I have been working on my credit report for about 6 months now. When I was young I mis managed credit badly a few years ago, I was 22 and had $15,000 of available credit cards and used it all on stupid stuff. Long story short I fell behind and thought I'd never be able to fix my credit so I didn't pay any credit cards (just car loan) and decided to wait 7 years for all of the negatives to falloff. That was 3 1/2 yrs ago and I am in a spot where I want to fix my credit. I have a car loan that will be paid in full next September (this was from when I had good credit so interest rate is only 8.3%) and I have 3 secured cards 1-$1000 1-$1000 1-$500 oldest one is 6 months old and newest one is 2 months old. I keep balances less than 5% and pay in full every month and need to increase my scores a lot still so I'm looking to still clean up credit report and rebuild My credit.Transunion is a 555 and Equifax is a 650. I have gotten rid of most baddies but have a few questions any help is greatly appreciated.
1. I had a b of a charge off for $10,000 that is out of sol and is reporting as a b of a $0 charge off and asset acceptance corp as a $18,000 collection. So who do I contact to resolve this account and how much should I offer $$$ for pfd
2. I have an eos collection fort AT&T that doesn't belong to me but came back verified, how do I proceed ?
3. Do I need more than 3 secured cards or should I increase my secured credit limits ?
1. You will have to deal with Asset Acceptance on this debt. The OC has sold it off and no longer has any claim to it, hence it is reporting the $0 balance. As far as how much to offer, that is totally up to you but make for certain you are outside the SOL, this is a large amount. Maybe start with 25% and see where to go from there.
2. Do a direct dispute with EOS, contact ATT and ask if you've had an account with them that's been sold off or in collections. If they say yes and you didn't, then file a police report with your local law enforcement for identity theft and send that in. Make sure though that it wasn't yours.
3. You have enough in the secured cards. Maybe work on boosting their amounts a little, it's still your money, kind of like a savings account.
Best of luck to you!
If you have a debt under collection that you dont believe is yours, I concur with Shogun that the only mechancism available under the FCRA and FDCPA, once they have verified its accuracy, is to put the account into an identity theft proceeding, which requires that you file a police report putting your assertion into a sworn statement.
If willing to file a police report asserting you never authorized the account, you can send a copy to the CRA and immediately get it blocked from your credit report, and just ans importantly, send a copy to the creditor and compel them to produce business records to support their verification under the authority of FCRA 609(e). that provides a mini-discovery right that normally only comes about in court. It is not provided under the FCRA dispute process.
Absent using the FCRA identity theft process, you would have to rely on the courts to hear the issue. You could either initiate your own litigation, or argue the matter as a defense against any legal action they might bring.