Credit Report Questions

[iltph]

I've had bad credit for over six years and haven't bothered to do anything because I always thought it was best to just wait seven years for everything to fall off my CR. After reading these forums, it looks like I was wrong. ;-( If someone could help answer some of these questions it would really help me out a lot.

For a $3,000 CC debt that hasn't been paid in three years, what amount could I expect them to settle for? $100, $500, $1000, $2,000 etc?

Are the chances of getting the entire account/listing removed off my credit report pretty high or will it just showed as paid? Will most CAs entirely delete it or just show it as paid? How can I believe them if they say they will delete it? What if they don't end up deleting it?

If all of my accounts/collections remained on my CR, but had zero amount owed would my FICO score go up much?

If I send out DV letters to all of my CAs, will that validate that the debt is mine and reset the clock?

If I pay a debt that will fall off in 2 years now, will it remain on there for another 7 from today or still fall off in 2 years? (My wife is super paranoid about this and thinks we shouldn't do a thing.)

If I pay a debt that is 5 years old will it change it so it is current? I thought it was better to leave something on there for 5 years alone, rather than reopen it or show that it had just been changed?

A collection just showed up 3 months with a company I've never used in my life. It's a $62 charge and I'mg oing to send them a DV, if they ignore it (which they will), is my only option to get a lawyer?

Can I do all of this myself or will I end up needing a lawyer at some point. I don't want to pay a ton of money to a lawyer and get ripped off.

I know some of these are stupid questions, but if someone could answer them it would help with some of my confusion about repairing my CR.

Message Edited by iltph on 03-04-2008 06:10 PM

[Anonymous]

many of you questions are general and answers can be found on some freq.requesed thread. With so many different qustions at 1 time may turn away some readers that could answer some but not all questions. You want as many people to read & answer as can.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6834

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=38534

simple SOL by state

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

If all of my accounts/collections remained on my CR, but had zero amount owed would my FICO score go up much?
        NOPE!!!!

If I pay a debt that will fall off in 2 years now, will it remain on there for another 7 from today or still fall off in 2 years?         NOPE (except for public records)  they fall off by DOFD  DOLA   but if not PIF  it might restart  SOL!

If I pay a debt that is 5 years old will it change it so it is current? I thought it was better to leave something on there for 5 years alone, rather than reopen it or show that it had just been changed?
        A lot has to do with the DOFD  DOLA and SOL  

Any debt within SOL....the creditor can file a lawsuit for a judgment!!!!!!

A collection just showed up 3 months with a company I've never used in my life. It's a $62 charge and I'mg oing to send them a DV, if they ignore it (which they will), is my only option to get a lawyer?

   YES  send a DV  CMRRR

Almost everyone here is clearing or has cleared their own CR....I am 1 of them.  You need to start slow and learn as you go....It is not hard just takes time and might want you to pull your hair out!

BUT it can be done and done RIGHT.

Remember we didn't get into this mess overnight & it will not go away overnight.

There is a right way & a wrong way to do it.  FIRST    know whats on you CR and how to read it!  next KNOW your DOFD  DOLA  SOL  and what each means!   All of this can be found on this thread....NO you do not have to know everything at 1 time and you may ask as many questions as you need....If you do not get an answer right away it usually means whoever reads it can not answer....you need to wait & see when someone can.

IMO  no one should touch their CR  until they know what will happen.  You are dealing with federal law and state laws. Each has a different function!

CRTP  only deals with CR.........SOL is set by each state & deals with the time limit in which a creditor can file suit.....once SOL is past   you still owe the debt BUT you can not be sued......OR they can file BUT your defence is SOL!

When asking a question remember that dates are very important!!!!

example:

I had a CC  that was opened in 1999  it was closed in 2001.....the DOFD is date  DOLA date     my SOL is years          It is being reported by the OC  and a CA     

NOW  the dates that you opened it & the date closed means nothing.....The date DOFD  is the date that is set by the OC and that is the date that CRTP goes by (drope off CR)

SOL will be set by DOFD or DOLA!

Message Edited by HappyDays on 03-04-2008 03:23 PM

Message Edited by HappyDays on 03-04-2008 03:28 PM