Not even sure where to start....? Lots of info

[Anonymous]

My husbands credit report is pretty confusing. lol There are a lot of things showing up as Paid as Agreed and are not flagged and are showing a $0 balance. Should those bbe there? Also here is a listing of this collections, Mayve someone could give us a hint as where to start?...

Arrow Ser
Status as of     Mar, 2010
Date opened [?]     Jul, 2008
Date of last activity [?]     Mar, 2006
Largest past balance [?]     $456
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$691
120+ days past due
___________________________________

Lvnvfundg
Status as of     Dec, 2010
Date opened [?]     Dec, 2008
Date of last activity [?]     Jun, 2005
Largest past balance [?]     $751
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$1,044  
+120 days past due
__________________________________

Mainstcorp
Status as of     Dec, 2010
Date opened [?]     Jun, 2008
Date of last activity [?]     May, 2008
Largest past balance [?]     $490
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$756
120+ past due
__________________________________

Midland
Status as of     Dec, 2010
Date opened [?]     Sep, 2008
Date of last activity [?]     Jan, 2006
Largest past balance [?]     $284
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$358
120+ days past due
__________________________________

Fst Premie
Status as of     Oct, 2008
Date opened [?]     Jan, 2006
Date of last activity [?]     Mar, 2006
Largest past balance [?]     $456
Account Type [?]     Revolving
Account holder [?]     Individual
Industry     National Credit Card Cos.
Descriptions [?]

    * Charged off account
    * Credit Card

$0 Balance

Thanks for taking the time to look and if you need anymore information please let me know. thanks!

[Anonymous]

also, how am I supposed to pay them or communicate with them if I can't find info about them, let alone their phone number?...

[JM-AM]

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@Anonymous wrote:

My husbands credit report is pretty confusing. lol There are a lot of things showing up as Paid as Agreed and are not flagged and are showing a $0 balance. Should those bbe there? Also here is a listing of this collections, Mayve someone could give us a hint as where to start?...

Arrow Ser
Status as of     Mar, 2010
Date opened [?]     Jul, 2008
Date of last activity [?]     Mar, 2006
Largest past balance [?]     $456
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$691
120+ days past due
___________________________________

Lvnvfundg
Status as of     Dec, 2010
Date opened [?]     Dec, 2008
Date of last activity [?]     Jun, 2005
Largest past balance [?]     $751
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$1,044  
+120 days past due
__________________________________

Mainstcorp
Status as of     Dec, 2010
Date opened [?]     Jun, 2008
Date of last activity [?]     May, 2008
Largest past balance [?]     $490
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$756
120+ past due
__________________________________

Midland
Status as of     Dec, 2010
Date opened [?]     Sep, 2008
Date of last activity [?]     Jan, 2006
Largest past balance [?]     $284
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$358
120+ days past due
__________________________________

Fst Premie
Status as of     Oct, 2008
Date opened [?]     Jan, 2006
Date of last activity [?]     Mar, 2006
Largest past balance [?]     $456
Account Type [?]     Revolving
Account holder [?]     Individual
Industry     National Credit Card Cos.
Descriptions [?]

    * Charged off account
    * Credit Card

$0 Balance

Thanks for taking the time to look and if you need anymore information please let me know. thanks!

---

Are these accounts closed (Seems like all of them are open except First Premier)?

Do you have money put away to start paying these debts (Seems from dates listed they are all with-in SOL, but depends on the State you live in)?

What State do you live in (Important to know SOL for your State)?

You have largest past balance listed, but what is the balance owed now?

EDITED to add..... You can use the information on your Credit Reports for contact information and possibly account numbers. It is usually best to obtain the Credit Report from annualcreditreport.com or direct from the Credit Reporting Agency for most up to date information. Third Party Credit Reports may not have the proper information. 

[Anonymous]

 I put the entire balance owed at the bottom of the paragraph

We live in WV

[JM-AM]

Depending on how much money you have set aside to pay the accounts will make a difference on how to approach them. 

SOL for West Virginia are 5 years oral, 10 years written, 6 years promissory, and 5 years open. NOTE: If a debtor makes an acknowledgment by a new promise, or voluntarily makes a partial payment on a debt, under circumstances that warrant a clear inference that the debtor recognizes the whole debt, the statute of limitations is revived and begins to run from the date of the new promise, (W. Va. Code §55 -2-8 ).

IMO if the accounts are closed offer the ones you can pay in full (since with-in SOL) a PFD. If you can not pay the balance owed in full it is best to let sleeping bears stay asleep until you can make the payment in full. Not having the funds to pay in full can put you in the position to be sued by the creditor/lender if they do not accept your terms. NOTE: Not all creditors/lenders will sue you, but you need to be aware that it is possible.

IMO if the accounts are still open then I would work on one at a time and pay off the accounts to a $0 balance and send a GW letter to remove the lates from their Credit Reporting. 

Neither of the two possibilities are a quick fix. Sometimes you get responses in your favor fairly quickly and sometimes you have to make several attempts. Then at times you may never get anything accomplished and have no choice but to just wait it out until it falls off Credit Reports. 

Patience and persistance pays off. Not to mention the time and work involved.

You can search the forums for examples of GW's and PFD's, you just have to change the words around for your situation and creditors/lenders.

EDITED to add: The accounts that say Paid As Agreed are accounts in good standing and should be left alone. They are helping you, not hurting you.

[Anonymous]

Divorce might be the easiest and quickest option. lol

[Anonymous]

thank you very much We are putting basically our WHOLE tax return into paying off back debt, so i hope THIS will help

LOLOLOLO edens04

[tinuviel]

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@JM-AM wrote:

---

@Anonymous wrote:

My husbands credit report is pretty confusing. lol There are a lot of things showing up as Paid as Agreed and are not flagged and are showing a $0 balance. Should those bbe there? Also here is a listing of this collections, Mayve someone could give us a hint as where to start?...

Arrow Ser
Status as of     Mar, 2010
Date opened [?]     Jul, 2008
Date of last activity [?]     Mar, 2006
Largest past balance [?]     $456
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$691
120+ days past due
___________________________________

Lvnvfundg
Status as of     Dec, 2010
Date opened [?]     Dec, 2008
Date of last activity [?]     Jun, 2005
Largest past balance [?]     $751
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$1,044  
+120 days past due
__________________________________

Mainstcorp
Status as of     Dec, 2010
Date opened [?]     Jun, 2008
Date of last activity [?]     May, 2008
Largest past balance [?]     $490
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$756
120+ past due
__________________________________

Midland
Status as of     Dec, 2010
Date opened [?]     Sep, 2008
Date of last activity [?]     Jan, 2006
Largest past balance [?]     $284
Account Type [?]     Open Account
Account holder [?]     Individual
Industry     Factoring Companies

$358
120+ days past due
__________________________________

Fst Premie
Status as of     Oct, 2008
Date opened [?]     Jan, 2006
Date of last activity [?]     Mar, 2006
Largest past balance [?]     $456
Account Type [?]     Revolving
Account holder [?]     Individual
Industry     National Credit Card Cos.
Descriptions [?]

    * Charged off account
    * Credit Card

$0 Balance

Thanks for taking the time to look and if you need anymore information please let me know. thanks!

---

Are these accounts closed (Seems like all of them are open except First Premier)?

Do you have money put away to start paying these debts (Seems from dates listed they are all with-in SOL, but depends on the State you live in)?

What State do you live in (Important to know SOL for your State)?

You have largest past balance listed, but what is the balance owed now?

EDITED to add..... You can use the information on your Credit Reports for contact information and possibly account numbers. It is usually best to obtain the Credit Report from annualcreditreport.com or direct from the Credit Reporting Agency for most up to date information. Third Party Credit Reports may not have the proper information. 

---

Correct me if I'm wrong, but from what I'm seeing, the designation "Account Type [?]     Open Account" doesn't refer to the account being open vs. closed; it refers to what type of account it is. The CRAs categorize accounts as being Revolving, Installment, or Open, with that last one being a catch-all for those that don't fall under the first two. Credit cards are revolving, as there is a set credit limit but the balances may go up and down from month to month; Installments are a set loan amount that is to be paid down my a specific amount every month; Open refers to other type of accounts, like AMEX which have no pre-set CLs. Collection accounts are usually lumped under the Open category.

That being said, Arrow Financial and LVNV are notorious for reporting as "Factoring Accounts." A factoring account is when an account that has been sold as an active accounts receivable, one that is in good standing and not in default. It is NOT an account that has been sold as a charge-off to a collection agency. If so, these should be reporting as Collection Accounts, not Factoring Accounts. Both Arrow and LVNV had "poisioned" my credit reports by reporting two COs as Factoring Accounts and listing me as being late on my payments every month. But, these were charge-offs from the OC; my agreement was with the OC, not the CAs. I disupted with the CRAs, and they reclassified these accounts as CAs and removed the late reporting. My scores jumped 30+ points as a result.

I hope that someone else here may be able to explain this better. Search the forum for threads about "Factoring Accounts." When I found out about this distinction, my jaw dropped. It's well worth looking at.