Hey folks. Just joined the forum to ask for your collective input on this. First, I'll try to give a brief background of myself and credit situation:
I'm 40 years old. I spent my early 20's blowing through and burning every credit opportunity any company was stupid enough to give me. Included in that group of creditors happened to be the federal gov't in the form of student loans. Of course I wasted them completely and never even finished my degree. I have absolutely nothing to show for about $25K in debt (plus penalties and interest) that I accrued 20 years ago. That doesn't mean I don't think I owe it back. I understand that I do.
I spent most of my 30's relatively off the grid. I had practically no credit accounts for the better part of a decade. Occassionally I was named on a lease or a utility bill here and there but other than that I was pretty hard to track down.
Fast forward to about 2 years ago when I was moving into an apartment with the girlfriend and we needed a washer/dryer. So we're at Sears and I'm trying to talk her into getting a store account for the no interst 18 mo. She says why don't I try. I laughed and said what the heck. And when I gave the lady my SS#, a few seconds later she gave me a $3,000 line of credit. I was pleasantly stunned.
Shortly afterwards I applied for a CapOne card and got a very small line of credit from them. I didn't understand what was happening (I do now...7 years, etc). I went looking at cars and thought I'd like to buy a new one. I got a 1.9% interest rate. The salesman told me my credit score was 715 or something that sounded impossible to me at the time.
So I think that about covers the backstory. I was a credit disaster from 18-22, skipped on several cards and totally blew off a student loan for 15 years. I electronically disappeared for a the better part of a decade, hidden but in plain sight. Things eventually fell off of my credit report. So much so that when I poked my head back out all these years later, there were barely even any scars.
I went a little credit crazy. I haven't gotten myself in any trouble, though - haven't so much as been late on a single payment to anybody in the two + years since I came back to the world. I'm actually very responsible in my older age and pretty good with money too.
Ok...so getting to the point...
I asked my bank for a credit line they offer as an attachment to their checking accounts. When the manager got back to me she mentioned in a polite way that I should probably cool it down. My debt to income isn't all that great. I've had a lot of inquiries in the past two years.
So yesterday I decided to pull my reports. I wasn't able to get Transunion to provide me one online, but the other two went through. I was feeling pretty good after reading Equifax. Really good actually. Then I got to Experian...
Experian's sheets read like they were reporting on an entirely different person. It was fair though so I can't complain. One thing in particular jumped out at me.
For the past two years that they provide reporting, Equifax shows me with a hard inquiry approximately every 6 months from Performant Financial Corporation. A quick googling informed me that they handle collections on defaulted student loans. That makes sense because I have a defaulted student loan. Further googling the circumstances brought me to this forum... repeatedly.
I saw there was a discussion here about this same agency and its practices, but it was from several years ago. I figured I'd try a new one and add all that backstory so that maybe beyond this issue I can get further advice/help from members here.
I have a total of 14 hard inquiries over the past 2 years according to Experian. Four of those are from Performant Financial. Two of the 14 are from a company called Platinum Partners, whom I've come to learn is also a collection agency (for what relating to me I don't know). I have several soft hits from collection looking types as well. My current Fico according to Discover Card btw, is 684. I think that's pretty run of the mill. Wish it was still that 715 or whatever from two years ago.
My question, obviously, is whether there is a damn thing I can do about any of this? I know I can take action on the soft inquiries. I discovered the opt out about 20 minutes after taking in my credit reports and didn't hesitate in choosing to do so. But the hard inquiries are really the issue. It seems almost punitive to ding somebody every 6 months. I mean, it's kind of blatantly punitive if you ask me.
I've been a real pain in the ass to evey collection agency that's ever tried to track me down over the years. I'm sure I'm not the only one here who honed that particular "skill" at one point in their lives. I'm not proud of how irresponsible I've been for long periods of my past. But I'm trying to put a life together now that involves being able to function financially like an adult - like an actual productive and contributing member of society. I know that coming to terms with this monster in the closet that is my student loan debt is probably the last big hurdle along that path. And I'll get there, eventually...probably.
Maybe.
The fact is, I haven't had more than two or three 2 minute conversations with anybody in charge of my student debt over the span of the past 15 years. There's no reason for them to think they are going to get anything from me at this point. And now it's apparently been handed over to a new agency in the past two years who seem to figure this is their only recourse to exact a little pain/pressure/revenge..? I guess I understand that, but is it completely their prerogative to burn my CR every 6 months until I die if that's what they feel like doing? Is there any point along the path of no contact whatsoever where the "continuing business enterprise" angle becomes untenable?
Ok, I think I've said all I need to/can here at the moment. That was incredibly long and excessively rambling, for which I apologize. I get carried away in front of a keyboard sometimes.
Sorry again and thanks to anybody for their thoughts in advance. Best of luck to everyone.
