topic Re: Help with CO removal in Rebuilding Your Credit

Help with CO removal

fabrownii — Fri, 02 Sep 2016 16:23:26 GMT

Hey guys/gals I do not post on here much I do mostly reading but now I am in need of some help. Since early last year I have been working on repairing my credit. Today I had 3 CO accounts from Florida Credit Union removed due to a lot of innacurate info via an Equifax online dispute. They were only reporting to Equifax thank god. Out of like 7 accounts (all opened when I was 18 and maxed out) I only have 2 left to take care of. Both are credit cards and both are affecting my credit tremendously. I want to refinance both vehicles ASAP and purchase a home in < 1 year.

1. Chase Bank CC. Reporting the same info to all 3 CRA. Per MyFico the balance is $794 and last activity was 10/2011 and account was opened in 8/2006. They are still reporting it to all 3 CRA.

2. BOA CC. Reporting the same info to all 3 CRA. Per MyFico the balance is $1411 and last activity was 10/2011 and account was opened in 7/2006. They are still reporting it to all 3 CRA.

These have been on my credit for a lonngg time. I am ready for them to come off. I tried GW letters to both CEO's with no success. I have disputed through the CRA with no success. I even tried calling and telling them I will pay the balance, nothing! Both companies stated they've already written them off. Any and all suggestions would be awesome. Am I missing something or doing something wrong? Please help! Thank you...FB

Re: Help with CO removal

RobertEG — Fri, 02 Sep 2016 17:53:32 GMT

Credit report exclusion may be the best bet.

Missing from the post is the DOFD on each account, which establishes the date of running of the 7 year plus 180 day credit report exclusion period.

What is the DOFD on each?

Credit report exclusion does not involve the creditor other than their reporting of the DOFD.

It is conducted entirely by the CRA.

They routinely grant a general early exclusion at 7 years from DOFD, and you may be able to request an additional early exclusion of approx 6 more months.

Re: Help with CO removal

fabrownii — Fri, 02 Sep 2016 18:10:19 GMT

Robert, thanks for the reply. I assumed the DOFD was the last activity date. How would I go about finding out the DOFD? I tried asking the CRA but they've never provided it.

Re: Help with CO removal

RobertEG — Fri, 02 Sep 2016 18:27:02 GMT

DOFD is defined as the date you first became delinquent, and thereafter remained delinquent until they took the charge-off.

It normally precedes later reporting of some other last activity.

I would first pull your report from annualcreditreport.com, which will usually show the reported DOFD.

The creditor is requried to report the DOFD no later than 90 days after reporting of a charge-off, so it will be in your file.

Many commercial reports choose not to provide the DOFD, but it is usually provided in reports obtained from the annualcreditreport.com site.

Re: Help with CO removal

tjmolly — Fri, 02 Sep 2016 19:11:23 GMT

@fabrownii wrote:
Hey guys/gals I do not post on here much I do mostly reading but now I am in need of some help. Since early last year I have been working on repairing my credit. Today I had 3 CO accounts from Florida Credit Union removed due to a lot of innacurate info via an Equifax online dispute. They were only reporting to Equifax thank god. Out of like 7 accounts (all opened when I was 18 and maxed out) I only have 2 left to take care of. Both are credit cards and both are affecting my credit tremendously. I want to refinance both vehicles ASAP and purchase a home in < 1 year.

1. Chase Bank CC. Reporting the same info to all 3 CRA. Per MyFico the balance is $794 and last activity was 10/2011 and account was opened in 8/2006. They are still reporting it to all 3 CRA.

2. BOA CC. Reporting the same info to all 3 CRA. Per MyFico the balance is $1411 and last activity was 10/2011 and account was opened in 7/2006. They are still reporting it to all 3 CRA.

These have been on my credit for a lonngg time. I am ready for them to come off. I tried GW letters to both CEO's with no success. I have disputed through the CRA with no success. I even tried calling and telling them I will pay the balance, nothing! Both companies stated they've already written them off. Any and all suggestions would be awesome. Am I missing something or doing something wrong? Please help! Thank you...FB

Given if you are within 6 months, TU will do the "early exclusion" deletion upon verbal request, EX at 3-4 mos, but Equifax only at 1 month. On the EX report, it will give you a date on the account listing of when it is due to be "removed." That will tell yu how far out you are from an early exclusion.

I recently went through this with 8 CO accounts and I just called the CRAs and they took care of it within 24-48 hrs. Your scores are seem low despite the COs. Your COs are relatively old and should not bear much weight on your score. You may want to look at how much open credit vs used credit you have, <10% is best but >0%. Also having an installment loan (car loan, mortgage, personal loan) helps. Best of luck!

Re: Help with CO removal

Anonymous — Fri, 02 Sep 2016 19:25:36 GMT

@fabrownii wrote:
Robert, thanks for the reply. I assumed the DOFD was the last activity date. How would I go about finding out the DOFD? I tried asking the CRA but they've never provided it.

If you pull your free reports from annualcreditreport.com, it will be listed on the EQ report. Others will show estimated removal date.

Re: Help with CO removal

fabrownii — Fri, 02 Sep 2016 20:00:13 GMT

My scores are low because BOA and Chase are continuiing to report monthly to the CRA as late...EVERY SINGLE MONTH. It is very frustrating. The rest of my credit is perfect. Never late on anything. I have $10k in open credit for cards and only $850 in balance. Car loans, check, got them too, never been late once. They bear a lot of weight on my score. When the FLCU was erased today Equifax went up 34 points because they were still reporting also.

I used up my yearly AnnualCreditReport like 8 months ago. I'll try and find them.

Re: Help with CO removal

Anonymous — Fri, 02 Sep 2016 21:35:55 GMT

@fabrownii wrote:
My scores are low because BOA and Chase are continuiing to report monthly to the CRA as late...EVERY SINGLE MONTH. It is very frustrating. The rest of my credit is perfect. Never late on anything. I have $10k in open credit for cards and only $850 in balance. Car loans, check, got them too, never been late once. They bear a lot of weight on my score. When the FLCU was erased today Equifax went up 34 points because they were still reporting also.

I used up my yearly AnnualCreditReport like 8 months ago. I'll try and find them.

I download them as a file and keep them on my computer for reference.

Re: Help with CO removal

fabrownii — Fri, 02 Sep 2016 22:04:34 GMT

@fabrownii wrote:
My scores are low because BOA and Chase are continuiing to report monthly to the CRA as late...EVERY SINGLE MONTH. It is very frustrating. The rest of my credit is perfect. Never late on anything. I have $10k in open credit for cards and only $850 in balance. Car loans, check, got them too, never been late once. They bear a lot of weight on my score. When the FLCU was erased today Equifax went up 34 points because they were still reporting also.

I used up my yearly AnnualCreditReport like 8 months ago. I'll try and find them.

Equifax shows a 10 year payment history and for the Chase card the DOFD was 12/2011 and the BOA was 01/2012. This still puts me pretty far away from 7 years. Is there anything else I can do?

Re: Help with CO removal

Anonymous — Sat, 03 Sep 2016 02:26:40 GMT

Looks like only option is to settle or pay in full the charge offs with goodwill to be done. That will stop the reporting monthly or just wait it out to deletion. Tough choice since 7 years is nearly in 2 years but if u need results fast I would pay so it can stop negative reporting and pray for a goodwill hailmary.

Re: Help with CO removal

cjane1 — Sat, 03 Sep 2016 02:43:14 GMT

I recommend first reading previous post from members and find out how they got collections removed from the agencies you are dealing with. Some could have direct emails or phone #'s they had luck with.

Re: Help with CO removal

fabrownii — Sun, 11 Sep 2016 13:35:25 GMT

@cjane1 wrote:
I recommend first reading previous post from members and find out how they got collections removed from the agencies you are dealing with. Some could have direct emails or phone #'s they had luck with.

I tried searching. I could not find anything specific. Only thing I could find is email addresses from 2011 which appreared to no longer be valid.

Re: Help with CO removal

fabrownii — Sun, 11 Sep 2016 13:37:33 GMT

They wont let me settle and I tried PFD. They wont let me do neither. I know it is going to make a huge difference too because the credit union credit card I just had removed bumped my score over 30 points, just one card. If they wont settle and wont let me pay it in full, what do I do?