topic Re: Project Rebuild! in Rebuilding Your Credit

Project Rebuild!

Anonymous — Tue, 05 Apr 2016 04:43:17 GMT

Hi All, Long time forum lurker in my mid 20s on the path to repair my score, so far up to Experian:603 TU:609 EQFX:615 (the last two scores via CK).

I have very low utilization 8% and my AAoA is 4 yrs. I have recently acquired CAP1 QS and PLAT both $500 and have had Credit One for $400 for a year (eligible for 150 upgrade :/). I have one student loan Great Lakes for 29k

My question here is I have 4 derogs, 90d missed payment from GLakes from 2014 that they wont remove, failed GW.

Other 3 are:

Debt Rec Sol Date Opened (9/1/14): $400 for missed last verizon payment

Portfolio Rec Assc(12/1/14): $1064 from Paypal/Synch Bank

Midland Funding Date Opened (9/1/16): $611 from Cap1 that started reporting

Paypal SynchBank: Noted as closed account - charge off because they sold the debt to Portfolio Rec Assc.

The OC's arent listed on my report, how can I obtain these to find DoFD.

I am also wondering what I can do now, if anything to up my score, if i should just garden and wait it out 24mo till it naturally clears up.

Thanks for the help, Cheers.

Edit: I have 6 inquiries as I have been applying for store cards , etc.

Re: Project Rebuild!

RobertEG — Tue, 05 Apr 2016 06:12:23 GMT

Whenever a debt collector reports their collection to a CRA, they are required to obtain and report the DOFD to the CRA no later than 90 days after reporting the collection.

The DOFD will be in your file, but is frequently not listed on most commercial credit reports.

Most commercial reports will give you an estimated exclusion date for the collection, which is usually 7 years from the reported DOFD, so that can be used a a rough estimate.

If you need the specific, reported DOFD, such as for purposes of evaluating its accuracy, you can usually get it from your more detailed report at annualcreditreport.com, or be purchasing a report directly from the CRA.

The approach for score improvement with unpaid collections is usually to offer a pay for deletion (PFD) to the debt collector,which will, if accepted, discharge the debt AND remove the major derog from your scoring.

Care should be taken, however, if the debt is still within the SOL for your state, as making payment offers might trigger a possible litigation review.

Re: Project Rebuild!

Anonymous — Tue, 05 Apr 2016 06:34:52 GMT

Thanks Robert, I actually just did free TU report that has estimated dates of removal ranging from 2018 to 2021 so DoFD range from 2011to 2014. It looks like Paypal/Synch is still reporting a balance, I think I will try to pay them off in full.

Re: Project Rebuild!

Anonymous — Wed, 06 Apr 2016 02:55:47 GMT

@Anonymous wrote:
Thanks Robert, I actually just did free TU report that has estimated dates of removal ranging from 2018 to 2021 so DoFD range from 2011to 2014. It looks like Paypal/Synch is still reporting a balance, I think I will try to pay them off in full.

You can pull all three free reports once a year from annualcreditreport.com - the Equifax report will show the actual reported DoFD, while the other two will show an estimated removal date.

Re: Project Rebuild!

Anonymous — Wed, 06 Apr 2016 04:54:28 GMT

Thanks Norman, I figured I am going to try a PFD with Debt Recovery Solutions. Since PRA doesnt do them and I am not sure about Midland.

Re: Project Rebuild!

rebuilding123 — Wed, 06 Apr 2016 05:33:31 GMT

Midland absolutely removes collections! I'm not sure how quick they are to with the majority. But they removed mine on first attempt!