Just pulled my credit reports...now what?

[JYKim1]

Hey guys,

First post, and the first of many I hope. I got a lot of questions, so here goes...

I have been delving into the world of credit reports lately as I pulled mine for the first time yesterday. I have avoided it for years, but I've realized this is yet another step in my reformation process. I am at a 571/572 TU/EXP. I have some blemishes on there, but not nearly as many as I thought. But I have 4 in particular that I am looking at:

First off, I have an old credit card that has an unknown DOFD, but the Experian "date opened" states May of 2007. It was charged off in June 2010, so can I assume that sometime in 2014 it will likely be dropped? 7 years right?

Also, I have a couple other current collections for cell phone plans that I'd like to take care that are still within the SOL from EOS CCA and Convergent Outsourcing. Both I cannot PIF right now. What should I do with them?

Thank you in advance, and sorry for being such a noob.

[notfancy]

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@JYKim1 wrote:

Hey guys,

First post, and the first of many I hope. I got a lot of questions, so here goes...

I have been delving into the world of credit reports lately as I pulled mine for the first time yesterday. I have avoided it for years, but I've realized this is yet another step in my reformation process. I am at a 571/572 TU/EXP. I have some blemishes on there, but not nearly as many as I thought. But I have 4 in particular that I am looking at:

First off, I have an old credit card that has an unknown DOFD, but the Experian "date opened" states May of 2007. It was charged off in June 2010, so can I assume that sometime in 2014 it will likely be dropped? 7 years right?

Also, I have a couple other current collections for cell phone plans that I'd like to take care that are still within the SOL from EOS CCA and Convergent Outsourcing. Both I cannot PIF right now. What should I do with them?

Thank you in advance, and sorry for being such a noob.

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Hello! Don't apologize for being new to this, and for looking for help! That is exactly what this forum is for!

Regarding the credit card with the unknown DOFD- not necessarily, it depends on your state, and when your first late was / last payment before it went into collections, etc. You'll need more information before you can really get any answers about that one. You could try sending a Debt Verification letter to the company listed for more information.

For the cell phone bills, you can try to see if the original creditor will work with you, or you can type the collection agencies names into the search function here, and see what other people  had to say about them, and how they went about fixing their own collection accounts. It might offer you some good ideas and advice. Personally, I like seeing other peoples' ideas and advice and seeing how they compare to my own situation. It's good to find out what worked, and what didn't before I attempt any thing lol.

Good luck to you on your credit rebuilding! What you did already is an important first step. I know it is difficult to try and face the issues rather than ignore them when they seem so overwhelming, but you'll get there!

[guiness56]

The date opened on an account has nothing to do with when something will be excluded from your CR.

Neither do your state laws.  The DoFD is a federal law and it is determined by the date you first became delinquent on the OC account and never bringing it current before the CO or collection occured,  The 7 years start at the end of the 180-day period beginning on the date of the delinquency which immediately preceded the collection activity, charge to profit and loss or other similar action.  That is where the 7.5 years come from.

If it was CO in June 2010, your date of first delinquency would be prior to that date.

EX does not show a DoFD.  TU and EX have estimated drop off dates based on information provided by the OC.

Unless you can PIF, and you stated you could not, I would not send a DV inside SOL.  If they were to validate and you can't pay, they could sue you.

[JYKim1]

Thanks notfancy. The SOL in MN is 6 years, but I thought negatives last on your report for 7 years. Does that mean 7 years from the date it was opened, or 7 years since it was charged off? I havent had the card since 2007.

From what I've seen on here Convergent Outsourcing is a POS CA. But I don't have a dispute with the claim, although I am unsure about the dollar amount listed. Same thing for EOS CCA, I don't believe there's any way I could owe them $1000+, although I do remember not paying a cancellation fee with the cell phone provider at some point. Should I send a DV? And does that re-establish the SOL? I remember reading somewhere that they recommended "not to wake the sleeping giant"...

[JYKim1]

Thanks Guiness. Is there a CRA that DOES show the DoFD? I am struggling to figure those out, and am not sure how to get that information.

[guiness56]

Only EQ will show the DoFD. 

If EX and TU show a drop off date you can subtract 7.5 years from that to get it.

Did you pull the reports from annualcreditreport.com?  These are the only ones that will have that information.  You get one free report from each CRA every 12 months.

Collections agencies can add interest and fees if your original agreement with the OC allows it and if your state laws do too.

Also, your state SOL is only the timeframe a creditor can bring suit and has nothing to do with reporting.

[JYKim1]

I used annualcreditreport.com, but I haven't pulled from EQ yet. I figured I was going to save my last one for a few months from now to track my progress, but I guess I will have to bite the bullet and pay for one later. I'm sure it will be worth it. Do you have a recommendation for which one is most relevant? EX and TU seemed pretty similar, with the exception of one collection showing up on TU that didn't on Experian. The interesting thing is that it is a child support collection that started in 9/2008 and is slated to be removed 9/15. But I am still currently paying through the county, although it shows up as a collection. It's complicated. I was behind and then stopped having to pay for a while, started paying again, and am now going to court again to stop paying because my son's living with me. 

[JYKim1]

Just pulled the EQ and saw this:

BUREAU OF COLLECTIONS RECO

Ownership: Individual, ATT Mobility

Balance Date: 10/2010

Balance Owned: $861

DoFD: 4/2009

Status: D- Unpaid

Status Date: 10/2010

EOS CCA

Ownership: Individual, ATT Mobility

Balance Date: 01/2013

Balance Owned: $1,015

DoFD: 4/2009

Status: D - Unpaid

Status Date: 01/2013

It's the same account. Advice?

[guiness56]

It looks like it.  One of them should not be reporting.

[JYKim1]

That's what I figured. But I can't pay it off right now and it's still within the SOL. What should I do?