Would like a bit of advice as I'm working on cleaning my report to buy a house next year Chase bank is on my credit report The DLA says 4/04 They last reported it 10/05 Underneath is says "Account transferred or sold; charged off account" but on the side the status says "paid collection" I'm confused...I really can't remember having this account or what happened with it. What should I do? Will it be removed in April since that is 7 years since the DLA? (I'm in Michigan) Another question. My car was repo'd in late 2007 by a Credit Union. They received a judgement in 2009. I kept meaning to make payments but I never have (went through a divorce, single mom etc). Should I contact them about making payment arrangements? The balance is only $2200. Should I try to work out a delete upon payment with them? I don't have $2200 to pay in full but I could pay $200 a month on it. I know they probably can't do anything about the judgement coming off but they are also reporting it on my report, seperate from the judgement. Just trying to figure out what my best options are here. Thanks in advance for any help/guidance. I'm desperate to clean up my report ASAP so I can buy a house for my kids and I.
DOFD (Date of First Delinquency) dictates when something will be removed from your credit reports, not the DOLA (Date of Last Activity). DOFD is when you first missed a payment and went delinquent. In regards to the judgment, I would definitely recommend dealing with it instead of continuing to ignore it. If it was valid, don't count on getting it removed though. Judgments are public record and stick around for quite a long time. In many states they're even renewable. Anyway, contact the CU and discuss a payment plan that you can afford. Although it may not help improve your credit scores, "satisfied" judgments certainly look better than "unsatisfied" judgments to potential lenders.
Thanks for your advice. I contacted the credit union and we are in talks of a monthly payment that I can afford. In regards to the old chase bank issue... I don't see a DOFD date on my credit report. The only 3 I have are: Date reported 10/05 Date opened 2/99 and DLA 4/04 So...when would it fall off??
DOFD often isn't shown on your credit reports, which is why people get confused. Do you remember when you first missed a payment on this account? If so, the DOFD in most states is the first missed or delinquent date that you never caught up on prior to the charge off date. The 7 years starts ticking from that date as well.
