Rebuilding Your Credit

[rpr]

I am trying to clean up things that I have neglected for a long time. 

I've read all the recommended topics for us newbies but still have the following questions.

1.  I assume that the correct SOL for a collection is the state you were in when the debt was incurred, not the state you or even the creditor is currently in?

2.  The relevant date for determining when things will fall off report is the DOFD??  Is this the only term for this date??

3.  When trying to dv, pfd, and gw, should you focus on items reported in the last two years?  In other words, does the stuff older make that much of a difference?

Thanks in advance.

[slyhouse08]

1. SOL can go by either one...use the longest to be on the safe side...

2. DOFD is all that matters...drop off date...7-7.5 years from DOFD...

3. GW is usually for PAID collection...or closed/current CC...asking for removal of the TL....or asking for removal of late notations...

Some would say not to DV within SOL...because they can still sue you for the debt...but some people DV..as soon as they receive a DV letter...

PFD should be sent ANYTIME...it is a GREAT thing...PFD are usually sent after a DV is sent...and the creditor has validated...but if you know the debt is yours...you can go straight for the PFD letter...

[BungalowMo]

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rpr wrote:

I am trying to clean up things that I have neglected for a long time. 

I've read all the recommended topics for us newbies but still have the following questions.

1.  I assume that the correct SOL for a collection is the state you were in when the debt was incurred, not the state you or even the creditor is currently in?

2.  The relevant date for determining when things will fall off report is the DOFD??  Is this the only term for this date??

3.  When trying to dv, pfd, and gw, should you focus on items reported in the last two years?  In other words, does the stuff older make that much of a difference?

For this one, I'd say start with the newer & work backwards.  *usually  I had a cap one baddie with (from the myfico reports) 9 flags on one & 8 on another!  That was my highest flagged acct so I hit them first.  All my baddies are from about 3.5 yrs ago & backward, but those still come up as one of the main neg's concerning my FICO score.

Thanks in advance.

YW!

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Message Edited by BungalowMo on 06-04-2008 02:15 PM

[llecs]

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rpr wrote:

I am trying to clean up things that I have neglected for a long time. 

I've read all the recommended topics for us newbies but still have the following questions.

1.  I assume that the correct SOL for a collection is the state you were in when the debt was incurred, not the state you or even the creditor is currently in?

2.  The relevant date for determining when things will fall off report is the DOFD??  Is this the only term for this date??

3.  When trying to dv, pfd, and gw, should you focus on items reported in the last two years?  In other words, does the stuff older make that much of a difference?

Thanks in advance.

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1) Typically SOL is based on the state you live in now. Some states, as set by their statutes, allow for a carry-over from other states' SOL. Seems like there's a list out there pointing to these states. There's only a small handful. Maybe someone could chime in.

2) DOFD. I have found that most of the dates on my CR have been inaccurate. I find that the best determination for DOFD is to pull the report directly from EX and/or TU (not from here). Those original reports will have the drop off date listed for baddies. To find DOFD, just subtract 7 years. You can also call each CRA to find that date.

3) When tackling baddies, start with the newest first. This is because they have the greatest impact on scores. However, be very mindful of SOL; communicating in any way to the OC or CA will increase the odds of being sued. Older stuff can have an impact too. CAs, for example, can easily have a 20-50 plus point impact at the 7 yr mark (depending on several variables). Lates older than two years can drag your score well beyond the two years. IMO, go after it all.

[BungalowMo]

I know that my Equifax report...directly from their site...does not give me the drop off date.  I think the only one I've seen that did was TU.