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Help! in need of a comprehensive strategy

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Help! in need of a comprehensive strategy

Greetings all!
 
This is my first ever post.....so be gentle.  I've followed along from time to time, but now is the time for me to get serious about repairing my credit.  Its been a boogeyman of sorts for me for the past 4 years or so.
 
Ok, here's the deal....all 3 CRAs have me b/t 515 - 540.
 
Major issues include:
  • student loan that has a 120 from last yr....up to date & on time now however
  • bogus CO from an old CU that I actually paid over a yr ago
  • (Revolving, closed accounts)Cap One CC, originally $250 balance, CO reporting since 8/05 & STILL reporting.  I'm in negotiations to arrange a pmt plan.  Balance is slightly over a grand now tho.....
  • Chase CC, originally $2000, CO stopped reporting in 12/06
  • (Other Account) Unifund, which apparently bought the Chase debt is now showing the debt to be $4179.....listed as a collection
  • (Negative Accounts) that same student loan is showing up under this heading.
  • (Negative, closed accounts) Cap One & Chase appear under this heading as well as the other listed bad accounts
  • (Collections) I've got some redundency surrounding some old gas & electric bills.  4 seperate collections surrounding 2 bills. 
  • Besides that there are some very small & manageable hospitial bills.
  • (PR) I've got a bogus federal tax lien b/c during college i paid for school by day trading and apparently didn't pay my taxes properly so the gov't thinks I made a whole lot more $$$s than i actually did.  I've got an accountant helping with this issue.

 

OK, so this is the first time i've ever shared these deep secrets and primarly b/c i've been doggy about it I've let some of these silly things drag on unnecessarily.

I guess my question(s) are really about what should I attack first?  What can I do about some of the redundencies?  What sort of negotiations should I hold to bring those 2 CC debts back in line w/their original debts?

Help......please.  I want to buy a car in '08/ early '09 as well as a home.

 

 

mc

 

Message 1 of 5
4 REPLIES 4
Established Contributor

Re: Help! in need of a comprehensive strategy

bumping this so it doesnt get barried... welcome to the forums Read Creit 101 lots of good stuff. Check you SOL dates and update the post.. be back in a bit
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
2010 BE a first time buyer
Message 2 of 5
Moderator Emeritus

Re: Help! in need of a comprehensive strategy

Hi marcuscan, welcome to the forums. Take your time dealing with everything...it can get very confusing & the waiting time will drive you nutz!!!  then you will be with most of us in the *wig store*
 
There are things that you need to remember.....Your SOL!!!
 
Dates that do not matter....report date....CO date.....sold/transferred dates.
 
Dates that are very importent.....DOFD/DOLA
 
Look at CR from EX and TU     wording like....will remain on CR until  month/year.......you can use this date to count backwards to get your SOL if needed.
 
Medical bills are done different the other debts!!!!!    lets start there first.
 
Read this & then go to the link ....it will give you the letters needed & who to send them to.........make sure that you follow the direction to the letter!!!
 
To protect your rights under HIPAA, you should not write or correspond with a Collection Agency regarding a medical collection account within SOL.
This process is not applicable if the account is valid and you are unable to pay.  The medical claim must either be paid, inaccurate, or you are prepared to remit the valid correct amount due with the HIPAA letter.
The Pre-HIPAA letter is sent to the CRA to dispute medical collection accounts on your CR that are within SOL and are:  paid, valid but unpaid, "not mine" or inaccurate.
  1. Dispute a paid medical collection directly with the CRA and they should delete.  If not deleted, but verified, send HIPAA letter (Whychat's process - insert b). 
  2. Dispute valid but unpaid medical collections because you need the CRA to verify the balance.  There may be no valid balance due and the CRA will delete.  Only after the CRA has verified and you agree that the amount is correct is the HIPAA letter sent with payment (Whychat's process - insert a).  The payment amount should be the same amount as was verified by the CRA and on your CR.
  3. If the medical collection account is "not mine" or inaccurate, you need to have disputed the medical collection listing with the CRA.  Only after the CRA verifies and does not delete an invalid or inaccurate medical collection do you send the HIPAA letter (do a web search for this and you'll find out about this process).
 
Cap One CC, originally $250 balance, CO reporting since 8/05 & STILL reporting.  I'm in negotiations to arrange a pmt plan.  Balance is slightly over a grand now tho.....
 
                      What is the DOFD?    are you within or past SOL?
               ALWAYS.....everything in writting!!!
 
Keep in mind that you can have 1 OC report and 1 CA report at the same time!
 

Chase CC, originally $2000, CO stopped reporting in 12/06

                         What do you mean stopped reporting 12/06    

  Unifund, which apparently bought the Chase debt is now showing the debt to be $4179.....listed as a collection

                       Most CAs are Barfbags BUT this one got so bad that it has been in court many times & by the FTC.  Bevery careful of it.

IMO......If you do not have the cash in hand never touch your CR unless you are past SOL!!!

Let us know what your SOL is and what the DOFD/DOLA is on these COs.

Keep hard copies of all CR....you may need them again in 15 years!

 

Chech out the frequently requested thread....this is full of info. like the DOFD/DOLA....reaging.....just about everything.

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

 

Always ask as many questions as you need!!!

 

IMO  never talk to a CA......never dispute unless needed ( a dispute will update CR and appear new in the eyes of FICO) 

                           

 



Message Edited by HappyDays on 05-21-2008 01:55 PM

Message 3 of 5
Established Member

Re: Help! in need of a comprehensive strategy

First off, let me thank you guys for replying and not letting this post disappear.  Secondly, let me try to address some of the questions posed to me.
 
All accounts were opened in OH, the SOL is 6yrs for Open Accounts.  I must admit, i'm not exactly sure the true significance of this.
 
Happy Days....very informative reply....thx.  Luckily my medical bills are minimal...as in $285 & $129. They are both very old, DOFD is 10/2002.  Should I pay these out right?  If so, what's the best way to go about it and make them disappear? (wait, scratch that....i think the answer to this is in your original post.)
 
  •  What is the DOFD?    are you within or past SOL?  ALWAYS.....everything in writting!!!
The DOFD for the Cap 1 is 5/04 so i'm within the SOL.  DOLA is 4/08, i suspect that's b/c i sent them money last month as part of repayment.....i didn't get any thing in writing.  i asked for some thing and they gave me some lame reason why they wouldn't.  hmmmmmm........
  • Keep in mind that you can have 1 OC report and 1 CA report at the same time!
 
so this is standard procedure?  who should i address for repayment? 
 
  • Most CAs are Barfbags BUT this one [Unifund] got so bad that it has been in court many times & by the FTC.  Be very careful of it.

again, should i engage them, or the OC....Chase?  the balance is 4k+ and quite frankly, i don't have that kind of cash sitting around.  should i pay w/payments or hold out?  the DOFD is 10/04....DOLA says 1/07, but i haven't had access to that card since like '05.

 

  • IMO......If you do not have the cash in hand never touch your CR unless you are past SOL!!!

i thought it was wise to keep up w/your CR.  please advise.

 

Sorry for asking 50 million questions, but i really am a novice here.  in the mean time I'm going to do what I can reading and playing catch up.

 

 

 

mc

 
 
Message 4 of 5
New Member

Re: Help! in need of a comprehensive strategy

So glad you are asking some basic questions Marcuscan as they apply to your cr.  The comprehensive posts are great, and I refer to them often, but it is something else entirely when you have to navigate and apply information to your own cr. 
 
I'm hoping that someone will answer Marcuscan's question/comment about SOL and what they now have to do with anything...or everything for that matter. 

And please HIPPA, and medical co.  Again, how exactly does that apply?

I too am sorry the questions are so basic, but am really glad that someone is answering them.
Message 5 of 5
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