Couple of questions please

[Mrs_Fix_It]

1. I have some late payments from late 2006 & 2007 from my past home loan and home equity loan as well. These loans were both paid in full and are in good standing other than the lates. There are 30, 60 & 90 day lates. These lates are all from after my divorce when the ex had the house before it sold. Is it worth it to attempt GW or do I leave them until they fall off? How bad are they hurting my score?

2. What's the deal with CA/OC that are reporting to all 3 CRAs but have different info reported to each? Does that matter? For instance; there's a CA for BofA showing on all three but the status is closed on both EX & EQ but showing open on TU. Does that make a difference at all? Obviously our goal is to clean up everything we can but this confuses me. 

Thanks in advance for any help you can offer. 

[JohnPTEX]

The mortgage lates are likely hurting your score, but in what quanitfiable way I couldn't begin to tell you - I have a paid off mortgage through HSBC but two 60 day lates and four 90 day lates - I've have continually tried to GW HSBC, but have had zero success - gotta just keep trying

The OC and the CA's could very well report differently, but one single OC or one single CA should not be reporting differently across the various CRA - the information from the individual OC or individual CA should be the same for all three (maybe very light variations in language)

[RobertEG]

All collections have a status of open until the debt collector closes the collection, either by way of having their collection authority terminated, or by payment of the debt.

Showing closed with two CRAs indicates that they most likely are no longer collecting on the debt.  Having their collection authority terminated does not require deletion of their reporting, so it is really not a big deal.  Technically, if their authority is terminated,they should provide that update to all three CRAs, but it really has no substantive effect on your score.

The concern I would have is that you may see a debt collector pop up.

[JohnPTEX]

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@RobertEG wrote:

The concern I would have is that you may see a debt collector pop up.

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+1 - Under the worst case scenario the debt just keeps getting sold and reported

[rckstrscott]

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@JohnPTEX wrote:

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@RobertEG wrote:

The concern I would have is that you may see a debt collector pop up.

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+1 - Under the worst case scenario the debt just keeps getting sold and reported

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+2 -- and don't think it won't happen, because they will pass it around like a cheap.... well, you know the rest of the phrase...

-scott

[Mrs_Fix_It]

Scott - You make me laugh. 

Then how do I know who to pay? Do I DV them or PFD the ones I can? Fortunately, I only have a couple like this showing on mine and I want to pay/get rid of them.

However, my DH has several that show like this on his report - 9 to be exact. These are showing balances totalling just over $37000. We do want to do the right thing and pay what we can but we cannot afford that much. All of these are due to fall off by April of 2013. On the ones we can't pay, can they keep selling it and the new CA report it even though the 7 years and 180 days will be up? Does that make sense - not sure if I worded it right?? 

[Mrs_Fix_It]

Anyone have any insight?

Thanks!

[MarcinXP]

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@Mrs_Fix_It wrote:

Scott - You make me laugh. 

Then how do I know who to pay? Do I DV them or PFD the ones I can? Fortunately, I only have a couple like this showing on mine and I want to pay/get rid of them.

However, my DH has several that show like this on his report - 9 to be exact. These are showing balances totalling just over $37000. We do want to do the right thing and pay what we can but we cannot afford that much. All of these are due to fall off by April of 2013. On the ones we can't pay, can they keep selling it and the new CA report it even though the 7 years and 180 days will be up? Does that make sense - not sure if I worded it right?? 

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Normally when a collection sells their debt to someone else then they delete their tradeline and someone else pops up. I would DV everyone and see what happens. Some collectors will go away if you DV and either hey can't verify or no longer own the debt. Personally if it was me and I owed $37k on debts that roll off in April 2013 then I would just lay low and calm down for one year. This stuff will roll off your credit in less than a year, why bother even paying it. I know you want to do the right thing and admire you for it, but paying a collection agency at this point in time is useless. All they will do is take your money and report it paid in which case you don't gain any points because paid collections is same as unpaid and also might hurt your score because when they update it a new DOLA will be reflect it so it might even drop you few points if you have an old collection that has not been updated it in a long time.

7 Years and 180 days starts from the day of first delinquency. it cannot be re-aged no matter how many times its sold. If someone re-ages it then it is against the law and you can sue them. I assume most of these are credit cards if so I would also check SOL for your state. Most states your probably out of SOL, but if you're in Ohio or something like that where SOL is like 15 years...you might want to start paying on it or at least settle it so that you won't get sued.

I'm in a same boat. I'm rebuilding and since I joined this forum, I'm paying everything on time, utilization is down, car paid off just going along nicely. I have about 6 things that will roll off in 2014 and until then I'm staying put. I go few low limit cards and I'm not apping for anything else as my scores are about 625 or so and although no longer in low 500s or even high 400s like I was back in Sept of last year, it's still low enough for prime cards and I'm done with subprime..once those 6 things roll off and State Tax Lien falls off in 1/2015....I will go on the app spree of the century...by then the tradelines I have not will be about 3 years old and perfectly paid for 3 years along with low utilization!