Help!! I Need Advice. My C.R. is a mess..

[Anonymous]

Ok Guys Im a new member here and I need some advice and some questions answered about my bad C.R. I was one of the unlucky ones that lost my job after 9/11 but after 5 years I am back on my feet. Anyway, I recently pulled 2 scores and a summary of my report from truecredit, one for Experian (Vantage Score) and the other from Equifax (Fico Score). For Transunion, I had a lender Realtor that I was working with to pull it down since I was looking for a Home to rent. That was a FiCo score also. I wasn’t approved to rent a home by the way. Anyway I got the Lender to email me my Credit report from transunion and now I have all the information I need to get some advice on where to start.

My score as follows…

Transunion - 479

Experian – 623

Equifax – 565

1st thing I need help on is I have several accounts that were opened on my Experian report that show transferred and closed. There are HSBC Best Buy, CompuUSA, and another one that is RS which I have no idea on what this is. Anyway these accounts were Opened in 08/1999, Reported in 06/1998 Date of Status 10/2002, Last Reported 10/2002 and Status reads: “Transferred, Closed, Collection Account. There is no “Status Details” on this account. A few pages further down I noticed that they were again reported by a collection agency called LVNV Funding for all 3 accounts. These read Date Opened 12/2002, Reported Since 12/2002, Date of Status, 12/2002, Last Reported 2002. There is a Status Detail that reads “This account is scheduled to continue on until 2008”.

Is there anyway I can remove these from my CR?

2nd. I have about 16 accounts not including the ones from above , that are “Charge Offs” or “Collections” The Status Details read “This account is scheduled to continue on until Month, 2008” on all of them.. Should I pay for these accounts or wait for them to fall off my CR? Which leads me to my second question…How accurate is the “Status Details Section”? What if they do not fall off my report on the month specified and 6 months from now I pull another credit report from the same Bureau  and it’s bumped up another year.

3rd If these accounts fall off or I pay them off, does this information reflect to the other credit bureaus if it’s the same account number?

4th I need someone to help me understand what the following categories mean on my credit report:

Date Opened 11/03 Im guessing this means the date the collection agency reported me to the Credit Bureau?

Reported Since 06/2004

Date of Status 06/2004

Last Reported 04/2007

So if My status Details Read “This account is scheduled to continue on until 2008”, Why is it less than the 7 year retention period?

Anyway guys my credit reports are a mess and I want to start somewhere to improve my Credit Score by next year so I can get my Family out of this 2 bedroom apartment and move to a descent home.

I appreciate your help and time.

Many Thanks..

TS

[Anonymous]

First off welcome to this forum,,,,its wonderful and loaded with tons of information.  I know how it feels to loose a job which later leads to "credit repair"

i would read scoring 101 which will clear up a ton of questions that you may have

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

start there!!!! and then move forward step by step

good luck to you and your family!!!

[Anonymous]

Welcome theshadow! I am also a newbee here but you will find so much help!! I am having some of the same problems as you. Let me tell you what I have found out so far.

read credit score 101

go to Abbrevaiations...i always have a second window open with this so i can check what people are saying.

On the first part HSBC etc. did you get the date incorrect ..open 1999 & reported 1998?

A report can not be made until an account is opened. If so under the FCRA = Fair Credit Reporting Act..your count down date is the first 30 day notice on your reports! If this debt is transfered,closed or sent to collections the date does not change exmpened 1998...30 late 8/99 1999. The late date of 8/1999 is the date that you use for the 7 year count down.(unless your state has a different law) I am in CT and my count down is same as yours (federal) BUT if I make any kind of payment after Jan 1999 the clock starts over at that date.

CA....Collection Agency..The are known for changing the date.They are not allowed to do it. I started by BUYing ( not using the free reports) and filed disbutes with all CRA (Credit Report Agency) (aka TransUnion, Equifax, Experian).Some of the reports I had no idea who or what they were. I filed as Not Mine or account unknow to me.

The reason for paying for your reports is..they will take up to 45 days to check it out but only 30 days if you pay for your report.If you have monitoring with TC TrueCredit, You do not need to pay for report, just dispute through them for TU ( transunion)

CO Charge Off, or collections still go by the first 30 day missed pmt. date not the CO.

What you are calling status is the date that they will fall off. Mine started in 2001 & will fall off in 2008,unless I can get them removed.

This forum is GREAT! The people here will walk you through everything.  Good Luck