Need some credit help please

[Anonymous]

Hello all,

As a quick update, due to some of the great info and help that I have found on these boards, I am well on my way to having a respectable credit score. However, I do have a few more items on my report that I would like to ask anyone's opinion on.

First off, I currently have HSBC/GUITR reporting on TU and XPN with a balance (but has not reported since 2004). They are reporting on EFX with zero balance. Then, there is Arrow Financial, which is a collection agency for the same account, reporting on all 3. I would like to take care of this one, I'm just not sure how to go about it. The account went to collection some time ago, and the debt is out of SOL. I'd like to pay it off with HSBC, but I'm not sure if its possible. Is the first step to DV Arrow?  I assume that would at least show me who actually owns the debt.  However, I believe that it is incorrect for BOTH to be reporting an actual balance.  Is this due to the fact that HSBC has not reported since 2004?  If so, can I get them to change the balance to 0 (or do I want to...)?

Second, and most concerning, I have an old Citi credit card that they are reporting as a Charge-off right now. I know the credit limit of the card was $2000. This is a pretty old account (again, out of SOL) but they are actively reporting a balance of $15,475, increasing monthly. I have come across quite a few reports today regarding the fact that Citi sues immediately on DV. I am slightly concerned as the balance is very high (although I never charged anywhere close to that amount), and my recent credit report shows a DOLA of 2006. I know I never made a payment then. The last payment I made on this account was in 2004. 

So my second question is...what constitutes a change in the DOLA? Is it only payment, or can other things affect this too? And just because the DOLA is more recent, does that affect the SOL? My credit report still says this account is scheduled to drop off next year (2010), so I seem to be getting mixed signals...also I wonder how much I can get sued for in this case since they have been adding on late fees/interest for a long time to get the balance to over $15K.

Citi is the OC I believe. Well, it started out as Associates Visa...This is the biggie that is really hurting me. Any ideas or advice on how to proceed? I could really use some help with this one...

Thank you all for any help or assistance you can provide. If there are other threads that address these questions, feel free to point me in the right direction. Have a fantastic day everyone!

-44

[Anonymous]

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No44 wrote:

First off, I currently have HSBC/GUITR reporting on TU and XPN with a balance (but has not reported since 2004). They are reporting on EFX with zero balance. Then, there is Arrow Financial, which is a collection agency for the same account, reporting on all 3. I would like to take care of this one, I'm just not sure how to go about it. The account went to collection some time ago, and the debt is out of SOL. I'd like to pay it off with HSBC, but I'm not sure if its possible. Is the first step to DV Arrow?  I assume that would at least show me who actually owns the debt.  However, I believe that it is incorrect for BOTH to be reporting an actual balance.  Is this due to the fact that HSBC has not reported since 2004?  If so, can I get them to change the balance to 0 (or do I want to...)?

What is the DOFD/removal date?

The OC can continue to report a balance, as well as the CA, unless the OC has sold the account. It hasn't updated/reported since 2004, for this reason, IMO, leave it alone. Accounts reporting by the OC do add some positive to your report, even if they are negative. Such as age, which could be helping you.

Second, and most concerning, I have an old Citi credit card that they are reporting as a Charge-off right now. I know the credit limit of the card was $2000. This is a pretty old account (again, out of SOL) but they are actively reporting a balance of $15,475, increasing monthly. I have come across quite a few reports today regarding the fact that Citi sues immediately on DV. I am slightly concerned as the balance is very high (although I never charged anywhere close to that amount), and my recent credit report shows a DOLA of 2006. I know I never made a payment then. The last payment I made on this account was in 2004. 

So my second question is...what constitutes a change in the DOLA? Is it only payment, or can other things affect this too? And just because the DOLA is more recent, does that affect the SOL? My credit report still says this account is scheduled to drop off next year (2010), so I seem to be getting mixed signals...also I wonder how much I can get sued for in this case since they have been adding on late fees/interest for a long time to get the balance to over $15K.

You can't DV a OC. Well, you can, but they have no duty to respond. Check your state statutes to determine when SOL begins running. They can file suit for whatever amount they want, it would be up to you/your lawyer to contest that amount and up to state statutes/the judge as to what amount is awarded if they won. Again, unless you can PIF and plan to do so, because the account is old and hasn't updated in so long, if it were me, I would leave things alone.

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What is the date open on these accounts? You have other accounts this old or older? Age really helps your score, sometimes more than the negative is hurting it.