Unique Situation with credit. Driving me nuts. Help please!

[Anonymous]

Hello folks,

Firstly, I am sooo indebted to this site. The best source of information with respect to credit! Thank you guys so much.

My situation is unique in the following ways:

1) I come from a country where we dont have last names. This singular name shows up on all my public records. Because of this, every time I try to get a credit report, I get a reply saying my SSN did not match the name in my records with the beareaus. This went on for a while until I decided Ive had it with my stupid name.

I went to the Social Security Office and had my name changed to have a first name and a last name(what my parent SHOULD have done when I was born). Will this name reflect on my file with the 3 credit beaureaus?

2) Also, I have an att bill for $337 which has been in collections since almost a year now and I believe it is severely affecting my credit scores. I infact dont even know if I have a score yet because I have not been able to get my free credit report yet. I mailed Experian with all identification documents and am awaiting a reply from them. Fingers crossed.

My main question:

Today Im in a position to pay off the whole $337 instead of settling for a $200 ish payment. From what I gain in these forums, settlements still cast a negative mark on the credit report. Is there any chance that I can get the Collections Agency to completely delete this from my credit report if I make a payment in full?????????

I am 26 years old and still living completely off a debit card. I need to get this credit thing sorted ASAP. Any adivice is duly appreciated.

Thanks.

[Swapmeet]

You can try a PFD letter to the credit agency that has the debt. Also, get a secured card or two to help you build a credit file.

[Anonymous]

Before you try a PFD, though, I would wait to get your credit reports from the 3 bureas and then just dispute the account.  Disputes usually save you $$ in the long run.  I had an old accout with ATT years ago that went into collections and when I disputed the account, it got deleted.

[RobertEG]

Once you have the appropriate documents from the Soc Sec Admin, send them to the CRA as a formal request to have your name changed in their files.

Accompany your request by any proof of identity and current address, such as another gvt ID and a recent bill showing your name associated with that address.

Offical SSN name change should more than do the deed, if also accompanied by proof of your identity.

As for the collection, what is the DOFD on the OC account?  That is relevant, as once more than 7 years plus 180 days has expired from that DOFD, then credit report exclusion takes care of itself.  At that point, if unpaid, you still have delinquent debt, although not showing in your normal credit reports.

You can then settle for less, thus being able to honestly state you have no unpaid, delinquent debt, and the manner an form of payment wont be reviewable in your credit report.

If its a bit before CR exclusion kicks in, you can always ask the debt collector to delete in exchange for payment.  If they balk at that, then at the very least, try to get their agreement not to report the additional special comment of "settled for less."   Without the reporting of that special comment, it will appear while remaining in your credit report the same as if it had been paid in full.

[Anonymous]

Ok. But i know for a fact that I actually owe them that. Can a dispute still help?

[RobertEG]

Filing of a dispute carries with it responsibility to identify an inaccuracy in their reporting, accompanied by some documentation sufficient to enable them to conduct a reasonable investigation of the asserted inaccuracy.  Just "disputing" with no assertion of actual inaccuracy can be summarily dismissed as "frivolous or irrelevant" without any investiation or requirement to verify its accuracy.

It is not wise to dispute without basis.

[Anonymous]

I just mailed out a copy of my new SSN card and other details, although not requested. I told them to update my records based on the info they I gave them. Hoping atleast now I can access my credit report. Thanks. Will keep you'l posted.

[Anonymous]

@Swapmeet

Thank you. Waiting to officially get my credit report and they apply for an unsecured card. If I get it, fine, if not Ill be getting one of these.

[Jutz]

What Robert said.  Always what Robert said.

I would definitely attempt a Pay for Delete.  Worst case pay it in full and Goodwill it later.  Settling is a good way to make sure you don't get sued and don't owe anyone money, but it's going to seriously hamper your ability to have it removed in the future.

Finally, having one name, while probably annoying when it comes to paperwork, is awesome. 

[Anonymous]

@Jutz:

You have noooooooooooooooooooooo effin clue how painful it is. Most forms online have a mandatory first name and last name field. Officially my first name is FNU(First name unknown) and I have also been addressed as Mr. Unknown, which kinda sounds cool, but believe me...

If theres anybody with the same name situation as I, chuck your customs and traditions for the sake of paperwork and get yourself identified with a first name and a last name. Trust me, nobody should go through the ordeal Im going through. All for a dam name!!!