@anik28 wrote:They said they are not going to send it to my credit - surprisingly they said they DO NOT report any accounts to credit. I need to get that in writing somehow, though. Which would make sense why I've never seen it on any of my reports. This account is the only derog item that hasn't landed on my credit report. All old items I've had to settle for deletion.
Should I trust that if they say they dont report, they wont? I am going to await the letter they are sending me with the debt amout and information to settle.
From what I've read with ERC, it seems they may report debts they own and not debts that they're just contracted to collect. If that's the case, it doesn't mean the debt won't be added by the original creditor or someone else they contract if ERC doesn't collect.
I wouldn't hold my breathe waiting for a collection agency to provide a letter saying they won't report it to the credit bureaus. That's a pretty solid grey area when it comes to credit bureaus and accurately depicting credit scores.
Generally, I record telephone calls with debt collectors, especially when discussing payments/deletions (I'm in a one-party state). But I've never had a collection not follow through on an agreement, although it probably does happen.
@anik28 wrote:This thread also states they tried to collect on someone past the SOL - curious if they had the same experience as me.
SOL refers to the statute of limitations; i.e. how long they can sue you to recover the debt.
They can attempt to collect the debt as long as you're alive and they have collection authority.
@anik28 wrote:to be honest - I'm starting to lose my ambition to fix my credit. I've formed much better credit habits in the past 3+ years and will continue to never let anything go past due, pay all my bills on time & save money. The obsession with trying to fix old mistakes just leaves me feeling deflated at the end of the day. I still cannot get approved for 1 card, cannot get any CLI and have predatory lenders always trying to give me credit.
Starting my rebuild, my scores were about 490-500. Today Fico 8 has both TU & EX at 621 and Eq at 572. So I've made progress but still nowhere where I need to be. I think at this point I may just let things age off and finish the settlement of my few other CA's. After that - I'm done trying to fix past mistakes, all I can do is keep my current habits and hope that one day I'll be able to have good credit. Right now - it doesnt seem to be in the cards for me.
Past mistakes haunt you and 7 years feels like a lifetime when you cannot function as a normal adult due to having poor to average credit. If I could go back to the younger version of myself, I'd make sure I never made any of these mistakes. The punishment is a black stain on your life until you unlearn those habits. Sorry for my rant, but when things like this happen - it makes me so disappointed in myself for ever letting it get this bad.
My score went up 1 point for paying off hundeds of dollars in debt - yet a collection account could make my score go down 75-80 points. Good habits are barely rewarded, but bad habits can ruin you.
Rebuilding is exhausting - only time will be on my side here.
Trust me, I hear you. I never had any credit issues and had a score in the mid-750s until 2019 hit. Then a failed business, a pay cut and my SO's job loss dropped my score to 454 in just 6-7 short months. I'm still in the process of dealing with the fallout... 3 charged off credit cards, 3 charged off loans, and dealing with somewhere around 20 collections takes a toll.
But, the only way to get through it is to get through it. My score still sucks; 613. Not close to where I want to be... But it's up over 150 points so I know I'm headed in the right direction. And I still have 1 collection account, 2 charged off credit cards, and 2 charged-off loans to resolve. It feels daunting at times, but the plan is in place to be completely debt free by the end of the year.
I would encourage you to stick with it and find joy in the small victories. Come up with a plan and see it through. I put EVERY debt I have in a spreadsheet, along with my paycheck info and have the exact dates things will be paid and paid off. Seeing the end date get closer every two weeks helps me see it through. Seeing my credit score increase from time to time, only adds fuel to the fire.
What you decide to do is up to you, but you can get where you want to be if you stick with it. If you post your debts here; you'll likely get help with developing a plan to see better increases.
@anik28 wrote:@mycreditscoreisfair I know the situation isn't unique to me - I'm really sorry to hear about your hardships, I can't imagine how that all has felt. I was never taught good credit habits, so for the past 10 years - since I turned 18, I had to go through absolutely destroying my credit to learn how it works. 3 years ago I finally turned the ship around after landing my first real job, with a good salary. So its been up from there, but when things that are old just pop out of nowhere it throws you for a loop.
You can see some of my other posts - I have a good plan set in place. I don't have more than 5000$ in CL, so all my balances are fairly low. Whats hurting me is my 3-4 collection accounts and a car reposession from June 2014, that will fall off in just a few short months. I've settled 2 CA's but from what I am hearing, until the final one comes off, its not going to help much.
I guess I'm just so used to having bad credit that it feels like I will NEVER have good credit. People dont understand what it does to your ego and self worth, after bearing years of rejection due to bad credit. It sits with you forever, even when you do start to climb out of the hole. I have been so ashamed of my finances for years, that I lived way out of my means just to make it appear like I had it all together. Like I mentioned, I have a great job with benefits, 401K, I have my health - but credit has never been something I've had. I view my self worth much better than it used to be, which is probably why I am pushing myself so hard to fix this mess.
These boards have been essential to helping me navigate this rebuild, I don't think I'd be where I am now if I hadn't learned from all the amazing people on here who share their stories. I really hope things turn around for you - I know they will!
Thank you, I appreciate the kind words. It's been a crazy two years but I'm happy to say the end is in sight (finally).
It's funny, because there isn't much talk on here about the negative affects of credit - at least, not that I've read. But I can definitely relate to what you're saying and what you've been through/are going through.
It sounds like you know what went wrong and you're on the path to fixing it - and finally having the good credit you want. Hopefully, this one setback won't be too difficult to overcome. Best of luck the rest of the way.