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Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
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CREDIT REBUILD PROJECT LOG

[ Edited ]
Hey there...  I started reading this forum in June 2008 and have begun the long journey of recovering my credit.  I have decided to log my activity as I take this journey for two reasons.  First, if anyone has suggestions or critiques, I would love to hear it.  Second, if anyone is about to start a similar project, they may learn from my mistakes.
 
So, here we go!
 
6-4-2008 - Denied for multiple CC apps, seeking a new gas card.  went online and pulled all 3 fico reports:
 
EXP - 577    EQU - 530  TRANS - 542
 
This is when I began reading everything I could on these forums.  I found that much of my report was inaccurate or outright did not belong to me.  I began the dispute process as soon as I had a clear understanding about how it worked.
 
 
 


Message Edited by p- on 07-14-2008 12:38 PM
3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007

Re: CREDIT REBUILD PROJECT LOG

Welcome! Smiley Happy
 
Best of luck with your journey.  Keep us posted!
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
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Re: CREDIT REBUILD PROJECT LOG

Reports as of 6-4-08:
 
EQUI:
 
# Accounts Past Due - none
 
Credit History - 8 years
 
Late Payments - 18                            yikes!
 
# of Accounts - 8
 
# of Accounts w/ balances - 2
 
Accounts opened in past year - 0
 
Recent Inquiries - 3
 
Collections - 7                                     range from true to impossible, spread over past 7 years
 
Public Records - 1                              judgement from where?  never recieved summons
 
Initial red flags:
late payments from period of unemployment on student loan, car pmt, and home phone, now current, but all 3 reported lates.  old home phone acct closed in march 07 but reported late through march of 08!
 
EXPER:
 
# Accounts Past Due - none
 
Credit History - 7 years
 
Late Payments - 12
 
# of Accounts - 8
 
# of Accounts w/ balances - 2
 
Accounts opened in past year - 0
 
Recent Inquiries - 4
 
Collections - 5                                    
 
Public Records - 0                             
 
TRANSU:
 
# Accounts Past Due - none
 
Credit History - 4 years
 
Late Payments - 19
 
# of Accounts - 7
 
# of Accounts w/ balances - 2
 
Accounts opened in past year - 0
 
Recent Inquiries - 3
 
Collections - 7                                   
 
Public Records - 0      
3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
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Re: CREDIT REBUILD PROJECT LOG

My initial concerns:
 
A lot of this is unfamiliar.  I need to clear up the baddies that don't belong.
 
The "Legal Item" filed 9-1-04...  $2,000  What is it, and how do I get it off my report?
 
Can I get my current account holders to clear the late payments off?
 
Can I successfully negotiate with collection agencies to get this information clear of my report?
 
I have some good accounts, can I get more, and will they help or hurt?
 
I still need a gas card, what is my best option?
 
 
 
 
3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
0

Re: CREDIT REBUILD PROJECT LOG

Actions Taken:
 
6-10-2008:
 
Submitted dispute letters to all 3 CB's for baddies that don't belong to me.  Started with basic form letters similar to this.  There are many others available in these forums.
 

June 04, 2008

To Whom It May Concern:

After closely examining my Equifax Credit Report obtained on 6/4/2008, I have discovered the following errors:

Problem 1

The current address is incorrectly reported as:

X

However, I have moved. Please change my current address to:

Y

Problem 2

The following account is not reported as closed by consumer:

XXXXXXX

Paid collection

However, I have closed this account and repaid everything I owed ON TIME. Please report this account as closed by consumer.

Problem 3

The following account is listed on my report:

XXXXXXXX

Date opened: 11/1999

However, I have never opened this account. It is not my account and it should be removed.


Problem 4

The following public record is listed on my report:

Type: Legal Item
(Judgement)
XXX
Amount: $1,955
Date filed: Sep 01, 2004
Status: Not Reported

However, I do not have this legal item. Please remove this record from my report.

Problem 5

A collection is listed on my report for a debt on an account that was never mine. The collection is:

The collection agency XXXXXX
was hired by Creditor XXXXXX

to collect debts on Account Number 'XXXXXXXXXXXXX.
Status: Unpaid
Balance: $2,113

Please remove this collection from my report.

 

I would appreciate your prompt response to these issues.

 

Sincerely,

XXXXXXXXX

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
0

Re: CREDIT REBUILD PROJECT LOG

Actions Taken 6-16-2008:
 
I applied for and recieved an unsecured credit card through Orchard Bank.  I have a $300 limit (I spend more than twice that a month just on gas) and have begun using it.  The annual fee is 20 bucks, but they hit me for another 80 to start the account.  I guess beggars can't be choosers.
 
I am currently using and immediately paying this card every time I fill up.  Average transaction, $75.00.  Average daily balance $.01.  Goals for this line: 
Increase unused available credit as much as possible,
show on time payments for two years,
increase number of accounts in good standing.
 
3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
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Re: CREDIT REBUILD PROJECT LOG

Actions Taken 6-23-2008:
 
After reading carefully through the many threads here detailing how a PFD works, I drafted a number of letters using the guidelines I found.  Here is an example of a PFD letter I have used:
 

COLL AGENCY

ADDY

ST ZIP

Re: Collection Account for ORIGINAL DEBT HOLDER ACCOUNT #: XXXXXXXX

Amount: $56.00

To Whom It May Concern:

This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you before regarding this account.

In the spirit of compromise, I am willing to pay 10% of the original stated debt or a total of $5.60 if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

If you agree to the terms and accept this agreement, certified funds for the settlement amount of Five Dollars Sixty Cents ($5.60) will be sent to AGENCY. in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

AGENCY agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, AGENCY will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of AGENCY. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Please address all correspondence regarding this account to:

I typed my name and address, did not sign.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Highlighted
Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
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Re: CREDIT REBUILD PROJECT LOG

Actions Taken 6-23-08 continued:
 
Regarding the PFD - I figure it's worth a try, right?  So I sent a letter with what I thought was a reasonable PFD offer to all the CA's I have, legit or not.
 
Here is the list, some names may be changed to protect the illiterate:
 
ALLIAN___1:                   3 LETTERS
ER SOLU____S:             1 LETTER
OSI C________NS:        1 LETTER
PUGE_ SOU__ CO___: 1 LETTER
SOUN_ SCRE__ SER_: 1 LETTER
 
I'll update as I recieve responses.
 
 
3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,671
Registered: ‎06-05-2008
0

Re: CREDIT REBUILD PROJECT LOG

masdeocho-
 
RE: Welcome!
 
Thanks,
3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: CREDIT REBUILD PROJECT LOG

It is a fun process. And best of luck.
 
Per the PFDs, I recommend sending out a DV before sending out the PFD. You want to create a paper trail, and a DV helps accomplish that. Also, CAs and OCs don't have to respond to or answer a PFD. It is not unheard of for a CA to change the amount you owe once you PFD them.
 
I also send my PFDs regular mail.
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