need steps PLEASE!!!

[Anonymous]

I have been reading this forum and it has so much useful info on it but I am really overwhelmed! I have just begun to work on my credit issues. I only have my EX score which is 538. All of the debt on my CR is valid and it only equals up to around $6000. My question is: Could someone please explain the steps I should take if everything on my CR is valid? I understand PFD and I understand that I should write GW letters to those creditors whom I have already paid before I found this forum. What I do not understand is where an MOV and DV fall into the process? Also, do I offer a PFD to the OC or the company who bought the bad debt ( most of my debts are over 3-5 years old and have been sold to another creditor). I am sorry if this is confusing but I just dont understand where to start. PLEASE HELP!!!

[Anonymous]

Duplicate TLs should be disputed (ie. OC and CA reporting the same debt).

MOV and DV do not really apply here as you admit these debts are all legit.

PFD should only be offered if debt is past SOL, if so then I would try the CA's first, especially if the debt has been sold. If the debt has not been sold (check with OC) then try with OC.

[Anonymous]

Thank you Megan! that helps a lot!

[SmartCookie]

It's always best to PFD with the OC as it makes the CA obsolete... but once the debt has been sold as in your instances, you must do so to the CA.   You don't wait until after SOL to offer, but anything on the cusp of dropping from reports or collecting SOL is handled carefully. 

An MOV (method of verification) is sent to the CRA when they have verified a dispute as accurate and it is not accurate.

A DV (debt validation) is sent to the CA (not an OC) in response to finding out you have an alleged debt.  It is not just used to dispute the debt, but that the debt is correct.  Many people will choose to DV before offering a PFD. 

Before taking any actions I recommend pulling all 3 reports.  You don't want to touch things... or at least be careful with... items which are due to drop off reporting and items which are close to being outside collecting SOL.

An OC and a CA can report the same debt as long as the status is correct for both.

[Anonymous]

Thank you for the info SmartCookie! I think i understand but do you mind explaining the SOL? I googled this term and I understood this to be the # of years in which your state allows you to be sued over a bad debt??? Is this correct?

[SmartCookie]

welcome wbrantle and yes that is exactly it.   We do tend to say SOL here for both credit reporting time periods and state SOL though.  Most things can only stay on your reports for a max of 7.5 years.  See here:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=2689

State SOL is here:

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

[Anonymous]

Okay this may be a dumb question but why should'nt you mess with debts that are due to drop off the CR because of the "7 year" rule or the ones close to being outside the SOL??? I thought it should'nt matter since they cannot re-age the item. It should still come off after the 7 years right?

Also, I live in OH but my debts originated while I lived in GA- do I go by the SOL of OH or GA? (OH SOL- written 15y, oral 6y, prom. note 15y, open accts 6y) GA SOL= 6y-4y-6y-4y. Big difference!!!

Thank again for your help! I am really trying to understand. This is so confusing to me!!!

[Anonymous]

IMO....everything that cookie told you is correct!!!!!

You must go by CRTP which is federal law & deals with CRs ( baddies drop off cr 7-7.5 years from DOFD.

SOL  is state law....how many years a creditor has to file a law suit against you. Because the debt was started in another state the creditor can use either state. They will usually go for the one with the longest SOL. Filing a simple dispute can have them filing!!

Because you didn't post the type of COs it is hard for any of us to advise you.

A CC is an open account......in Ga. the SOL is 4 years    and Oh. it is 6 years.    Because they can file up to the last day of the month 6 years from DOFD or DOLA...I would not touch them until past the 6 years.

A signed contract....in Ga.is 6 yrs. and in OH 15 yrs. OMG (sorry I would have to move)  They have a right to file for a judgment up to 15 years.......it doesn't matter where you live now or then.

OK iI just look at a more detailed SOL for OH.  I would say that the 15 years on signed contract would NOT be for any thing to do with an account.... moreso it would be like a mortgage or other type of signed contract.

Remember the 7-7.5 year is CRTP and is set by the OC not a CA. and YES they will drop UNLESS they are listed under public records ( judgment,lien,forclosure,etc).

[Anonymous]

if it is close to falling off spend your time more wisely by concentrating on things that are past SOL (they can't sue and you have more leverage).

Of something is close to SOL (and you can wait for SOL to pass) then you wait (see above).  You do not want to put yourself on their radar and end up in court.