As a newbie, I have read all I can on this site. However, I am a little overwhelmed and need a little clarification between a dispute and validation. Also, who and where to send each. I am in the process of getting the 3 reports directly from the 3 CRAs. In the meantime, I have the free report from Experian that indicates 15 potentially negative items and a 504 score. There are several items that I know for sure are not mine. They might be my fathers since he and I share the same name (i'm a junior) and I have lived with him a few different times over the years so even our addresses overlap. There are 3 old Verizon collection/Charge offs, a Providian Financial that says Transferred,closed/Account charged off. $962 written off, and what appears to be a power bill for 80 bucks. My question is since I know theses are not mine, should I begin the process (validation letters?)now rather than waiting for the other reports to come via mail. If so, can anybody tell me what my first step should be?? Also, is it even worth it for me to apply for an Orchard Bank card to try and restablish some credit.Currently, the only thing I have that is not in collection or charged off is a cell phone bill since june(never been late). I again can't stress enough how grateful I am to have found this site. I thank you all in advance for any help.
Generally speaking for this website, when we are saying dispute - that would be challenging a tradeline on your credit report, with the credit reporting agency. Validation, is where you ask a collection agency or Junk Debt Buyer to show proof of the debt they are alleging you owe. You have no validation "rights" with an Original Creditor. Then the first thing you do is dispute the old addresses as either not yours, incorrect, or obsolete to see if those will come off - it will make further disputes easier. You might want to clarify with the CRAs at the same time that you are Katz55 Jr., or the III or whatever, they will want proof such as a D.L. You will likely find that not all accounts are reporting to all 3 CRAs. My personal preference is to dispute the same TL's with the agencies reporting, at the same time - IMHO it makes keeping track of things so much easier. You will have to add positive TL's at some point to improve your score, with or without negatives. I'm not sure if you can get an unsecured card with a 504 - you may have to go to a secured card. If you have a friend or family member that has good credit, you might ask if they would consider making you an Authorized User (not sure I would use your Dad with the name issues) - you have no financial obligation for the account, nor does whomever even have to get you a card. One or two nice lines reporting might bump you up enough to get a card.
Edit - my bad - your score may not be a 504 - the score you got from Experian is a FAKO. The only place to see your truest score is at myfico.com.
Thank you for your help!! I will certainly look to get the process started right away. With regards, to disputing the address: "Then the first thing you do is dispute the old addresses as either not yours, incorrect, or obsolete to see if those will come off - it will make further disputes easier. You might want to clarify with the CRAs at the same time that you are Katz55 Jr., or the III or whatever, they will want proof such as a D.L." Is there a specific sample letter that I should use, or should i just send in that it is not mine and idicate it is my dads and prove it by enclosing a driver's liscense??
No specific letters for disputes. You are communicating with $7 per hour monkeys - don't make it complicated.
LOL, thank you so much...I feel better already!! I will keep you posted as I am sure I will need further guidance and appreciate that which you have provided thus far!!
