Rebuilding Your Credit

[smooshiesmom]

I am hoping to try for a mortgage in the very near future, 2-4 months, and I do not want this to come up on my report. 

It is a letter from a CA for an old Cap 1 account.  The account with Cap 1 was from back in 01or 03 and now shows a balance of 0 on my report, so I assume they sold it to this CA.  But on the back of the letter from the CA it says that

"No credit reporting will occur if the federal reporting period has expired or we have not reported on this account"  It is not on my report as of now so can they add it?  I just received this in the mail the first of April but I pulled my report on May 15 and it is not on there. 

[sidewinder]

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smooshiesmom wrote:

I am hoping to try for a mortgage in the very near future, 2-4 months, and I do not want this to come up on my report. 

It is a letter from a CA for an old Cap 1 account.  The account with Cap 1 was from back in 01or 03 and now shows a balance of 0 on my report, so I assume they sold it to this CA.  But on the back of the letter from the CA it says that

"No credit reporting will occur if the federal reporting period has expired or we have not reported on this account"  It is not on my report as of now so can they add it?  I just received this in the mail the first of April but I pulled my report on May 15 and it is not on there. 

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When is the OC scheduled to be removed? If the OC is still showing, it isn't past CRTP.

As far as "can they report after saying they won't" I don't know.

Can you PIF? If so, you might negotiate paying for a letter of promise not to report.

[HappyDays]

When an OC reports a CO Bal $0  they have sold it to a CA.............you need to know the DOFD/DOLA   this will also tell you when you are out of SOL.  Being out of SOL is to your benifit and is very important!!!!!!!

What is the DOFD/DOLA  and what is your SOL?

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Being past SOL doesn't mean that the CA can not report!!!

By law (which they usually do not follow)  they must notify you & give you 30 days to answer their letter.

You need to send them a DV letter  CMRRR       and if within SOL be ready to PIF. Always try to PIF with a PFD!!!