Dispute failures. What next? HELP!!!

[Anonymous]

Let me first say that I have several issues going on at once.  Hopefully it's ok to make one post covering each of them instead of several posts....

I have been working on getting several charge off and collection accounts removed from my CR.  It seems like as soon as one is gone, another pops up.  I know that some CAs are removing the collection accounts and then selling to a new CA who is adding these negative items to my report again.  Is there a way to have this stopped?  If they can't validate, it seems like they would have to eat it and not be able to sell an account they can't validate.  Also, when a new CA buys these accounts, they never notify me to attempt to collect and it goes straight to my report with a new open date and is reported as having late payments!!!  Will these collection accounts just follow me until the 7 year mark when they can no longer be reported?  Or is there something that I can do to have them removed once and for all?

Also, I have a Cap1 charge off.  I disputed it with the CRAs and Cap1 and when it came back as verified I sent letters asking for validation only later to read that this process only is used for CA and not OC.  I need this Cap1 gone!  I've even attempted a PFD but I was told that the account had been sold and that legally they could not accept any payments at that time.  The thing that I don't get is that they charged this off in 2012, but in May 2015 they approved me for an auto loan.  I'm wondering if this could help me somehow, like maybe with a GW removal?  

In the past year my credit has fluctuated weekly from 650s down to 520s on all three reports and everywhere in between.  My DTI is under 30%.  I have a good mix of credit. I have no late payments on my positive accounts and the only time it shows anything as late is when these new CA buy a deleted file and report it as late.  My age of credit was really great, but my student loans were recently transferred and the original accounts are reported as "closed" so it's hurt this area, although it's still not bad.  My credit efforts for the last 2 years shows with on time payments and low balances, and it's really these old accounts that I can't completely bury that are hurting me.

Any advice?  This has been such a challenging process, not to mention it's getting expensive with all of the certified mail I've been sending.  I seriously have been doing daily work towards this; constantly monitoring my scores and reports, spending a few hours a day researching what to do next, and I feel like it's gotten me nowhere.  I can't even get approved for the easiest of the credit cards out there.  The disputes actually hurt me more than help, it seems, as my mortgage consultant has recently told me that as long as an account is listed as "Disputed" that he'll be unable to match me with a lender.  I feel like I've put in too much work to call and ask to have the disputes removed and should continue trying to have all negatives removed from my account since I've put so much effort in.  I need some advice, experience, help....please.

Here are the accounts I have that are helping me:

Cap. 1 auto 

Fingerhut

Care Credit

Dept of ED student loans

Secured Visa through my CU

Current Scores (nearly 70-90 points lower than this time last month and there has been no real changes in accounts listed above)

TU 587  EQ  564  EXP 529

[Anonymous]

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@Anonymous wrote:

Let me first say that I have several issues going on at once.  Hopefully it's ok to make one post covering each of them instead of several posts....

I have been working on getting several charge off and collection accounts removed from my CR.  It seems like as soon as one is gone, another pops up.  I know that some CAs are removing the collection accounts and then selling to a new CA who is adding these negative items to my report again.  Is there a way to have this stopped?  If they can't validate, it seems like they would have to eat it and not be able to sell an account they can't validate. Its usually NOT a matter of inability to validate - its simply a matter of picking the low hanging fruit. These companies are in it for the easy pickings. As soon as a debtor starts requesting validation they know its going to be a 'hard collection', and the account goes into the "sell" pile. 

Also, when a new CA buys these accounts, they never notify me to attempt to collect and it goes straight to my report with a new open date and is reported as having late payments!!!  Will these collection accounts just follow me until the 7 year mark when they can no longer be reported? Pretty much, yes. Or is there something that I can do to have them removed once and for all? Best way is to find out who owns it BEFORE its reported next and cut a settlement deal to keep it off your reports.

Also, I have a Cap1 charge off.  I disputed it with the CRAs and Cap1 and when it came back as verified I sent letters asking for validation only later to read that this process only is used for CA and not OC.  I need this Cap1 gone!  I've even attempted a PFD but I was told that the account had been sold and that legally they could not accept any payments at that time.  The thing that I don't get is that they charged this off in 2012, but in May 2015 they approved me for an auto loan.  I'm wondering if this could help me somehow, like maybe with a GW removal?  Cap One is a tough nut to crack, and for a CO thats been sold, GW removal just isn't likely in the cards, but it doesn't hurt to try.

In the past year my credit has fluctuated weekly from 650s down to 520s on all three reports and everywhere in between.  My DTI is under 30%.  I have a good mix of credit. I have no late payments on my positive accounts and the only time it shows anything as late is when these new CA buy a deleted file and report it as late.  My age of credit was really great, but my student loans were recently transferred and the original accounts are reported as "closed" so it's hurt this area, although it's still not bad.  My credit efforts for the last 2 years shows with on time payments and low balances, and it's really these old accounts that I can't completely bury that are hurting me.

Any advice?  This has been such a challenging process, not to mention it's getting expensive with all of the certified mail I've been sending.  I seriously have been doing daily work towards this; constantly monitoring my scores and reports, spending a few hours a day researching what to do next, and I feel like it's gotten me nowhere.  I can't even get approved for the easiest of the credit cards out there.  The disputes actually hurt me more than help, it seems, as my mortgage consultant has recently told me that as long as an account is listed as "Disputed" that he'll be unable to match me with a lender.  I feel like I've put in too much work to call and ask to have the disputes removed and should continue trying to have all negatives removed from my account since I've put so much effort in.  I need some advice, experience, help....please.

Here are the accounts I have that are helping me:

Cap. 1 auto 

Fingerhut

Care Credit

Dept of ED student loans

Secured Visa through my CU

Current Scores (nearly 70-90 points lower than this time last month and there has been no real changes in accounts listed above)

TU 587  EQ  564  EXP 529

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Here is what I would suggest with the old accounts that you are playing whack-a-mole with. You're dealing with bottom feeding JDB's. As soon as an account is deleted from your reports CALL them up and find out if they still own it or if they hav sold it. If they still have it, offer to settle it for the agreement to NOT report it. Record your calls for evidence if they try to back out of a deal. If they have sold it, get the new owners contact and call them immediately before they report it. Offer a settlement to not report it.

[Anonymous]

Thanks for your response!  I'll be coming into a lot of overtime at work here soon and will have extra money to do as you suggested.  As soon as one is deleted, I'll call and get the new owner of the debt's info and then attempt a PFD before reported!  I love this community.  I feel hopeful!!!

[RobertEG]

Existing statutes and regs do a lot to assist consumers who have old derogs and remaining, unpaid debt.

First, any adverse item of information reported to a CRA has an ultimate exclusion period after which a CRA cannot normally include the adverse item in credit reports they issue.  That also removes the adverse information from their credit scoring.

Second, states have statutes of limitations on the ability to obtain a court order to pay an unpaid debt after expiration of a defined period of time.

However, except in a very few circumstances, that does not also absolve the consumer from all responsibility for debt they have accrued, and it can still, if know to others, be a factor in thier decision making.

Even after credit report exclusion and expiration of SOL, creditors can still request a consumer to disclose any unpaid, delinquent debt, and thus it can still become known to them. 

The best way to handle that possibility is to simply settle the debt, thus removing it from need to diwsclose as unpaid, delinquent debt.