CREDIT REBUILD PROJECT LOG

[llecs]

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p- wrote:

Slight increase this month.  Major change was 1 neg item removed from Equi via dispute (see previous log).  AFN_ is now on all 3 :-( disputing all of them.  Cred_ Contr__ is now on all 3 also, dipsuting all.  Both are listed as 2005 items, almost 4 years old, scheduled off in 2011.

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Are these your accounts?

[p-]

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@llecs wrote:

Are these your accounts?

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No, but the dollar amount is so small that I am willing to PFD full asking amount if that will clear it off.  I don't understand how I ask for verification and all they send me is a printout with my name on it (not full name either, just first and last, no suffix, no middle).  I learned my lesson about just giving in and paying without an agreement.

I hope they will accept PFD offer, I guess I'll have to wait and see. 

[llecs]

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p- wrote:

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@llecs wrote:

Are these your accounts?

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No, but the dollar amount is so small that I am willing to PFD full asking amount if that will clear it off.  I don't understand how I ask for verification and all they send me is a printout with my name on it (not full name either, just first and last, no suffix, no middle).  I learned my lesson about just giving in and paying without an agreement.

I hope they will accept PFD offer, I guess I'll have to wait and see. 

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IMO, I'd press it legally via more DVs. I had a CA once try to collect for $30. I knew I didn't owe, but figured they'd accept a PFD. I skipped DVing them. They ignored the PFDs and I ended up sweating bullets to see if they'd report. It took going back to the DV process and managed to get them to go away. Sometimes it take a strongly worded legalish letter to get them to stop.

[p-]

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@llecs wrote:

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IMO, I'd press it legally via more DVs. I had a CA once try to collect for $30. I knew I didn't owe, but figured they'd accept a PFD. I skipped DVing them. They ignored the PFDs and I ended up sweating bullets to see if they'd report. It took going back to the DV process and managed to get them to go away. Sometimes it take a strongly worded legalish letter to get them to stop.

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Thanks,  I'll approach it from that angle and see if that works.

[p-]

12-22:

Dispute results from EQUI:

5 INQUIRIES DELETED - SWEET!

2 CA'S VERIFIED :-(

BALANCE ERROR ON CREDIT CARD UPDATED :-)

These changes should result in a net gain in my EQ score, we'll see on 1-15-09.

[Anonymous]

I started rebuilding my credit almost a year ago now and did the same thing you're doing. I read about goodwill letters and pay for deletion letters. I had about 10 collection accounts from random places and they were all legit. Some ranged from 60 bucks (unpaid parking ticket and video rental collection) to 900 bucks (charged off credit card). I was just careless and didn't care about my financial commitments in college. Now at 26 I realized I wanted to buy a house or car some day, and I was embarassed by my credit history.

Anyway, I sent pfd letters to all collection agencies after disputing some items. A couple were removed thru online dispute process. Eight remained. Of those eight only two responded to my pfd offers and accepted in writing. One ca responded harshly stating "We do NOT accept your offer. We will NOT remove from bureaus after your payment. Your settlement amount is REJECTED." harsh!

That last letter was for a computer loan in college in 2001 and set to fall off report in nov 08. I was afraid that they would sell debt to another ca and have it report for another 7 years so I sent payment in full anyway with a letter thanking them for replying and asking them to reconsider removing account from bureaus to help my family during the recession. After my check cleared, it was removed from all bureaus.

To all those ca's that did not respond to my pfd's (after writing twice) or answere my pfd's letters with phone calls promising to remove account with oral promise, I sent them a personal check with restrictive endorsement. The letter accompanying the check served as the restrictive endorsement, stating that if they cash the check, they agree to remove from credit reports. It was a gamble. It I sent payment anyway because I owed them money after not keeping my end of a legitimate business contract (let's face it: we're in this mess because we didn't pay money we owed...money still owed. There's a moral aspect to all this).

In the end, all ca's removed their accounts from my bureaus. Restrictive endorsements work and are usually binding under the uniform commercial code. Some states have legal precedent that invalidate restrictive endorsements (ny and cali) but for me, sending payment with a wishful restrictive endorsement worked: I paid off legitimate financial obligations and the bonus was getting them off my reports. Some ca's may have deleted because they believed I would take them to court if they didn't delete or they were just generous.

[p-]

That's interesting...  What did you put on the check to reference the restrictive endorsement letter?  Is there a specific text you used in the letters that worked?

Thanks for the info...

[p-]

RESPONSE RECEIVED 1-2:

Dispute results from TU:

1 CA (AFN_) DELETED - SWEET!

1 CA VERIFIED (CC Cor_)

2 ACCOUNTS UPDATED.

These changes should result in a net gain in my TR score, we'll see after 1-15.

Next step, dispute TU inquiries that don't look familiar.

[p-]

PHONE CONVERSATION:

CA AFN__ responded to my PFD offer with a computer printout of my alleged account balance of 80 bucks (see notes earlier).  I could care less if I have to pay them or not but two things keep me from doing it.  First, I know I don't owe this.  Second, I know if I pay or settle there's a good chance they'll reset the shot clock with the new activity and I'll end up worse off than before.

The account is from 2005, reported to all three CB's, but one has already removed it from my file.  I decided to try something new, and actually called the CA.  The lady I talked to was polite, suprisingly.  I gave her my account # and she verified my address.  She asked for a phone number but I told her I "preferred to recieve information in writing, thank you."

I asked her if they received my offer to settle (Pay for delete letter).  She immediately offered to settle my account for 40 bucks.  I explained to her that it wasn't really my account, but I was willing to pay the full 80 in exchange for deletion.

She told me that they did not do "pay for deletions".  I explained to her that I had no motivation to pay, it could only hurt my credit report.  She said she was sorry but that was policy and there was nothing she could do.

I told her "Well, I guess you're out of luck then.  Thanks anyway."

PLAN OF ACTION:  Continue to dispute this account, hope the other two cb's delete it too.  Otherwise, wait it out to 2012.  At least as it stands it's not affecting my recent (2 years) history.  If they are unwilling to negotiate, then they will never see a dime.

[p-]

INFORMATION RECEIVED 1-14-09 - UPDATED CREDIT REPORT AND SCORES

Scores updated:

06-04-2008: EXP - 577 EQU - 530 TRANS - 542 AVG - 550

07-15-2008: EXP - 614 EQU - 603 TRANS - 644 AVG - 620

08-13-2008: EXP - 628 EQU - 595 TRANS - 668 AVG - 630

09-15-2008: EXP - 614 EQU - 601 TRANS - 652 AVG - 622

10-15-2008: EXP - 625 EQU - 613 TRANS - 637 AVG - 625

11-15-2008: EXP - 611 EQU - 588 TRANS - 621 AVG - 607

12-15-2008: EXP - 609 EQU - 604 TRANS - 615 AVG - 609

12-15-2008: EXP - 614 EQU - 602 TRANS - 664 AVG - 627

The only change in TU was 1 CA deleted, but still have 1 CA and two accounts with lates in last 24 months.  Significant score increase.

EQU suprised me with drop of two points - only changes were 5 inquiries removed, but 1 CA (afn_) is now showing payment history of OK on JUL-OCT 2008, then 120 late NOV 2008.  I thought CA's couldn't do that?  I'll have to research that a little more and figure out how to get that fixed.  Also they come up as date open 7-1-2008, but they used to say 2005.  How can they re-age that?

EXP is no major change except a last 12 month late aged into last 24 month late, that might explain the 5 points.

Plan of action - Continue DV process, learn about legalities of above AFN_ situation.  Exercise my rights as a consumer.  Continue previous plan of action.

Message Edited by p- on 01-14-2009 11:21 AM