Allow me to begin by saying that I have just recently discovered Creditnet and I am thrilled. What an incredible resource! I have spent the last few days reading posts, collecting my credit reports, and learning a lot. I am now ready to become a player myself. As I have not yet received my TU report, I will only discuss Equifax and Experian. Here is my situation: Equifax 539 - 1/16/02 3 collection accounts: CBC National Collections (Ameritech) Marlin Intergrated Capital (ComEd) Superior Asset Management (Home Depot) 3 charge offs- Cap1, Carson Pirie Scott, Providian 3 settlements- Dayton Hudson(Marshall Fields), Discover, Sears 1 not so bad- ANBCC(Associates/Citibank) Reported as Paid Account/Zero Balance/ Closed Account - 30 days past due twice, 60 days past due once 3 good- student loan, First USA, and Wachovia - all never late Experian 571 - 1/16/02 Similar to Equifax except: Marshall Fields is listed as Paid/Account charged off and RJM ACQ LL reports my Providian account as being in collections(Providian is also reported on this same report as a charge off.) Also, before I discovered Creditnet I employed Junum to work on this for me. After reading many of the posts here I am regretting this decision and I will most likely cancel my membership with them. Here are a couple of questions for all of you credit wizards. I have just received a letter from RJM Acquisitions LLC. In the letter they have offered to "Update our reporting of this account on your credit report to paid in full, or, remove our reporting of this account from your credit report" if I settle the account for 60% of the balance. I would love to have this deleted but I am unsure of whether or not this would remove both my Providian reportings and RJM's or just RJM's. Also, the RJM reporting is one of three that Junum has requested verification of from the 3 CRAs. Should I wait and see what Junum can do? Is the RJM offer a good one? What do you say, friends? Secondly, I have to buy a car soon and I do mean soon. I will need to finance about $16,000 but my parents are willing to co-sign. Any advice on where to go for a loan? Thanks a million Creditnetters!
First off welcome to the board. My first concern is the age of the collections, charge-off, and the late payments. the reason i am asking is because of the statute of limitations. Also what state are you in? Once you have provided this information, we can help you better. Also, on the issue of buying a car, are you a member of a credit union? if not, strongly suggest that you join one. Credit unions usually have better interest rates than finance companies or dealers.
Reshod Good question. To tell you the truth, I am a little confused as to which date I use to determine the age of my listings. I become even more confused when I begin to compare the dates of an account from one report to another. On Equifax for example, do I use the "Last Activity" date to determine how long a listing should remain on my report? By the way, I live in Illinois so I believe the SOL is 6 years and I will look into credit unions. Thanks SMM
here is a link for the statute of limitations: http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml It is 6 years for your state. I do believe that the date used is the date of Last Activity. (someone please correct me if i am wrong) so please list those dates and we can go from there. I say that it is imperative that you build a good relationship with a credit union. I am 25 and I have had two car loans from credit unions so far.
Reshod I checked the dates of "Last Activity" from my Equifax report and reconciled it with the dates that the same accounts are scheduled to be removed by from my Experian report and the two dates seem to match-up. That is to say that Experian has scheduled an item to be removed 7 yrs after the date of "Last Activity" on an Equifax report. So, after using this technique to confirm the age of my accounts I will now provide my findings: ANBCC(Associates) - 9/96 Capital 1 - 9/99 Carson Pirie Scott - 12/96 Discover - 7/99 Marlin Intergrated Capital(ComEd) - 9/99 Marshall Fields - 7/96 Providian - 11/99 RJM ACQ LLC(Providian) - 11/99 Sears - 1/97 Superior Asset Managment(Home Depot) - 6/99 I have left my 100% positive listings out because they can stay on my reports forever for all I care. So what do you think I should do about the RJM payment for deletion offer?
If they are willing to remove the account upon payment, I would say do it. However, ensure that you get it in writing, BEFORE payment. Also, advise them to include a statement that this account will never be reported on your credit reports. Then on the accounts from 1996, you have to be real careful because of the statute of limitations is 6 years. Because of this, they can still "technically" attempt to collect on these debts. The best thing, would be to negotiate with the original collector for a complete deletion upon payment.
Hey SMM or anyone, Got any contact information on RJM Acquisistions, A phone#, fax or address? Thanks, Candi
I was under the impression that the SOL applies to the state in which you incurred the debt, NOT where you live now? (Just in case you've moved) For instance, I now live in NC...the SOL here is 3 years (oh GLORY).....but the collection that is on my report was from a debt incurred in MI (SOL, 6 year - yikes!) I just wanted to point this out....just an FYI.
Actually, it can be filed in either state, but if they file against you in the state where you do not reside, you can have the venue changed to the state where you do reside.
Can I offer a few 'been there' suggestions? 1. Dispute the Sears account, especially if it's paid, the first time I disputed mine it came off. 2. If you are willing to pay Cap1, PFB them offering them full payment in exchange for a new card, or deletion. 3. Dispute the original Providian acct., lately they have been deleting with the first dispute (a few people on here have had luck). That's where I would start, as to your question about paying the CA, I would send them a letter saying their original letter was vague in the reporting to CRA's area. I would tell them you will pay 50% in exchange for a 100% deletion, also note that you will not send the payment until you receive a UDF stating to delete.
Hi: SMM Welcome to one of the greatest assets to the board. Now do at least three people you know a favor by pointing them to this board.
