Public Records and Collections...where to start?

[Anonymous]

I currently only have access to my Equifax CR but know that on all 3 I have 2 Public Records from old residences and 4 Collections. Two of the Collections are small amounts, one $350 the other $50. I am wondering the best way to handle getting these off my report. Three collections are from 2007, 2008, and 2010 and these are the two small amount ones and the other is $1240. Would it be in my best interest to send GW letters or PFD letters to these companies? I would like to get them off my credit completely as we are trying to get approved for a loan for a home in the next year. My FICO is 538 with Equifax, and my fiance's is 600. The other question is how do I handle the public records? Do i pay in full or can I also send PFD letters?

[AndySoCal]

Is the original creditor and the collecton agency reporting the these accounts if so how?

[Anonymous]

My credit report is showing them all listed under CA's and not the original creditors. Im not sure if I am within SOL in GA...very confused about that...and how do I calculate it? 

[Anonymous]

Normally state SOL starts the same time as the DoFD of the account.  It could be a month later depending on your state laws.  Or if you have made any payments it could have restarted the SOL.

CC debt is either 4 years or 6 years.  GA Court of Appeals said it falls under the 6 year SOL so it depends of the courts.

[RobertEG]

The unpaid debt on the collections have two separate impacts.

The first is obviously on your CR and score.

The second is on your credit history apart from your credit reports and scoring.

As for the first issue, there are two ways the collections can be removed from your CR.

One is their automatic exclusion once 7 years plus 180 days since the DOFD on the OC account has expired.

If you seek earlier removal, then you must get the debt collector to report its deletion.

A furnisher will rarely grant a GW deletion if the debt remains unpaid.  It is exerting collection pressure on you.

You can offer to pay in exchange for deletion, and see what happens.

The win-win is to request and obtain a PFD deletion, as it both satisfies the debt and removes it from scoring.

If you simply wait until normal CR exclusion, the debt will no longer be known to others by a simple pull of your credit report, but it can still have serious detrimental affects on your credit, particularly if you apply for a mortgage.

Most mortgage lendors will ask you to disclose any unpaid, delinquent debt, and can thus still become aware of it by means other than pulling your credit report and seeing the presence of an unpaid collection.  It is always best, other than $ out of pocket, to satisfy all delinquent debt.

[StartingOver10]

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@Anonymous wrote:

I currently only have access to my Equifax CR but know that on all 3 I have 2 Public Records from old residences and 4 Collections. Two of the Collections are small amounts, one $350 the other $50. I am wondering the best way to handle getting these off my report. Three collections are from 2007, 2008, and 2010 and these are the two small amount ones and the other is $1240. Would it be in my best interest to send GW letters or PFD letters to these companies? I would like to get them off my credit completely as we are trying to get approved for a loan for a home in the next year. My FICO is 538 with Equifax, and my fiance's is 600. The other question is how do I handle the public records? Do i pay in full or can I also send PFD letters?

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^^Do you mean that you have two judgments from prior residences? If so, they will kill any mortgage application right out of the gate. You need to get them paid before you ever make mortgage application.  You can negotiate payment, but make sure you get a Satisfaction of Judgment. In some areas you can get the judgment vacated after it is paid.

It doesn't matter if these judgments are on your credit report or not when it comes to applying for a mortgage. The lenders do a separate public records check plus you sign an application where you have to disclose any judgments/liens etc. If you aren't accurate on the application, its an automatic denial and the lender absolutely checks and cross checks all kinds of records in addition to the credit report.

TIP: when you negotiate the judgments with the creditor or the attorney or even the CA, don't mention you want to buy a house in the future. They will hold tight to the amount if you do. Remember too that the judgment continues to accrue interest each and every day since it was issued at the statutory rate so you want to negotiate a total payoff. Get a satisfaction. Record it. Then get it vacated if its possible in your district.