I need help!

[Anonymous]

Hi -  I've recently started reading this forum and i'm so impressed with how much everyone helps each other.  It gives me hope!  I was unemployed for two years and i'm now starting to pull my life back together.

I started with 519 EX (freecreditreport.com) 624 EQ (myfico) 642 TU (truecredit)

I'm now 596 EX (freecreditreport.com) 651 EQ (myfico) 678 TU (truecredit).

I'm not sure what to do next.  My oldest account is 12.3 and my AAOE 5.6 years.

My worst negative is a Neiman Marcus/HSBC CO that is still listed as unpaid.  I paid the collection agency years ago and they told me that it would be completely removed from my report.   Obviously this was before I started reading this site, and I don't have anything in writing.

The active accounts are:

Capital One Limit $1,500 balance $330 - one 30 day late

Capital One Auto Loan $21977 - paid on time and I've had it for 7 months

Macy's Installment Account - $0 balance - two 30 day lates and one 60 day late from early 2010.

Macy's Revolving Account - $0 balance - one 30 day lates and one 60 day late from early 2010.

Closed:

HSBC as per above

Citi - Closed by Creditor Limit $870 owe $300 no lates listed

No collection accounts

I have the following amount of inquiries TU 5 EX 6 and EQ 4

My UTI is really low almost under 9%.  Does anyone know  how to get that HSBC charge off removed?  or maybe remove the lates ?

Any help would be great!

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Going point-by-point....

The scores from freecreditreport and TrueCredit aren't FICO scores. Your EX or TU FICO can easily be quite a bit off. Ignore their advice too. The report info is generally OK, though. I've used both in the past.

I'd research your own records for proof of payment, or even contact your bank. You'd want proof that it was paid. In the meantime, I'd call the OC and ask for an update and explain the situation. A CA's word is never their bond. Never trust a CA.

Pay the CapOne CC down below $135 and there's a chance you'd see an additional small gain.

For both Macys and CapOne, send GWs for the lates.

Ignore the inquiries, though I'd hold off on apping for anything in quite sometime to come.

[Anonymous]

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@llecs wrote:

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Going point-by-point....

The scores from freecreditreport and TrueCredit aren't FICO scores. Your EX or TU FICO can easily be quite a bit off. Ignore their advice too. The report info is generally OK, though. I've used both in the past.

I'd research your own records for proof of payment, or even contact your bank. You'd want proof that it was paid. In the meantime, I'd call the OC and ask for an update and explain the situation. A CA's word is never their bond. Never trust a CA.

Pay the CapOne CC down below $135 and there's a chance you'd see an additional small gain.

For both Macys and CapOne, send GWs for the lates.

Ignore the inquiries, though I'd hold off on apping for anything in quite sometime to come.

---

I'd also send a GW letter to Capital One asking if they'd remove the 30 day late on the account.  

How long ago was it?

[Anonymous]

The most recent was 3/10.

[RobertEG]

If the charge-off is still reporting as open debt with a balance in your CR, then the OC has not followed through on their requirement to promptly update the status of their account to paid, $0 balance due once paid.  It does not matter whether you paid the debt directly to them, or through their authorized debt collector.  Once paid, they were legally obligated to update the balance to $0 in your credit file/report.

OK, why does that matter?  It may be a bit of a way to approach them regarding a deletion of their prior reporting of the charge-off.  Having continued to inaccurately represent their account as unpaid, they have done harm to your credit status.  It would be a great gesture of good-will on their part to make amends by deleting the charge-off.  I would give it a shot.... hat in hand.

[Anonymous]

So after disputing it's now showing a $0 balance but it's not showing paid.  Do you suggest I send a GW letter asking for a delete?  Or should I dispute it?

[RobertEG]

GW.

The inaccuracy of the current status as not being reported as paid is an easily correctible matter.  When you dispute, the outcome does not require creditor deletion of the disputed information even if they agree that its reporting is inaccurate.  The statute requires that they either delete or update the prior reporting to make it correct.

I see a simple correction as the probable outcome of a dispute. 

A dispute may make them less inclined to grant a future good-will deletion, which is after all what you appear to ultimately be seeking.  I would play softball.

[Anonymous]

Thanks for your help RobertEG.  I GW'd Macys at they put my account into dispute does anyone know how I can get that removed?

I have had a little progress with my scores mostly by bringing my UTI down and removing one collection account.

I'm now 639EX (freecreditreport.com) 657 EQ (myfico) 680 TU (truecredit).

My goal is to get these all over 700 in the next six months.

[RobertEG]

An unpaid charge-off looks very bad upon a manual review of your CR.  I would take care of that.  Correction wont result in CR removal, but the way it is currently reporting is very detrimental to your chances of securing new credit.

If it is listed as unpaid, that is inaccurate.  When you paid, the debt collector was required to update their collection by reporting $0 under collection.  They were also required to notify the OC, who was then required to update their reporting to a current status of PAID, and a current balance of $0 debt.  They had no option other than to update their reporting.

If the debt collector is still showing a balance due, send them a direct dispute contesting the accuracy of their reporting.  If the OC also shows a current status other than paid, and/or a current balance other than $0, additionally send them a direct dispute.  They are required to either verify the accuracy of their current reporting, or correct their reporting to reflect the accurate status and debt.