topic Re: Please help with Collection Account Question in Rebuilding Your Credit

Please help with Collection Account Question

Anonymous — Thu, 28 Oct 2010 04:26:26 GMT

Like many on here I'm trying really hard to repair my credit (current score 653). I had a run of bad luck in the mid 2000's and got over my head a little. I show a CA my report from Jefferson Capital. I have ready many threads on Jefferson (mostly negative). Here are the details:

Balance: $213

Date Opened: October 2008

DOLA: May 2005

Larger Balance: $355

Collection on debt to: Not Reported

First off I have no idea what this is for. I live in Nebraska (SOL show 5 years for written contracts). I'm afraid if I call these people I'll reset the DOLA. What should I do? I could just call up and pay the $213, but from what I understand it will show my report another 7 years. Also, the original owner is the debt is not reported and I have no idea how to find out who it is.

Beyond that I show one public record that was filed and paid off in 2004. How long does that show on my report? Forever?

Thanks for any input you guys/gals can give me. I am excited to move forward and repair my bad payment history. It just seems like such a long road ahead!

Re: Please help with Collection Account Question

Anonymous — Thu, 28 Oct 2010 05:39:19 GMT

@Anonymous wrote:
Like many on here I'm trying really hard to repair my credit (current score 653). I had a run of bad luck in the mid 2000's and got over my head a little. I show a CA my report from Jefferson Capital. I have ready many threads on Jefferson (mostly negative). Here are the details:

Balance: $213
Date Opened: October 2008
DOLA: May 2005
Larger Balance: $355
Collection on debt to: Not Reported

First off I have no idea what this is for. I live in Nebraska (SOL show 5 years for written contracts). I'm afraid if I call these people I'll reset the DOLA. What should I do? I could just call up and pay the $213, but from what I understand it will show my report another 7 years. Also, the original owner is the debt is not reported and I have no idea how to find out who it is.

Beyond that I show one public record that was filed and paid off in 2004. How long does that show on my report? Forever?

Thanks for any input you guys/gals can give me. I am excited to move forward and repair my bad payment history. It just seems like such a long road ahead!

Don't worry, the road is not that long.

If the SOL in your state is indeed 5 years, than you may well have a debt that is out of statute. In order to be sure you'd need to find out the DOFD (date of first delinquency) since the SOL generally runs from that date. The DOFD also determines the start of the credit reporting time period and generally 7.5 years from thatdate the derogatory cannot appear on your credit report any longer. My guess is you may still have another two years to go on that one.

I would send Jefferson Capital a DV request. They should be either able to supply you with the details you'd need to identify the debt or, if your DV request is within 30 days of first contact, they'd have to stop collection efforts.

Re: Please help with Collection Account Question

LIGHTNIN — Thu, 28 Oct 2010 10:22:02 GMT

Welcome to the forums

I agree with O6, and the long road isnt very long for you now.

Your CA jefferson Capital isnt hurting your CS by much anyway,maybe by 10pts if that.

The public record filed and paid in 2004....What type of record was it? BK, child support, tax lien etc.

When I first started here I also confused SOL with CRTP....Just let us know if you have any more questions about it.

I've found very helpful and knowledgeable people here at myfico.

The support is great too.They held my hand when times were sad, and did the happy dance when times were great.

Hope to see you posting again soon

Re: Please help with Collection Account Question

Anonymous — Thu, 28 Oct 2010 11:19:05 GMT

Thanks for the replies. That people on these forums is one of the main reasons I joined myFICO -- they seem to be so responsive and willing to help!

As far as my original questions, the next step appears for me to write a DV to Jefferson to determine the DOFD. Like I said I would just pay off the $213 is it doesn't restart the clock on the 7 years +180 days. I saw on other posts where people have gotten confirmation in writing to have it removed upon being paid.

The public record on my accound was for a furniture store that I paid in full right away. It was the classic right out of college, living with girlfriend, she puts you in debt, and timely split sort of thing -- leaving me in over my head. I'm just wondering if that will be on there forever.

I think the major factor huring me is a number of 30 and 60 baddies generally in 04, 05 and 06. I did have a baddie in 09 as well that I'm kicking myself for.

Again thanks for your input on this!

Re: Please help with Collection Account Question

LIGHTNIN — Thu, 28 Oct 2010 12:32:36 GMT

Are you saying it a judgment on your CR?

I do know some things about judgments.

Civil and small claim judgments: Remain seven years from the date the judgment is filed.

IMO, i think it the judgement hurting your score the most, but i maybe wrong.

Some have had success with getting judgments removed.That I dont know enough about that to advise you.

Re: Please help with Collection Account Question

Anonymous — Thu, 28 Oct 2010 13:55:11 GMT

Yes it is a judgment on my CR. It was filed on November 1, 2004. Will that come off in 7 years, or the 7 years + 180 days?

Re: Please help with Collection Account Question

MarineVietVet — Thu, 28 Oct 2010 14:01:16 GMT

@Anonymous wrote:
Yes it is a judgment on my CR. It was filed on November 1, 2004. Will that come off in 7 years, or the 7 years + 180 days?

7 years from 11/01/2004.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

Re: Please help with Collection Account Question

Anonymous — Thu, 28 Oct 2010 14:43:15 GMT

1 more year! Who is responsible for removing a judgement? Are the big three pretty good about dropping those off right at 7 years, or do I need to follow up with someone?

Re: Please help with Collection Account Question

Anonymous — Thu, 28 Oct 2010 14:50:38 GMT

I concur with the advice to DV Jefferson Capital. I wouldn't PfD initially - you want to know if it's something you're really resopnsible for. If you have a report directly (or through annualcreditreport.com) from the CRAs, there should be DoFDs on EQ and "remain until" / "positive status" indications on EX and TU.

Re: Please help with Collection Account Question

MarineVietVet — Thu, 28 Oct 2010 15:42:18 GMT

@Anonymous wrote:
1 more year! Who is responsible for removing a judgement? Are the big three pretty good about dropping those off right at 7 years, or do I need to follow up with someone?

IME (In My Experience) these things will disappear on their own but always be sure it's been done just in case.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work