* intro: I have used this forum in the past to help with CR to improve my score. I made some improvements, but then, I lost everything and have been trying to re-group since. I moved in with my parents for several months (at about age 50), have been working FT for 5 yrs. Now I am trying to tackle my CR again. I have many negative items on CR that are about 5 1/2 yrs old. They are listed to be there until June/2015. Many years ago, I was told that companies often don't have records to verify an account when it is 3 or more years old, so if I disputed such an account as "not mine", it is likely to be removed, because it is too old, records don't exist. Q: Is this still true? Or has that changed since credit got tighter in the last few years? Q: The items I have have that are 5 1/2 yrs old, are they old enough that they could have no records and could be removed? I know they will fall off after 7 yrs, but is there still a window of time where they are under 7 yrs but still "old" and are highly likely to not have the records to prove it is mine? If so, is that 3 yrs? 4 yrs? 5 yrs? 5 1/2 yrs? 6 yrs? Other? Signed, Starting over Suzie
Hi Suzie and welcome back to the board. While it is true that depending on the creditor, there is a smaller chance of them being able to/deciding to verify as time goes on, there's no "sure way" guarantee on this. Since it appears you are in PA, the SOL (statute of limitations) has expired (it's 4 years) so whether you decide to lay low for another 1.5 years or dispute as 'not mine', you're safe from any legal action and you have more avenues open to attempt removal. If the 'not mine' dispute is not successful, when it gets close to the 7YR mark, you could dispute as obsolete and CRAs have been known to delete 1 to 3 months early sometimes. If you don't mind posting who the creditors are, we can share experience had with those in particular.
Thanks for the reply, mindcrime. I will list some of the creditors, and add another question/thought at the end. I have smaller items from $149 - $813 (all until 2015 unless otherwise noted): BOA ($700), Cap One (hard to say, maybe $500. More than 1 entry), ATT ($149), Sprint ($400) 2 different electric companies (total $600)(one of these on CR until 2018). Then these larger accounts - all will stay on until June 2015: A loan company (not a bank) ($3000), Chase ($3000), HSBK ($1500), another cap listing for $1600, a rental property ($3000), AmEx ($1500) I have one judgemnt - $3000. I had 1 car repo and the amnount on CR = $16000 on CR intil June 2015 (only had the car a few months) Here's the other question: I have approx. $6000 to try to do some credit repair. I would really like to sit down with someone to tell me the best steps to take. But I don't know how to find such a person. My original thought was: Pay judgement, and pay about $3500 to clean up those smaller listings. But if any of this can be removed now due to age, that would be ideal. My hope is that I can raise my credit score to at least 650 or higher - it is now 609. I've also wondered if I should consider filing for bankruptcy. My ultimate goal is to get a small business loan to open my own business - about $80,000. With a credit score of 650 or better, I may be able to do that. I am really hoping this info helps bring some advice. Thanks in advance.
Are any of the accounts you listed reporting from a collection agency? Or is it just the OC’s reporting? ….Or just CA listings? Depending on the answer will direct you which path to take. With OC accounts your best bet is a PFD (pay for delete) attempt. Considering they’re all past the SOL and ready to drop in 1.5 years anyway, you stand in a very good negotiating position. I’d start the offers at 30% with full deletion. With CA accounts I would suggest going after each with a DV letter sent certified, with a concurrent dispute of the account through the CRAs. I don’t think bankruptcy would be the way to go considering the age of these accounts. There’s an absolute defense of the SOL being expired, so there is no worry of further judgments, and by the time your bankruptcy is discharged, I feel you’d be close to the point where these debts would roll of your reports anyway.
It was such a relief to hear that no further judgements can happen due to SOL. I was afraid if I made any payments, it might cause another creditor to place a judgement on me. RE: OC or CA, I have a mixed bag of both. These are the smaller listings: BOA ($700) (OC and "charged off"), Cap One (3 different entries, but they may all be the same one account or maybe 2 acct's, I can't remember, OC & CA. All 3 say "closed, written off, purchased by another lender"), ATT ($149)(CA), Sprint ($400)(CA), 2 different electric companies (total $600)(one of these on CR until 2018)(the 2018 item is CA, the 2015 one is CA). Additional info on these larger listings: Then these larger accounts - all will stay on until June 2015: A loan company (not a bank) ($3000)(charged off), Chase ($3000)( 2 listings: 1 by OC for $1500, "transferred, closed, purchased by another lender", 1 by CA for $3000), HSBK ($1500)(charged off), another cap listing for $1600, a rental property ($3000)(CA), AmEx ($1500)(CA) The large repo car listing for $26,000 says "charged off, $16,000 written off. stays on record until Dec/2015" Does the "charged off" status have an impact on how I should handle those accounts? I am grateful for this advice!
The only way you're "restarting" the clock is by making a partial payment and defaulting again. So best to either pay it off in one shot or leave it alone. Check account numbers, there can only be up to 3 TL's for the same account. It sucks, I know. But an OC can sell your account to a JDB. At this point the OC account must be listed as sold and have a zero balance. The JDB can then 'report' your account with them, then the JDB can sub the account out to a collection agency and they too can list an account. To the untrained eye it looks like 3 negative accounts when it's really just one. It's also not helping scores either. The term charged-off is just what the OC reports when they basically consider the account noncollectable. The collection agency (CA) accounts (all but the one from 2011) I would suggest starting with the debt validation process. Here is a link FDIC Law, Regulations, Related Acts - Consumer Protection to the FDCPA. Definitely read over it before you just Google sample debt validation letters. With the age of these accounts, you stand a high chance of them just not responding to you. Send your letters certified, wait till you have proof the CA signed for it. Dispute the account with the CRA. This locks the CA down to 30 days (your letter does not), however the CA cannot respond to your dispute through the CRA without ALSO responding to your demand for validation of this account. And as I said, with the age on these accounts, they may have nothing left but your name and a $ amount on a computer screen. Your ultimate goal here is deletion really. Some of us "almost want" the CA to verify the account through the dispute but not respond to the DV letter so that they catch themselves in a FDCPA violation and it could possibly turn into a money maker. But for your situation, you just want these accounts gone. OC accounts will be a little tougher to crack...with them you want to look for errors in reporting. Account open date, reporting a month delinquent when you have proof it was not, etc. I would suggest though you start with the collection accounts before looking at the OCs. More tools at your disposable and even less of a chance of any real records since they're 3rd party. Take the one or two at a time, don't overwhelm yourself, subscribe to a credit monitoring service that monitors all 3. And first things first with cleaning up your personal info first. You're welcome. The board is quiet these days, maybe it's the holidays, but hopefully someone else will chime in with some more guidance!
Good advise listed here sounds like u need to figure out what route you want to take. Sent from my iPhone using Tapatalk -
My strategy is forming! Another question or two... all advice appreciated! One of my larger items is from a rental property $3000, and a CA now has it, on the CR until June/2015. I'm not sure if I should try "not mine" due to the amount of money and that the OC was a rental property. For this and the other larger items, I do not want to be a in a position where I have to pay if my challenge doesn't work. Suggestions??? Also, the Cap 1 items: there are 3 listings, but that may two seperate accounts and the 3rd may be a combined amount of the other 2. (if not that, I don't know how to explain it). two listings are Cap 1, saying "sold to another lender", and a third listing is a CA for Cap 1. It's hard to tell the amounts, because there's a few different amounts listed. (1) Cap 1 - closed, $1130 written off, purchased by another lender (2) Cap 1 - closed, $1000 written off, purchased by another lender (3) Collection Agency for Cap 1 - $1570, on record until June 2015 If I challenge any of these, should I just challenge the CA? Will that also cover the other two Cap 1's? Suggestion on best approach? Oh, and BTW, I did move out of my parent's home to a small effeciency apt. after 1 year. (forgot to mention that in my intro) Thanks in advance!
My plan so far is to DV the following for sure: $149 AT&T (CA, fall off April/2015), and 1 elect bill $300 (CA, fall off July/2015) Not sure if I should DV Sprint $396 (CA, fall off march/2016, willing to pay if needed) Not sure if I should DV AmEx (CA, fall off Nov/2015, $1991) I don't want to have to pay this if challenge doesn't work) I want to pay these 2 items: one elect bill that is newer ($300, CA, fall off Aug 2018) one doctor bill that is newer $50 Pay judgement - $3000. I can file a legal motion to have that "sealed" after it is paid, and if that is granted, it won't shsow at all on CR. The advice I requested on two other items will help know how to work with those in my plan. (rental bill and Cap 1 listings)
Decisions are a bit easier when it's past sol. If they will remove for a pay for delete I have seen where it works and others where it hasn't. Should u ever decide to go that route make sure u have it in writing before u pay and being past sol u hold more cards than they do.........good call on sealing records after paid I have read where this can and has been very beneficial to people. Not many places will pay to get something unsealed hoping its u Sent from my iPhone using Tapatalk -
DV sometimes works sometimes not. I say always send a DV but I have had great luck with them. Sent from my iPhone using Tapatalk -
Ooops, I wasn't saying my thoughts clearly..... the two I want to pay, I will ask for PFD. I've got nothing to lose by asking. I plan to make a move soon, by the next week, give or take. I know I want to seek "not mine" on at least 2 items, and PFD on two items. But I'm hoping for advice on the two other items I mentioned in a previous pst - the three Cap 1 listings, and one item that I am considering "not mine, but it's a little riskier (see my post just a couple posts back). With that info, I'll be prepared to start making my move soon. Oh, and I DO want to get credit monitoring service too. Suggestions? I think I had TrueCredit a number of years ago. Not sure which one might be the best one these days.
Just curious but have u deleted old addresses? Old collections have been known to drop off reports when old addresses have been deleted. And if they don't it makes deleting them more possible as not mine when old addresses not used in the last 2 years are removed first. Sent from my iPhone using Tapatalk -
There are a few good I use but I use certain services for certain outcome Sent from my iPhone using Tapatalk -
RE: deleting old addresses: I haven't made any moves yet, but this point confuses me as to why this is a good idea. If I delete old address and confirm my accurate info, doesn't that make it easier for creditors to find me? Isn't that like ME validating info for the creditors? Your post said credit listings can fall off after deleting old addresses? I don't understand why they are not just updated with the info "I" provided them. Should I do this at the time I am saying "not mine" to a couple of items, or at a different time? (also, how do I log off this forum? LOL! I just end up closing the window and at some point it must auto logoff, but there must be a way for to log off, though I haven't found it yet!)
Dispute old addresses/phone numbers before you do anything else. If you lived at 123 Main St when these debts were incurred, and now live at 987 Credit Lane, the original account data will be tied back to 123 Main, and it's harder to validate the debt is yours because data won't match up. Especially taking into account the age of the majority of your accounts, this will give an even greater chance that between your DV letter, trimming your personal information, and disputing the account with the CRA when you have confirmation the CA requested your DVL, that you'll see deletion. Click on Log out, which is about an inch below the Loans and Credit Talk Forum boxes/links (that blue strip of links), I think auto logout happens after 24 hours maybe?
Ok, will clean up addresses & personal info. The front page of this site is kinda messed up, it seems. The top info bars overlap some, and some buttons don't show. I just accidently found the log-off button while my mouse went over that spot and kinda hovered over a spot that revealed there was a logoff button there. That and the other buttons near it do not show otherwise, but if I move my mouse slsowly in that area, they are revealed. Refresh doesn't help the page be more clear. If someone, anyone can help with a suggestion on what to do with these 2 situations (Cap One and property rental), that would be greatly appreciated. I want to be ready to take actions right the new year.
It may be an issue with the browser you are using. How are you accessing the site? One thing I forgot to ask…are the C1 accounts originally C1's or were they HSBC accounts that were bought?
I use Explorer 8. My copmputer is 8 yrs old and needs replaced, but I don't think that's the problem. The Cap 1 accounts are NOT HSBC. If memory serves, I had two Cap 1 credit cards. Both Cap 1 listings say they bought by another lender, and it is the same lender (same CA) that has one listing for Cap 1, but the toal $$ doesn't seem to be same amount as the two Cap 1 totals together. Should I challenge all 3, or the just the CA? If I win the challenge with the CA, will the Cap 1 listings go away too? Because they were "bought by another lender", there is no date for them to fall off. There is a "date of status" that says Feb/2009 and April/2009. (one opened in 2004, the other opened in 2005.) FYI.... There are two listings for HSBC - the account numbers are the same, the "opened" date is the same, the amount is the same, the address for HSBC is the same, but the phone number for HSBC is different on the 2 listings, and the "first reported" date is different. It sounds like this is one account listed as two.
