It will be 7 years next years since a lot of my bad debt went into collections, charge offs etc.. My questions are: What date is used to start the 7 years? Will my fico score go up since I have been clean since 2002 the year of my bad debt? Anything will help.. Thanks.
The seven years should start when the account when delinquent and was never again brought current. Your score should already be going up. The older the collections and other negatives get, the less they count. So yes, your score should go up, but don't expect it to be too dramatic a jump.
As a suggestion, you may want to dispute some of these old debts. If they are getting this old, there is a chance that they will not be "verified" upon a dispute.
Susan - i thouhght it was bad to try to verify debt if it is about to come off - because you could wind up re-setting the debt to another 7 years? Which is it and which letter should you use?
Disputing a debt will not reset the time it is reported. Send a simple letter to the CRA disputing the account as obsolete.
I disputed a Citibank student loan account that first went delinquent in NOV 2002. They verified it - and It now says on my report - scheduled to come off in 2014. I didn't know what i was doing when i disputed it online a few months back. Is this accurate or will it still come off? I am afraid to dispute this as obscure - I have 5 other Citibank loans with the same late date of Nov 2002 - that should come off. Do I dispute them or just write a letter asking they be removed? I can feel my ignorance spread out across the net - but - I need help with a better letter or to be told exactly what to do here. thanks, diana
Student loans are a whole different ballgame. If they're student loans, you should look into rehabbing the loans. They are not subject to the SOL and will not go away. Twenty years later the IRS can take your tax refund to repay the loans. If they are regular loans, disputing as obsolete might work.
Or, if it really should come off in 2009, dispute it in 2009 as being obsolete. Save the CR that shows the dates that support that, of course.
Fico score won't go up on its own, after the said time all that will happen is the bankruptcy will be removed off your file and it will be easier to get a loan even though you fico score will be almost the same. Getting loans at first will be expensive but they will be available at a price. So to start rebuilding your credit take out small loans and pay them back as agreed. As good info is added to you credit report you fico will gradually improve and you will be offered loans at lower rates. I have written about all this and much more as well as credit repair scams, fico score stuff and how to improve your credit and posted it on a webpage. It's at; http://www.members.shaw.ca/ICU812/loans.html
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Thanks for everyone's help. I have tried to dispute some of the items which was never verified, except for the capital one account. But they should all be coming off in 2008 and I'm thinking I should just wait since they will all just (hopefully) go away. Thanks for answering my questions.
