I have written several GW letters and have heard back from two companies. Sallie Mae agreed to change status from "Bankruptcy" to "Paid as Agreed".(Especially nice of them ocnsidering I have never filed for bankruptcy, but I digress!) Another was from Discover indicating their records don't show my account so they will delete the account fromt eh CRAs. Others I haven't heard from include Sears and GMAC. Question: Do the creditors have a time limit on responses to the letters? I ahve the letters indicating they will GW, but they aren't showing on my CRs yet.
Also, a local credit union shows a lot of delinquencies from many years ago, but are inconsistent on the reporting dates and they aren't reporting the same on all 3 CRAs. Should I write a letter asking minimally for correction and about the possibility of GW, or jsut ask outright for GW? Think my odds would be any better if I went directly to the branch office?
The creditors don't have a time frame in which they have to respond back to you for the GW letters. The ones that you have got responses from already that said they would update the listing, normally it will take them about 30-60 days to update.
Your question with your local credit union, it depends on how many lates that you have with them. If you only have one or two over a long period of time, I would just GW those. If in any case, if you ask them just to report the late accurately. It probably wouldn't help out your score.
My SallieMae loan is one of the oldest on my account over 12 years ago and its still on my report though its been sold...If it must remain then I will gw them to at least see if they would remove the erroneous late reporting....