topic Re: What to do?? in Rebuilding Your Credit

What to do??

Anonymous — Tue, 05 Jun 2012 22:30:37 GMT

Greetings all, I am so happy I found this board. I was just about to start paying stuff off my credit. I am so HAPPY, I came here FIRST.

I pulled all 3 reports and paid for scores. I have to tell you, it’s pretty confusing to me…
Please offer advice:

Equifax 517
Capital One- current open account- Past Due 120 days late
- I am going to pay this and get it caught up. Should I just pay or ask them to remove the lates? If so, how do I do that?
Collections
Medical bill- 222.00
- Again, I can just pay it, but will it increase my score? This is new first reported 03/12
Windstream- 320.00
- I can just pay it, but will it increase my score? This is new first reported 03/12

Experian 552
Has the EXACT same thing as Equifax, but has a Judgment from a REALLY old Discover card. I thought it would just drop off my report, clearly not!
- Is there any way to get this removed from all 3 reports? Why is it gone from one and not the others?

Trans Union 567
This has EVERYTHING that Experian has but also has a Capital one Card closed (Paid)
Charge off from Nordstrom- What can I do about this??
Insurance Collection- Paid

Hospital Bill Collection $ 663.00 last updated 06/2010
- Ugh, again, do I just pay it off? Does that help my score?

In addition to these things, I have student loans that are ALL paid as agreed, all of them are in good standing… I just have a lot of them. (Over 60K).

Any and all advice please. I was careless and NEVER understood how credit could affect ALL aspects of your life. I’ve been denied jobs because of this mess.

I'm older now with a child and need to get my life back on track. I was unemployed for a while and now have a job and want to make this a priority.

Again, Thanks

Re: What to do??

RobertEG — Wed, 06 Jun 2012 01:56:13 GMT

My first focus would be on the unpaid debt. It has the potential to become worse. Paying wont help your current score unless you get PFD agreement, but the current impact is not the entire picture.

The Cap1 could mature into a charge-off or collection. And of course, any unpaid, delinquent debt could result in legal action.

What is the SOL on the unpaid debt?

Re: What to do??

Anonymous — Wed, 06 Jun 2012 02:06:06 GMT

Catch up any late pay,ents still reporting. Anything in collection do not pay just yet. Call or send letters to the collection agencies asking them to delete from the cra if you pay. Make them put it in writing. I wish I would of known this existed before I paid my collections.

Re: What to do??

Anonymous — Wed, 06 Jun 2012 21:38:02 GMT

So you mean, pay the past due credit card bill. Im in NC and don't know the SOL.

Anyone else know, please advise

Re: What to do??

Anonymous — Wed, 06 Jun 2012 21:40:48 GMT

Is there a specific format for the PFD letters.

What about the judgement? It was filled 10/2008 by DFS Services LLC

Re: What to do??- UPDATE 06/10

Anonymous — Sun, 10 Jun 2012 19:09:36 GMT

Like many of you warned the credit card that was past due has been sent to a collection agency. I received the letter on Friday.

How do I respond? Do I just pay the collection agency?

Is there any way for the credit card company to take it back so I don't have 120 days late plus a new collection?

Is this as detrimental as I think, seeing as that was the ONLY open line of credit I had.

Advice please...

I have only 30 days to respond to the collection.

Thanks

Re: What to do??- UPDATE 06/10

techgirl — Sun, 10 Jun 2012 21:01:42 GMT

Here is a PFD - you can change it up, but the main thing is they have to respond and agree to delete for payment:

-----

Collection Agency
1212 Maple St
City, State Zip

Re: Collection Account for Original Creditor Account #: 00000xxxx

Amount: $25.00

To Whom It May Concern:

This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you regarding this account. The account number I have is the one listed on my Experian credit report – which omits the last few digits.

In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Please address all correspondence regarding this account to:

You
123 Any Street
City, State Zip

Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment.

Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Re: What to do??

RobertEG — Sun, 10 Jun 2012 23:07:13 GMT

I would omit the first paragraph. It raises the issue of whether your lettter is additionally a request for debt verification under FDCPA 809(b), or perhaps a direct dispute under FCRA 623(a)(8). Both of those place their own requirements on the debt collector. It may result in a dispute flag being reported to the CRA.

I would confine the letter to the issue of PFD.

Re: What to do??

Anonymous — Mon, 11 Jun 2012 00:41:23 GMT

Ok, I'll prepare this letter and mail it tomorrow. Does it have to be certified?
What affect will this have on the original creditor?
Is there anything I can do to for them?
What about the judgment?

Re: What to do??

RobertEG — Mon, 11 Jun 2012 01:28:33 GMT

Being a personal offer on your part, their are no dates that need to be established, and thus no need to substantiate date of mailing or their receipt.

If you want peace of mind in knowing it was received, that would be the only reason I would send it with any type of verification of receipt.

If the debt collector is required to first contact the OC before agreeing to any terms, then the OC would become involved. They could either instruct their agent to accept or prevent their acceptance. Who knows.

Re: What to do??

Anonymous — Mon, 11 Jun 2012 03:19:28 GMT

Discrepancies on different reports- why is this?

For example, Equifax has no judgments and only 2 collections, while TransUnion has a judgment and 3 collections.

Is there a way to get them all to match?

Re: What to do??

techgirl — Mon, 11 Jun 2012 14:57:34 GMT

Which one is right?

Re: What to do??

Anonymous — Mon, 11 Jun 2012 15:56:10 GMT

Honestly, all of them. Everything that's on my reports are my debt. A few years ago, I paid some company that promised to help improve my credit. It didn't help, I was out of 350 dollars... But I see that they obviously got some things deleted from certain reports.

Re: What to do??

techgirl — Mon, 11 Jun 2012 16:01:05 GMT

How old is your Judgment? For the collections use the PFD letter....

Re: What to do??

Anonymous — Mon, 11 Jun 2012 16:05:21 GMT

Last update for Judgment was 2004. I'm mailing PFD letters for collections today.

Re: What to do??

techgirl — Mon, 11 Jun 2012 16:22:55 GMT

Will you pay the full amount for each collection?

Re: What to do??

Anonymous — Mon, 11 Jun 2012 16:37:15 GMT

Yes, if they agree. None of them are extremely expensive. The judgment is the most expensive. And the charge off is pretty expensive too- but I've yet to receive advice on this one.

Re: What to do??

techgirl — Mon, 11 Jun 2012 16:45:52 GMT

Sometimes it is faster to call them and agree over the phone and follow it up with a letter. How muchfor the judgment and charge-off?

Re: What to do??

Anonymous — Mon, 11 Jun 2012 17:37:06 GMT

Judgment- 3500
Chargeoff 1400

Re: What to do??

techgirl — Mon, 11 Jun 2012 18:02:45 GMT

I don't know why I didn't count the years before when you told me the date of your judgment, but I believe judgments should only stay for 7 years unless you live in a state where it can be renewed. I would dispute with TU, EX and EQ and state that the time limit has expired (2011) on the judgment - that should make it go away.