I need some good advice

[rmduhon]

Contacting a creditor will NOT reset the credit reporting time period. And a debt (excluding federally backed student loans, judgements, and some tax leins) has to be excluded no later than 7.5 years from the Date of First Delinquency, paid or not.

[Anonymous]

After speaking with my neighbor whose gone through all of this before, eventually making his way from the 400's to 800's and have decided to take a wait and see approach.  He looked over the reports and believes my best option wait and let the adverse account fall from the report, which, miraculously, all fall off next summer but one.  The account that is scheduled to fall off in 2019, will be settled, as it is a medical collection of less than $100.  

That said, he reasoned with me that collection agencies break the law every single day and that I would have to be vigilant in monitoring her report for those changes.  I hope and pray all goes as scheduled.  I will dispute the bad addresses, name spellings and the like, but little more than that until next summer.

[gdale6]

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@Anonymous wrote:

After speaking with my neighbor whose gone through all of this before, eventually making his way from the 400's to 800's and have decided to take a wait and see approach.  He looked over the reports and believes my best option wait and let the adverse account fall from the report, which, miraculously, all fall off next summer but one.  The account that is scheduled to fall off in 2019, will be settled, as it is a medical collection of less than $100.  

That said, he reasoned with me that collection agencies break the law every single and that I would have to be vigilant in monitoring her report for those changes.  I hope and pray all goes as scheduled.  I dispute the bad addresses, name spellings and the like, but little more than that until next summer.

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For unpaid medical debt that is reporting on your CR:

1. Call the OC and see if you qualify for Charity Care
2. If not then ask that they recall the collection in exchange for full payment
3. Send the reporting CA a PFD offer
4. Google the HIPAA Process and contact its creator for help

The max time an item can remain on file is 7.5 yrs from the DoFD nothing can change it and the clock does not restart if you settle older debts. As far as states SOL you can still be sued at anytime and it would be up to you to defend against said suit with the SOL as rebuttal.

[Anonymous]

Thanks so much, you're all so helpful!  I'll get moving on that tomorrow morning.

[Anonymous]

Could you expand on DoFD for me, I'm still a little hazy on it.  My neighbor seems to believe that the very first time an account goes thirty days past due, that is the DoFD, but that makes little sense to me.  Wouldn't it be the 120-day past due the month before charge-off or beginning on the 30-day that eventually leads to the charge-off a few months later?  Thanks.

[rmduhon]

The DoFD is the first late that leads directly to the charge off. For example, if you were 30 days late in Sept of 2014 but brought the account current in October/November then there is no DoFD. But if you were 30 days late in Sept of 2014 and never brought the account current then Sept of 2014 would be the DoFD.

[Anonymous]

Thanks a million, rmduhon.