Hello all thanks for the input and as others said, I wish I found this information earlier. I am seeking some advice as where to go from now in my credit rehabilitation... Quick summary of my situation- Wanted to clean up my credit and pay off all my old collection accounts and chargeoffs I accumlated throughout my early 20's so I got a loan on my truck, got my credit report, went down the list and started paying. I owed $4400 on accounts ranging from $59 to $1800. I heard to dispute things I dont remember, so I disputed a few accounts I wasnt sure of and set aside the money for those accounts and see what happens..well a few of the large accounts came back deleted..wow i thought...so i went back and disputed a couple more, and waited...all was deleted but three updated. So heres the questions- I'm ready to pay the last 3 accounts $384 total. I read and found the letter to have the debt not reported..but if it's already on my CR then they cannot undo that can they? I made the mistake of not doing this prior to paying all of these other accounts off...doh... Recently since I payed these off, other debts that were NOT on my CR are coming in the mail...one of them $584 for dishonered checks. This time I am starting from square one with the letters of verification etc, and If it comes to having to pay them (they respond accordingly to the letters and prove my debt) then I will get in writing they will not report this to the CB's..my question is should I dispute this on my CR first, then send the letters or vice versa? Also, the lady on the customer service line for creditreport.com said some accounts that were deleted on my CR can reappear as updated later on ..if the CA updates...and the ones I had deleted would NOT come back but some can...it doesnt make sense. my credit went from 522 to 586 in a couple weeks....thanks in advance for any input!!
The creditors/collectors will claim that they cannot remove the accounts because it is (a) illegal, or (b) they are not able to under their contract with the CRA's. The truth is that reporting is voluntary, and the 7 year period is a maximum timeframe. There is no minimum time requirement in FCRA. They can remove at any time if they wanted to.
They can also agree to not verify when you dispute with the CRA. If the account is not verified, then it is deleted by the CRA.
Send Dispute to collector first, then dispute later with CRA. The collector is required to report the account as disputed in certain circumstances, and that may lead to more violations that you can use as leverage to get this removed. Also, you may not have to dispute with CRA if you can get the collector to remove it first. You don't want to dispute too many times with the CRA and be labeled as frivolous.
The old accounts would have to be certified as accurate by the data furnisher before they can reappear. Also, the CRA has 5 days to notify you if the account does reappear. If they do not follow the proper procedure, you may be able to have it removed again. Congrats on the score increase. Looks like you are headed in the right direction.
thanks for the quick responses...about disputing with the CAs first then the CB's.... One of the accounts I was lucky enough to have deleted was one that was actually still calling me weekly. Somehow it still got deleted after I disputed it on my CR. Then the other day when they called I told them not to call me anymore as it was deleted from my CR a few days ago. The guy trasferred me to his supervisor..i told him the same thing and he said thanks have a nice day...weird. Any ideas? Am I done with them? Also about frivolous disputes...well I paid a few of them and disputed the ones I wasnt sure of..then when i saw how easily they get deleted I disputed the rest..even the debts I know i owed. I thought it was strange I simply clicked "dispute" and a couple weeks later my debt was gone and I owed nothing...saving me hundreds. There's nothing on the CR website about limiting disputes...my bank advisor told me to dispute them all..why not...? I am completely new to the credit world and find it really fascinating how screwed up the system is..
Just because the account tradeline is deleted from your reports does not mean that you don't owe it. It just means it's no longer on your reports. The debt is not negated and they can continue to collect including suing you and re-reporting (rare and rather easy to remove). Generally, you can request re-investigation of most items twice. After that Experian will tell you to contact the furnisher and Equifax and Trans Union will sometimes refuse to re-investigate pursuant to the frivilous exception under the FCRA. You can dispute them all the first time but, you only get so many bites at the apple.
Apex is right. There is no legal relationship between reporting and collecting. You may have someone collecting a debt but not reporting, or someone reporting but not collecting. It's the same way with the Statute of Limitations (SOL). Many people think that the SOL is seven years. In actuality, it varies from state to state. But the period that it can be reported on your credit report is seven years, regardless of the SOL for collecting.
