My head was spinning when I first came here. I remember absorbing all of this info and still I didn't learn until I had to get my hands dirty and really learned when I made mistakes along the way. Disputing also hurt me. I was given that advice back when and I really regret doing it. Caused my scores to drop, baddies were added, I was almost sued, a fraud alert was placed on DW's CRs, lost valuable history, was labled a frivolous disputer, CAs came out of the woodwork and the calls and letters intensified, and it made it harder to legitimately take care of my baddies and debts.
There's no harm in sending a DV letter or any DV letter. The only issues might be that the CA would report to a CRA where they weren't reporting before and the other is that they might sue you. That's why we always recommend having the $$$ saved to have the ability to PIF so as to ward off a judgment, if it ever came to that.
Always keep an eye on SOL. SOL is set by your state's statutes by which a creditor is afforded a window of time by which to sue you. Sending any letter will wake them up. SOL goes usually by the DOFD or the day you first went late and never recovered. On an OC's TL, you might see 30 days, 60 days, 90 days, CO, etc. That first 30 day late without recovering is your DOFD. Some states allow the SOL clock to restart if you make a payment and even others allow SOL to reset if you admit to the debt. However, since you have the $$$ to PIF, you don't have to worry about that too much. If they try to sue, you can always express out a payment in full to avoid the judgment and its reporting to your CR.
After you DV and they verify, then that's when you work up a PFD for either 100% or a settlement and hopefully they'll accept. Searching around for other CAs or OCs by that name will be a good resource to see who is open to what per PFDs go. Some CAs are good. Some are bad.
Thanks for the great list. I did have a question. When you say "other than in Texas where they must respond within 30 days". Do you mean if your living in Texas? What if the collection agency is outside of Texas...must they still respond within 30 days? If they don't do you have the ability to get it deleted off your report? Thanks again.
Texas Finance Code, Sec. 392.202, requires that DVs be answered within 30 days. It applies to all CAs, in or out of TX, and applies to debtors/alleged debtors living within Texas. If they don't verify within 30 days, they have to delete.
A huge +1 from me. I would only add that time heals a lot.
<------------------------celebrating a nice lil jump in scores.
Since finding this forum, reading til my eyeballs hurt, registering & asking a gazillion Q's.....I have gone from
7 bad accts to1 on TU - 90 day late on Sallie Mae
8 bad down to 1 on EQ - " " "
8 bad down to 3 on EX - " " " Crap 1 gone in Feb 2010, & D.O.E. collection til ?????
This past weekend I put together a package of information to send the the Dep of Ed Ombudsman (Thank You Wonderin!!! You ROCK!) This detailed chronological account of the DoE's reckless and illegal handling of my student loan would make any defense atty proud!
I want that nasty mark gone...and acct age be damned, because I am not going to be happy with a Feb 09 collection.
I, too, could not be even in the neighborhood of where I am today without the help from everyone here.
My scores went up adding a CC at 595, but I doubt that would be true if I already had open credit cards.
helpless - I'll bet others with a score sitting below 600 are anxious to learn which card you added.
I added a First Premier Unsecured card in feb when my ficos were 505. (I KNOW-HOW AWFUL IS THAT???)
In the past two months I have seen my credit jump 23 points alone due to low utilization on that card, CL is 200 dollars and I got the 23 point increase when I owed 50 dollars. This month I am going to keep it at a 5 dollar balance to see what happens.
Due to this site I now sit at 537 with hopes of being much higher in the next year! 30 point jump in the last two weeks without getting anything deleted.. Now if I could just get some PFD responses! I would be a very happy camper!