from Equifax and Experian

Jefferson Capitol System - Has been deleted from Equifax

Portfolio Recovery - Have in my hands a signed PFD agreement from them.  Mailing certified funds today.  Will send UDF to bureaus and me upon recieving payment!!!! - Removed from all reports!! Also, recieved copy of UDF in mail today!!

Plains Commerce Bank - Goodwill removal from TU!!

What a great feeling.  Currently in underwriting for mortgage with USDA and at the heels of the 700 club!!