Offset bad credit with good?

[Anonymous]

IMO anything that will fall of within a year isn't worth stressing over. If you start a GW campaign, it could backfire (a written off account *should* have more than a single 30-day late). Or you could be sending GW letters until it's gone anyway.

YMMV, that's just my take on it.

If you want the DoFD, you can call the bureuas and ask.They've always been very willing, in my experience, to provide that data.

[tufa4311]

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@Anonymous wrote:

Thanks for the info tufa, a couple of items on my report which are older ones dont have fall off dates. Should that just be left alone or can i somehow get that information to report on there?

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FCRA: the date a negative account drops off your credit report is seven years from the date of your last activity on the account. That is what's important - sure, it'd be nice to have that date listed, and I dk, maybe they need to based on the FCRA, but if these accounts are still within the 7 years I suggest you put your effort towards cleaning up your file and not trying to dispute things that are correct.

[Anonymous]

Thanks everyone. Appreciate all the info.

[Anonymous]

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@tufa4311 wrote:

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@Anonymous wrote:

Thanks for the info tufa, a couple of items on my report which are older ones dont have fall off dates. Should that just be left alone or can i somehow get that information to report on there?

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FCRA: the date a negative account drops off your credit report is seven years from the date of your last activity on the account. That is what's important - sure, it'd be nice to have that date listed, and I dk, maybe they need to based on the FCRA, but if these accounts are still within the 7 years I suggest you put your effort towards cleaning up your file and not trying to dispute things that are correct.

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It's 7 years from the date of deliquency, not activity. The problem with it being "last activity" is unscrupulous lenders/collectors could fabricate activity to extend that period, or they could suck consumers into a payment plan and reset the clock. 

https://www.ftc.gov/tips-advice/business-center/guidance/consumer-reports-what-information-furnishers-need-know

[Anonymous]

1st date of deliquency does show up on my equifax that should help. Thanks for the info.

[Anonymous]

My suggestion is pay only your secured credit cards; keep those in good standing. But avoid paying any other collections unless you can really afford it - prioritize paying down student loans and judgements...

Judgements can remain enforceable beyond 7 years with 10-20+ years being typical in many jurisdictions. So don't get a false sense of security when they drop off / never appear on your credit reports. Likewise with student loans in many instances, though it depends on whether they're federally backed loans or privately backed loans.

While it may seem counter-intutive, doing nothing is sometimes the best option for someone with no realistic ability to pay and/or huge debt exposure. The more that falls off (except judgements and student loans, as I mentioned previously), easier recovery will be. Don't dispute anything on your credit reports (worse your credit appears, better that can be for you, at this point), and avoid contact with creditors unless you're intending to settle such debt immediately; screen your calls - keep a low profile.

If much of the baddies are around 5 years old, the wait isn't all that bad ... another 2 years or so, and you'll be able to focus on what's left, which likely won't be much. And assuming you still have your secured cards in good standing (refrain from applying for any more cards until your financials improve), your score will improve somewhat simply by waiting it out.

If and when your income improves, tackle the judgements and student loans first...

However, if it turns out you're unable to return to work due to injury / need to collect disability for an extended, indefinite period, then you may be able to get the student loans forgiven / reduced / deferred due to hardship. And could let the judgements ride with little risk, since various types of benefits, such as unemployment and disability, are generally exempt from bank levy and wage garnishment.

[Anonymous]

Thanks ronpa for the advice.

[tufa4311]

Regarding the fall off dates not listed I'll need to follow up as I don't know what's required by the reporting creditor.

[gdale6]

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@tufa4311 wrote:
Regarding the fall off dates not listed I'll need to follow up as I don't know what's required by the reporting creditor.

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Delinquent Accounts — When you refer an account for collection and notify a CRA that you have done so, you also must report the date of delinquency to the CRA within 90 days. The date of delinquency is the month and year the consumer’s delinquency resulting in the referral began, see the examples below. FCRA 623(a)(5)(A)

If you are a debt collector furnishing information to a CRA about the accounts of a creditor, you must report the date of delinquency given to you by the creditor. FCRA 623(a)(5)(A) This “date of delinquency” determines how long the debt can be reported on a consumer’s credit report. Generally, a CRA may report a delinquent debt for seven years from the date of delinquency. If the debt was discharged in bankruptcy, however, a CRA may report it for 10 years.

If the creditor didn’t report the date of delinquency, you have two options:

1.You may establish and follow reasonable procedures to determine the date from the original creditor or another reliable source, or

2.If you can’t determine the date, you may establish and follow reasonable procedures to ensure that the reported date of delinquency is a date before the account was referred to collection or charged off. FCRA 623(a)(5)(B)