Credit repair

[Newbie2018]

So, I have looked over my credit report from credit Karma (that's the only thing I'm able to use right now)
My report is as follows:

Transunion score 520
Cc utilization 101%
Payments history 100%
Derogatory Mark's 5
Credit age 7 months
Total accounts 6 (3 open/3 closed)
Hard inquiries 16
Balance in collections is $2735


Collections:
-Hospital bill
-Advance America
-Ibc bancshares
-Erc(TMobile)
-Afni(attached)

Alexander rose Inc(recently closed and sent to collections)

Equifax- score 517
Collections:
-Alexander rose (4 years 2 mo)
-Advance America (2 years)
-Ibc bancshares (5 years 10 mo)
-Hospital bill(4 years 1 mo)
-Erc(3 years 11 mo)
-Victory autosmart(closed repo) 3 years 9 months(paid repossession)
-Credit one bank 8 months balance $432(closed)
World finance 5 years 5 months (closed) charged off account (same on TransUnion)

Balance: 9, 637
Recently I have invest open so we 1/7/18
Disputed several accounts. Report will be ready 2/6/18.
So far I've noticed a few changes. Alexander rose was once open now it's closed and sent to collections.
Second credit one bank has a new remark since being disputed.


So...what is next. I plan on paying off my debt and settling with the collectors asap. Waiting to see if any other account will be falling off. I'm new to this so please spare insults lol. And speak in dummy terms.

My plan is to dispute what I can see what happens after then settle with the debt companies.

[Newbie2018]

And it hasn't reported yet but my credit card utilization should be lower now.

[Newbie2018]

19 hard inquries on the Equifax 😒

[RobertEG]

Credit repair involves both the correction of what has already been reported, and dealing with possible, additional derogs that could be reported.

Charge-offs and collections are routinely added to delinquent accounts.

Federal regs mandate charge-off of most installment debts at 120 days, and revolving debt after 180 days of delinquency.

Reporting of the charge-off can thus occur at any time after the delinquency exceeds those amounts.  Paying before a CO is reported may prevent the addtion of a charge-off.

Similarly, delinquent debt that is not yet reporting a collection can be referred or sold to a debt collector at any time once it becomes delinquent, and particularly after the creditor has taken a charge-off.  Thus, addressing delinquent debt that has not yet reported a collection can avoid further score damage.

Finally, a review of the current statute of limitations status of each debt is prudent, as the creditor or debt collector might still initiate civil action seeking court ordered payment of the debt.  Addition of a judgment is also a major derog.

[Newbie2018]

How can you tell when an account is charged off? Where on the credit report can I find it?

[Anonymous]

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@Newbie2018 wrote:
How can you tell when an account is charged off? Where on the credit report can I find it?

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The report will clearly state Charge-Off.  It will be crystal clear.

[RobertEG]

Federal regs normally require creditors to charge-off installment loans after 120-days delinquent, and revolving accounts after 180-days delinquent.  The charge-off regs are to prevent creditors from overstatement of their financial assets by including accounts receivable (assets not yet received) as part of their statement of total assets in their financial statements.

However, creditors are not required to actually report the charge-off to the CRAs.  They can simply continue to state the current delinquency status as the normal reporting of 120/150/180+ days late.  Thus, the score impact issue is not whether they have taken the CO, but rather whether it has been reported.  By paying prior to such reporting, you may avoid the addition of a charge-off or collection.

[Newbie2018]

I want to start paying off my debt. I can't access the free annual report because I have open disputes. I can't find my full account numbers. Do I need them? My plan is to call all debt collectors first. And then if we reach settlement I'd like to send a letter to get it in writing. Will I need the full numbers or can I get them from the credit or who bought the debt?

[Anonymous]

There are credit monitoring services out there like IdentityIQ that offers free credit reports from all three credit bureaus for a 7-day free trial. Then they charge a fee.  If you cancel by the 7th day you won't be charged if you choose not to use the services. You would want an updated credit report from all three.  Then you would want to get your creditors to validate the account and the correct amounts you owe. Once you get the reports online and the information from the creditors you can begin the negotiation process.  You want to continuously work to fix your credit and utilization ratios.  Remember, continue to pay all revolving accounts and installments on-time and work toward getting your balances paid down below 30%.  There is more work to do when repairing your credit and improving your credit scores. You are on the right track. Hope I helped.

[Newbie2018]

***update***

My score has gone to 538 both Equifax and TransUnion credit karma. I've since.... Payed my balance down to 0. Opened another secured card with my credit union $300 limit. Payed off 2 debt in full (one dropped off) and the other was a charge off on a secured loan that was charged off as bad debt
Settled one of my accounts.(advance America)
Had several things removed.
The open disputes have removed two accounts from my report (erc TMobile and also one more can't remember which. Sprint I believe . And closed one account on transunion. (apartment complex) still in collections though and hasn't closed yet for equifax. I have two accounts in collections now that I have to deal with.

My plan is too wait a year and see if the collections for the apartments becomes less affected on my report. was delinquent since like July 2013. The other thing I have on there is the Ibc bank. I tried to settle with them they won't settle. Been delinquent since 2012 so it should reach the seven year mark next year. That balance is $930..they wouldn't take a settlement for 30% of that. So I'll see if they will take it on the last day of the month lol. That concludes all that I owe. Well besides a hospital bill but I'm not too worried about that one.
Hope I'm on the right path.
I really need this update on my report.
Has anyone dealt with Alexander rose out of Houston. How hard are they to persuade to settle?


Just want anyone to tell me if I'm on the right track to bettering my score.