topic Re: What can I do, if the credit bureaus has not removed the negs? in General Credit Topics

What can I do, if the credit bureaus has not removed the negs?

Cory — Tue, 06 Jan 2009 15:29:59 GMT

Okay, so I waited a long time and now I'm ready for the rewards. My credit reports has been through a lot over the last seven years. I had four derogatory/negative trades line, which all four is due to fall off this year. I know this is only the begining, but I have seen an early deletion in the past.

I have not check my reports, for fear from seeing accounts still reporting. The last time, I check my report was in September of 2008. Midland Credit Management was still reporting, but no status it showed. And on the side of the account, it had a little note that said (disputed, fair credit reporting act) something to that effect. Now should in case I still see those accounts reporting, what steps do I take?

The accounts that are due to fall off are Chase Mortgage Corporation/Crossland Mortgage Corporation, Midland Credit Management, and Presidio, which tried to collect for Providian. Providian was removed, now should Presidio be removed?

If I check my three reports from My Fico, will it show as an inquiry on the reports? I would hate to have an inquiry. That 's the reason I have not pulled my reports from My Fice again.

Thank you for your help with this matter.

Cory

Re: What can I do, if the credit bureaus has not removed the negs?

llecs — Tue, 06 Jan 2009 15:53:39 GMT

Cory wrote:
If I check my three reports from My Fico, will it show as an inquiry on the reports? I would hate to have an inquiry. That 's the reason I have not pulled my reports from My Fice again.

You are never dinged with a hard inquiry when pulling your own reports. I personally pull mine 5-6 times per week total via myFICO, CCT, TC (doooh!), and Nat City's ID Protect.

Re: What can I do, if the credit bureaus has not removed the negs?

Cory — Tue, 06 Jan 2009 20:46:35 GMT

Thank you. Okay, so I pulled all three credit reports and scores from My Fico, and I got to tell you that I am well pleased.

My TU score as of 01/09 is 701/My EXP score is 668/ And my Equifax score is 679. I have never in my life had scores like this.

But, some of the collections didn't fall off as I anticipated. I'll just wait a little longer.

Cory

Re: What can I do, if the credit bureaus has not removed the negs?

llecs — Tue, 06 Jan 2009 20:50:58 GMT

Congrats on being one-third the way into the 700 club!!

Re: What can I do, if the credit bureaus has not removed the negs?

Cory — Tue, 06 Jan 2009 21:01:01 GMT

Your funny!

Thank you. I'm concerned because on my EQ report, Midland and Providian is still showing as a collections account, and they are one and the same. How can I address this?

Thank you for your help.

Cory

Re: What can I do, if the credit bureaus has not removed the negs?

llecs — Tue, 06 Jan 2009 22:20:54 GMT

Cory wrote:
Your funny!

Thank you. I'm concerned because on my EQ report, Midland and Providian is still showing as a collections account, and they are one and the same. How can I address this?

Thank you for your help.

Cory

What is your DOFD? Are you past SOL or could you PIF if you had to?

Re: What can I do, if the credit bureaus has not removed the negs?

Cory — Wed, 07 Jan 2009 02:36:01 GMT

Well, here is the thing. I just looked at the EXP report from September of 2008 and the Midland Credit Management account is scheduled to fall off March of 2009. Here is my concern, the Presidio agency sold the account to Midland in September of 2007, after being dormant for 2 or 3 years. And Presidio bought the account from Providian, which was originally open in 2000, and went delinquent in 2001.

So it's no far, because it seems like the account who, whatever buys it, should be deleted. The Presidio Account just says, account sold to another lender, and verified 9/2007. Should not this account be removed to, since the date of first deliquency was in 2001 and I never made another payment afterwards to Providian?

Thanks for your help.

Cory

Re: What can I do, if the credit bureaus has not removed the negs?

llecs — Wed, 07 Jan 2009 04:57:38 GMT

Payment or no payment, baddies remain for 7-7.5 yrs from DOFD. This is still reporting as of today (1/2009). Therefore, using 7.5 yrs (the FCRA has the extra 180 days tagged in there), the DOFD had to be at least 7/2001. If any earlier than then, then both Providian and MCM shouldn't be reporting. If later than 7/2001, then count 7.5 yrs from that date.

I'd go back into any records you have and look for that first date of delinquincy to confirm. Also, if you have some time to spare, try calling EQ and ask when these would be removed. Some say that EQ reps are clueless, but I had a couple good experiences with them and they were spot on with their answers.

IMO, I'd let Providian stay. Why? The history is probably longer than your avg. age. If removed, and if true, then you could see a significant score drop. However, MCM is in no way helping your score. You want it off. If you can find proof that 7-7.5 yrs expired, then you could dispute as being time-barred.

Message Edited by llecs on 01-06-2009 11:57 PM

Re: What can I do, if the credit bureaus has not removed the negs?

Cory — Wed, 07 Jan 2009 15:10:41 GMT

Well, according to my EXP credit report, MCM is due to be removed 03/09. Providian is already gone because I dispusted it in 9/2007. Presidio which was the first collection agency to buy the debt from Providian and collect from me, is the account that says remains, and verified on 09/2007 coded "Charged-Off"

I don't have any documentation from Providian with the date of first delinquency, and I wish I did. I want to know how long Presidio will stay on.

Do you have any ideas, tips?

Thank you,

Cory

Re: What can I do, if the credit bureaus has not removed the negs?

Junejer — Wed, 07 Jan 2009 15:15:28 GMT

Cory, you need to look to the OC for the DOFD, not the CA. You should be able to find this on your full CR.

If I were you, I would DV Presidio. If it's past CRTP, and Providian has already dropped, then they have to go.

Re: What can I do, if the credit bureaus has not removed the negs?

Cory — Wed, 07 Jan 2009 15:28:22 GMT

Thank you ByrdMan.

Is there a letter on this site for DV's? Can you explain the average age thing mentioned by llecs?

Thanks,

Cory

Re: What can I do, if the credit bureaus has not removed the negs?

Junejer — Wed, 07 Jan 2009 15:39:32 GMT

Yes Cory, there are tons of DVs on these forums. Just do a search for "DV Letters" and more than you want will come up. The one I like best is the "Lonnster Letter". You can search "Lonnster" and it will come up. Change any letter you use to reflect your personal situation and send it CMRRR.

Llecs was saying that average age of account is important in FICO scoring, so the Providian account being relatively old compared to your overall file, will be beneficial remaining from that standpoint. In many cases, the age of an old baddie is helping more than the baddie is hurting. Moot point since it's gone though.

Re: What can I do, if the credit bureaus has not removed the negs?

llecs — Wed, 07 Jan 2009 15:52:40 GMT

Cory wrote:
Can you explain the average age thing mentioned by llecs?

AAoA or Average Age of Accounts plays a huge part in your score. Obviously the longer the history the higher the score. Lenders like to see a long history and relationships with other creditors and AAoA is a good guage of that.

AAoA is calculated by adding up all the age of all of your accounts, open or closed, good or bad, but excluding any PRs or CAs. Then you divide the total of that age by the number of accounts included into the calculation. That equals your avg. age and is expressed in years. According to EQ and FICO, FICO high achievers have an AAoA betwen 6 and 12 yrs (based on an old Oct. report, anyway).

As an example, if I have a closed Visa that is 12 yrs and 3 months old, a MC that is open at 3 yrs and 4 months old, and a CO that was opened with the OC 6 yrs and 2 months ago, then I personally calculate AAoA by expressing years into months. So, Visa is 147 months old, MC is 40 months old, and the CO is 74 months old. 147+40+74=261months. 261/3 (accounts)=87 months. Therefore, AAoA is 87 months or 7 yrs and 3 months old. FICO tends to score based on a whole number, so this example would be expressed in the myFICO report as 7 yr AAoA.

AAoA obviously increases by one each year if not accounts disappear or are added. I've noticed increases in my scores when my AAoA recently went from 2 yrs to 3 yrs. You can also find AAoA (usually) on your FICO reports for TU or EQ on page 2 or 3.

I hope I didn't confuse anyone.