Rebuilding Your Credit

[ficonightmare]

After trying to rebuild my credit for the last year, i finally discovered this amazing site! So please be patient with all the dumb questions

So last year I got my EX Vantage FAKO score of 618. While now I know it means nothing, it was low enough to push me into rebuilding my credit.

As of 10/25, I ran my FICO scores here and am at 725 with TU and 711 with EQ. I then went to Experian and received their Plus (FAKO) score of 711.

Today I went back to EX and tried their Vantage score just to see how it compared from last year. Well, it's only 695. So this time, I looked closely at both my EX reports.

Apparently they're both showing  a Macys card I had (which EQ and TU aren't). The Experian Online Personal (free) Credit Report shows a DOFD of 10/04. Under "Account History" is says:  Charge off as of 2/06 and under "Status" it says $50 written off".

When I look at my other EX report (the one that shows me my Plus Score), it's says "Payment Status: Legally paid in full for less than the full balance.

Now, neither TU nor EQ is showing the Macys card anywhere. I've also read that in NY, accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years can not be reported. 

This account does not show anything due on it. It was paid.  Do I have a shot of EX taking it off if I call? It's past the 5 year mark.

[llecs]

If you know for sure that the DOFD was in late 2004, then you can dispute it citing NY's statute if you live in NY. Sometimes EX is slow in acknowledging that. Now if the TL was old and it helped my AAoA and length of history, then I wouldn't do anything.

[RobertEG]

The first thing I always suggest, in dealing with any charge-off or collection, is legal establishment of the actual DOFD on the OC account.

YOU dont need the CRA to tell you what your DOFD is, and thus the projected drop off of credit reporting for a CO or CA.

IF you are one of the fortunate few who have retained your prior account records with the OC, Macy's, then you have proof of actual DOFD.

You need only one date.  The date you need is simple.  Take the date of billing due on the statement that they sent you, and you first went into default on tmely or full payment, and never thereafter brought the account back into paid, satisfactory status, and that is your legal proof of your DOFD.

Reporrted DOFDs and resulting projected "drop off dates" come into your credit file in ways that are not always accurate.

I would never rely on them. 

If NY state FCRA supercedes the 7 years CR bar of FCRA 605(a) and (c), and sets it at 5 years, then it should be gone if you can prove your DOFD.

Dispute of continued inclusion in your CR of items barred by FCRA 605(a) is by way of letter to the CRA, and not the creditor/CA

Dont dispute the account, for as you have said, you want to retain its positive history.  Make it clear that your dispute is only in reference to the item of reporting under the account.

[ficonightmare]

I no longer have any statements from them, but I know it was in 2004. Guess I can contact Macys and get the exact date.

Have a question regarding the reporting. If I'm able to get this "removed" what exactly does that mean? I understand I want to keep my credit history so the Macys account should stay on file. But what do they do exactly? Just move it into another category? For instance, out of "Negative Items" into "Accounts in Good standing"?

[ficonightmare]

So I contacted EX. They won't do anything on the account. I was told by "Jim" that for the ny law to apply, the account had to be paid in "full". not legally paid in full for less than the full balance.

Said the full account is scheduled to come off on 12/11. I don't understand the difference between paid in full, and legally paid in full for less than the full balance with a $50 charge off..

Can  I do anything else?

[llecs]

---

ficonightmare wrote:

So I contacted EX. They won't do anything on the account. I was told by "Jim" that for the ny law to apply, the account had to be paid in "full". not legally paid in full for less than the full balance.

Said the full account is scheduled to come off on 12/11. I don't understand the difference between paid in full, and legally paid in full for less than the full balance with a $50 charge off..

Can  I do anything else?

---

I learned after being on these forums for so long that 1) CSRs are almost never right and 2) ignore them anyway.

Here's a copy of the statute:

http://public.leginfo.state.ny.us/LAWSSEAF.cgi?QUERYTYPE=LAWS+&QUERYDATA=$$GBS380-J$$@TXGBS0380-J+&L...

(iv)  accounts  placed  for  collection  or charged to profit and loss
  which antedate the report by more than seven years; or  accounts  placed
  for  collection  or charged to profit and loss, which have been paid and
  which antedate the report by more than five years;

It doesn't differentiate between PIF or settled. If truly older than 5 yrs post-DOFD, then I'd dispute via mail with a copy of the statute, a reference of the statute, and proof showing the DOFD. It's not uncommon to see EX respond this way. Sometimes you have to throw the kitchen sink too just to get the ball rolling.

[ficonightmare]

Thanks!

I'm sending it along with my letter tomorrow. I also did a goodwill letter to GEMB/PayPay. Hoping at least one of them works.

This forum is really inspiring me to take steps towards better credit.