Simmons First pulled TU. I have no idea what "scoring" company or model they use. I do know that they are one of the most difficult banks to obtain credit with in the country. But I do know that the numbers matched. My wife is a collection manager and with the utility company I have an account with. She did a hard pull for me quite a while back (they use EQ) and the number was within a few points. She does not know what scoring method or company they use to calulate their data. She only goes by what the CRA gives her for numbers. Some may use FICO some may not. I just don't know as I am not a credit analyist. What I do know is working your ass off to pay down debt and clean up your files, pays off in a big way.
Simply put, I no longer have to worry about whether or not if I need credit to survive. If I do, I have proven that I can get it with the lowest possible rates. That's what matters to me, and it doesn't have to mean squat to anyone else.
This is just a follow up to how foolish this thread has become. I feel compelled to say things that may not be very nice when it comes to “scores”. I know this site pushes FICO scores and will question or bash anyone that doesn’t produce one. The “FICO score” is the main thrust and focus here and I get it. But………….
The point of rebuilding credit is to learn from your errors, obtain what you need to survive AND to save you money in the process. Let’s face it; you’re asking to use other people’s money (credit) to have the things you want or NEED for you, your child or other family member. Whether it’s a hotel room for a day or so for required training from your employer, to the lawn mower you need to purchase because the neighbors have called in complaints to the county because the grass is too high on your property.
If my “score” is 8,000 from tinbucktwo.com and yours is 710 from FICO, quite frankly I don’t care. The fact of the matter is that you do your best to pay your bills on time, are treated fairly by collections agencies and creditors when things go bad for you (sick, divorce, unemployed etc.,) Your focus should to be to build a credit profile that will give you what YOU need when you NEED it.
When you have reached that point like I have, scores become a thing of the past. You will know and any place you apply for “Needed” credit will come to the same conclusion; this person has excellent credit and they will get the best rates possible. The person that started this thread does not have to take what I have to say and run with it and this thread should not have been hijacked to focus on scores. There are many ways to handle different situations, and I am not an expert in this field. What I did may not work for everybody. But what I did, did work for me. So if my 881 equals a 781 then so be it. I get what I need when I need it at the lowest possible rate.
I don't see where this thread has become foolish at all. It is doing exactly what these boards were intended to do. To give information and different perspectives on how to improve your financial health. This is not a "Credit Repair Site", it is a "Credit Information site.
You have made some good points, and some that I don't completely agree with, but we can all learn from each other. There are many aspects that come into play that weren't included in the conversations earlier. You say that you tell them what they will do to get their money, but if they have a legitimate debt within the SOL and you take that route, you'll just most likely find yourself in court with a judgement being placed against you. The added public record will not help your situation at all.
As far as the scores go, that's a big ball of confusion that has no absolute answer. We use the terms FAKO and FICO quite loosely, but I look at it this way. If it is a score that a lender uses it is relevant, if they don't use it, it's worthless. If you look at the scores offered on EX, etc., you will notice that it even has a disclaimer. These scores are for educational use only and may not reflect the scores used by lenders. To me, that's a big giveaway.
The statement you made concerning the changing of the DOFD and inserting a TL that had passed the CRTP has me concerned. Yes, I do believe you when you say that they inserted that to your CR and I agree that some of the "bottom feeder" CAs will use tactics that aren't above board. But there are methods put in place to deal with those types of situation. First off, them telling you to dispute with the CRAs is a bunch of bull. You will direct dispute with them, that way they can no longer say it was just an error, because you have advised them of the error and they are responsible to fix it. If they don't, then you go to your local small claims court and file a $1000 claim against them. Yes it is possible to get money from the CAs, I've done it, and several others have too.
Basically, information is the key. The more we know, the harder it is for them to pull these types of tactics. The more credible, "if you can call them that" CAs will not result to this type of thing. But strange things happen and we must arm ourselves with the knowledge to uphold our rights.
Guess that's about all I have to say about that. Welcome to the forums, come learn and grow with us.
Shogun, myFICO moderator
Edited to fix some grammar isssues, it's late, I'm tired.
Getting back on topic. It just hit me today (mind's been scattered these past few days.); I'd called another company two weeks ago regarding this same debt. Based on the mail that I'd recieved from this company, they had the debt before the company that I'd spoken to yesterday. They told me that they no longer have the bill and that they turned it back over to the credit card company. I don't know what I was thinking. I guess I was so focused on the negative on my CR that I'd made that my goal which really wasn't the smart thing to do, seeing that they had the debt first (more than likely don't have it anymore.) and could never get in contact with me. So it looks like I'm going to have to contact the credit card company and find out who actually has this debt. If it's no longer the same company that I'd talked to yesterday, I'll let it just ride out. Nothing else that I can do to get that negative off of my report, seeing that more than likely, they no longer have the debt in their possession.
"Good idea. Contact the CCC and find out who has the debt. If a CA is on your CR send them a DV letter.
If the CA on your CR no longer has the debt they have to remove it."
This is new to me. What's a DV letter? Even if the CA had ownership of the debt first, they're obligated to take it off?
According to the Credit Reporting Resource guide, if a 3rd party CA sends the debt back to the OC or the OC asks for it back, they must remove their TL. If a JDB transfers or sells the debt they must remove their TL.
DV is debt validation. The CA has to provide who is collecting and how much is owed. If you ask for the name and address of the OC they must provide that. They do not need to respond but cannot continue collection activity. IME, if I sent out a DV to a CA that no longer had the debt it was deleted.