topic Re: Trying to decifer my credit report while rebuilding...so frustrating...what should I do? in Rebuilding Your Credit

Trying to decifer my credit report while rebuilding...so frustrating...what should I do?

Anonymous — Fri, 26 Apr 2013 19:25:46 GMT

Hi...my husband and I are in the process of repairing and rebuilding our credit and have been working dilligently for the past 4 years to do so. Man, the whole thing is so confusing and sometimes frustrating! I really really appreciate that this forum exists and that we feel like we aren't alone in our rebuilding journey! With that being said, I need some help decifering my report. I have 2 old charged off accounts from HSBC with smallish charged off accounts. They have been transferred from agency to agency...now one is with FST FIN INV for the amount of $1041 and the other is with LVNV Funding for $977. On my report it is listed under collection and in the other section which breaks down the account is stating something like this:

LVNV Funding is listting:

Transunion & Experian are reading as charged off/collection

Equifax is reading as 120 days past due

The date that this went into collections was in 2007. How is this possible? Should I just pay the damn thing? Will that make a difference?

I also have an old t-mobile account that went into collections 4 years ago, has gone through a couple of agencies and is now with Midland. It is for $575. Even though it was charged off several years ago, it is being listed as a fairly new collection (2012). What should I do with this one? I certainly don't want to re-age it, but how can I show that it is older?

I am trying to stay positive about the rebuild, but, wow, this can be so frustrating. Thank you for any help or advice that you may be able to give me

Re: Trying to decifer my credit report while rebuilding...so frustrating...what should I do?

Anonymous — Fri, 26 Apr 2013 19:44:16 GMT

Accounts that have been charged off or sent to collections will have a DoFD. That is what determines when the item will be excluded from your CR.

Do you know if HSBC still owns the account or was it sold to the CA? Are HSBC and the CA both reporting?

Paying a collections will not help your score.

Even though the account (T-Mobile) was sent to collections 4 years ago, the CA reporting it in 2012 had acquired the debt at that time or reported it at that time. Either way it is legal. It is a new collection on your report but it is still a debt from 4 years ago.

Which reports are you looking at? Ones from a 3rd party or directly from the CRAs? EQ will have a DoFD, EX and TU show a drop off date.

Re: Trying to decifer my credit report while rebuilding...so frustrating...what should I do?

Anonymous — Fri, 26 Apr 2013 20:11:21 GMT

Hi, and thanks for the reply. Wow, so the collection thing is frustrating! So basically, they can keep selling it and it will always look 'new'? Wouldn't it be better for me to pay it off? Otherwise, it could be on there forever! The way that the HSBC reads is:

Transunion: Paid

Experian: Transferred

Exquifax: Derrogatory

Pay Status is listed as charge off/collections

Both read $0 balance

I don't see a DOFD listed on the report. I got it from Identity Protector...so, I guess this is a 3rd party. Where do I determine the DOFD? Is it when I see the first 30 day mark?

As far as the T-mobile account, the original isn't listed like HSBC, but only listed as a collection through Midland Funding for Transunion and Experian and MIDLANDMCM for Equifax.

Re: Trying to decifer my credit report while rebuilding...so frustrating...what should I do?

Anonymous — Fri, 26 Apr 2013 20:15:12 GMT

Yes, it's a 3rd party and wouldn't show it.

If it is showing a 0 balance it was sold to the CA.

Yes, the first time you were late and never brought the account current would be the DoFD.

Paying it would stop the reselling of the debt. You can ask for a PFD and have their collection TL removed.

Re: Trying to decifer my credit report while rebuilding...so frustrating...what should I do?

Anonymous — Fri, 26 Apr 2013 20:15:22 GMT

Oh, and I noticed that LVNV Funding is reporting 120 days late on collection report to Equifax as opposed to what it is reporting to Transunion and Experian which is collection/chargeoff.

Re: Trying to decifer my credit report while rebuilding...so frustrating...what should I do?

Anonymous — Fri, 26 Apr 2013 20:18:54 GMT

How is it showing. Does it say currently 120 days late?

A CA cannot report late payments but can report the worst delinquency on the account from the OC. If it is showing up as current, sometimes, with 3rd party reports they are formatted differently.

Re: Trying to decifer my credit report while rebuilding...so frustrating...what should I do?

MaRain — Fri, 26 Apr 2013 20:51:12 GMT

Please update on your progress with this. I have discovered that LVNV (HSBC -OC) and Midland (Tribute MC - OC) have also reported this way (ok and late pays,but only on my EQ) however I haven't made a payment since at least 3 months before the debt was sold to those CAs which was in 2006. I am currently in dispute with these accounts but will update you on the outcome.

TIA