First Time PosTer ....I NEED HELP BAD!!!

[Anonymous]

ok checked credit report and its trash. My score is 503.

AFNI, INC. Account # Account Type Collection Department / Agency / Attorney Balance $1,110.00 Date Opened 5/1/2007
BUREAU OF COLLECTION R Account # Account Type Collection Department / Agency / Attorney Balance $563.00 Date Opened 5/1/2007
BUREAU OF COLLECTION R Account # Account Type Collection Department / Agency / Attorney Balance $563.00 Date Opened 5/1/2007
CAP ONE Account # Account Type Credit Card - Revolving Terms Balance $1,729.00 Date Opened 9/1/2005
EASTERN ACCOUNT SYSTEM Account # Account Type Collection Department / Agency / Attorney Balance $592.00 Date Opened 6/1/2006
NCO FIN/22 Account # Account Type Unknown - Credit Extension, Review, Or Collection Balance $874.00 Date Opened 12/1/2007
RJM ACQ LLC Account # Account Type Unknown - Credit Extension, Review, Or Collection Balance $138.00 Date Opened 12/1/2007
VERIZON PENNSYLVANIA I Account # Account Type Unknown - Credit Extension, Review, Or Collection Balance $114.00 Date Opened 12/1/2007
VERIZON PENNSYLVANIA I Account # Account Type Unknown - Credit Extension, Review, Or Collection Balance $87.00 Date Opened 8/1/2006
VERIZON PENNSYLVANIA I Account # Account Type Unknown - Credit Extension, Review, Or Collection Balance $112.00 Date Opened 4/1/2006 AS you can i see im screwed. How do i go about even fixing this mess.

As you can also see i have 2 accounts charged for the same ammount the 563.00 that ha to be a mistake. Even though the total is debt is onyl about 5,000. How can i fix this asap. do i pay it all off?

Message Edited by jaynil on 09-22-2008 09:54 AM

Message Edited by jaynil on 09-22-2008 09:56 AM

Message Edited by jaynil on 09-22-2008 09:56 AM

[llecs]

Welcome to the forums!

Your report looks like mine when I started! Ah, the memories.

I'd recommend a few things first; read these:

Read Credit Scoring 101 and read What Steps do I take?

I'd also recommend pulling each CR from this site (for scoring) and each credit report directly from each CRA. You can also try annualcreditreport.com to get each for free vs. going to each individual site.

You'd want to know DOFD and whether or not you are inside SOL. Start tackling each. I'd recommend going from newest debt to oldest. For CAs, once SOL has expired or if you have the $$$ to PIF, send a DV. If they verify and you agree to the balance, then offer a PFD to get them to delete. Of those on your list, RJM will likely accept a PFD and would delete. Can't speak to the others.

You also have a couple OCs on there. Again, either wait for SOL to expire or make sure you have the $$$ to PIF. You cannot DV an OC, but if you agree with the balance, then offer each a PFD to see if they will delete.

If you go after these debts before SOL expires and without the money, then they will be more likely to sue and that would really hurt. Don't dispute anything. I bet with hard work, your scores will be in the 600s by the first of the year.

Message Edited by llecs on 11-26-2008 03:49 PM

[Anonymous]

wait there's no way i can be in 600 by the first of the year...how is that possible??

I have the money to pay for every single debt i got. The problem is i dont want to pay if its not going to come off the Credit Report. So do I need to send Pay for deletion letters out....I need like a step by step process. LOL thanks.

I also had another question, is it possible if i just let the debts all go and work on good credit . will i eventually get good credit or will this negative remarks always hold me down?

Message Edited by jaynil on 09-22-2008 11:58 AM

[llecs]

..."First of the year"....However, I started repair last August and by September, by scores went from 524-544 to 620-640 within my first month of repair. So, by January 1, you definitely could be in the 600s.

If you have the money to PIF, then don't worry too much about SOL. Read the second link I gave you. It has links within there for sample letters, steps, etc.

Even if you know you owe the debt, send DVs to all CAs, using the account numbers and addresses found on your CRs as pulled directly from each CRA. Give them plenty of time to respond and keep your eye on your reports. I'd recommend using a credit monitoring system like TrueCredit to monitor changes. For Bureau of Collection Recovery, send them one letter (for same debt) and mention that they are reporting twice. I bet they'll delete both without paying a dime. Send all correspondence to CAs CMRRR. Once they reply, and you agree with them, then offer a PFD.

For the OCs, all you can do is send a PFD. Offer to PIF or if so inclined offer a settlement of a lesser amount. IMO, PIF improves your chances of getting it removed. From personal experience, CapOne and Verizon are going to be an uphill battle. Use the PFDs found in here. I edited mine to removed the timed requirement and I don't send mine CMRRR.

If you have no open CCs or other accounts, I'd probably wait on the OCs. Removing Verizon and CapOne will remove badly needed history. Removing the CAs will increase your score. Once your FICO scores hit in the 600s, then I'd recommend opening some CCs if lacking them now.

If any debt is medical related, then read on the HIPAA process before doing anything.

[Anonymous]

thanks so much...my whole family owes you alot.I just had a few more questions

one why validate ? can i just send them a PFD letter?

Why also should i send certified mail ? is there any advantages to this?

The Third would be with the credit card is it capone who has the debt or is it the CA with the information i shown you. Are they still charging me every month or no? Thats what i never understood about credit cards

[llecs]

Why validate? You want an official record from a CA and a DV response does that. I had a CA once who offered a settlement of 75% and offered to delete if paid within a certain time frame. This was way before this site, so I paid them. Well, they did delete as promised but sole the differential of 25% plus they added "extra charges" and sold it all to yet another CA. Had I DV'd them first, I would have an exact amount owed by which to work a PFD off of. P.S. Never ever trust a CA.

CMRRR creates a record showing when they received a particular document. If no CMRRR, the CA could claim that they never received anything from you. I send via CMRRR to all CRAs, CAs and to OCs if I am disputing something with them. I don't send CMRRR for PFDs.

For your CapOne, is there a CA collecting on it that is reporting? CapOne will usually own the account and hire a CA to collect. The CA shouldn't be reporting a balance. After a while, CapOne will sell the account and they would then report to $0 and the CA would report the full balance of $1700 plus plus. When CapOne owns the account, they will usually update a "CO" mention in your CR each month and steadily increase the interest amount. The only fix is a PFD if they own it. You could also verify by calling them. If you do, inquire about their "credit steps" program. They have or had a deal where if you paid off your full balance, they would reissue you a CC. It may be of interest if they keep the same Open Date. I don't know if they still have that or not.