Charge offs and chances of deletion

Discussion in 'Credit Talk' started by jd937, Mar 20, 2007.

  1. jd937

    jd937 Well-Known Member

    Hi, I have a string of bad things on my credit report that I want to get deleted. They are as follows:
    Capital one paid was past due 90 days last reported 5/2004
    CBE group-charged off last reported 4/2006
    GE Money bank Gap-transfered closed past due 150 days last reported 9/05
    " " ----past due 150 days written off last reported 9/06
    " "Old Navy---paid closed current Past due 60 days Last
    reported 3/07
    " "walmart---past due 150 days charged off last reported 7/04
    H&R accounts------collection account $27 past due last reported 11/2005
    HSBC RS----ccount charged off/Current, was past due 120 days. $7 written off.
    last reported 9/05
    Kohls-Chast Paid,Closed/Current, was past due 90 days. last reported 5/2006
    LVNv funding---Collection account. $43 past due as of Feb 2007.
    " "----Collection account. $286 past due as of Feb 2007.
    Sears CBSD---Paid,Closed/Current, was past due 90 days. Last reported 6/06
    Target-----Closed/Past due 90 days. $75 past due as of Mar 2007
    US Bank----Account charged off. $301 written off. last reported 3/07

    With late fees etc, the amounts are substantially higher. I don't want to risk the SOL by contacting the creditor/collection agency if I don't have a chance of getting these items removed. I should also mention that both NCO and Target have contacted me on the weekends, which I believe violates the law.
    I have these messages on my voice mail and can record them along with date stamps. I am prepared to pay off a lot of these with my tax return.

    Any advice?

    Thanks
    Jeremy
     
  2. collectman

    collectman Well-Known Member

    8am-9pm any day of the week they may call you. Most of the accounts you have listed have last activity only 3 years ago at the latest. Depending on your state the SOL has a couple more years before they will run. They will remain on your credit, from what you reported, until about 2011 at the earliest for the 04 accounts.
     
  3. woops

    woops Well-Known Member

    Start reading this board. Read, read, read, then read some more. When you think you've read everything, start all over and read it again. There is TONS of information here on how to start working on your situation.

    Pay a lot of attention to PFD posts (pay for delete). Learn the SOL (Statute of limitations) for your state and any particulars about reporting periods (often confused with SOL and very frequently misquoted as SOL). For instance, in NY the normal reporting period is 7 years for bad debt however if the debt is 'paid' the reporting period is reduced to five years.

    Once all that makes sense, I suggest you go back and read everything again. When your eyes feel like they are about to bleed your probably ready to start fixing your problem.

    Using what you have learned start a new post outlining your current situation and your plan of attack. Many of the more expierenced members will be more than happy to give you a few pointers at that point.

    For me, I've been reading this board since last november and I am just now starting to work on my credit. I have seen so many people sign up on this board and become self proclaimed experts in a matter of days. Funny how they end up filling the board with questions about a situation they have gotten themselves into that had they just spent a little time reading what others have done, they could have avoided some pitfalls.

    Also, dont take every response you see here as gospel. You will inevitably run into posters who only think they know what they are doing and will offer incorrect advice swearing to GOD himself that they are right, or you will find posters who may intentionally lead you down the wrong path, they seem to get their jollies causing other people discomfort.

    A free little gem of advice--- don't do ANYTHING until you have the funding to fix everything! Once you start, collectors come out of the woodwork like cockroaches. Its like they have a seceret radar for detecting when your trying to pay your debt. It can be fun watching them act like vultures, going after money. They will cut each others throats just to get to your last dollar.

    Good Luck.
     
  4. jd937

    jd937 Well-Known Member

    Already done a lot of reading here, but not everything by far. In Iowa the SOL is 7 years. Also, PFD's are not legally enforceable in Iowa.
     
  5. woops

    woops Well-Known Member

    Then I would suggest really picking apart each tradeline and look for errors. Everything that you can find. Go to the FTC website and download ytourself a copy of the FCRA, see if you can pick up on any violations. I'm by no means an expert, just offering an opinion.
     
  6. woops

    woops Well-Known Member

    Just asking but why are PFD's not legally enforceable in Iowa?
     
  7. jd937

    jd937 Well-Known Member

    From what I could glean from the law, if you send them a PFD with a check and they cash it they are not legally required to remove it.
     
  8. woops

    woops Well-Known Member

    OK I understand that part, however you can still attempt to negotiate a PFD on its own with payment to follow later. That's what I did with some small medical collecions. I sent a letter to the president of the company. I explained exactly what I would do and exactly what their obligation would be. I required them to return the letter, signed in ink, to me within a certain amount of time. As soon as I got the letter back, I signed it and returned a copy to them with a certified check. WHAMO they get paid and I got deletion. We were both happy.

    So it can be done, just dont send payment until they agree to your terms and make sure you state in your offer that it is not to be construed to be an admission of your liability of the debt. It also helps if you have them on a violation or two, as an incentive to accept your terms you release them from any liability 'prior to the excution of this agreement'. Thats important because you want to be able to hold them liable if they decide to renig on the terms after receiving payment.
     
  9. woops

    woops Well-Known Member

    What is that item, H&R accounts for $27. That might be ripe for a PFD operation. It looks old and its for a small amount. I suspect you havent been contacted by a collector on that for some time? Take a look at all three CRA reports, they should be all identical for this item. If your reports are anything like mine then they wil all be different. Different = failure to maintain the maximum amount of accuracy.

    The question is do you dispute with the CRA, do you request valadation, or do you quietly send a PFD offer and give them two weeks to reply. If you don't get a response or they say no then try the 1-2 punch method.

    That's what I would do. If sucessful, you will feel like a million bucks and have the fortitude to go on further in your journey. If it dosent work, you'll be so ticked off that you will go after the rest of your issues with a vengence. Either way your drive to continue down the path is heightened.

    So think about that, come up with a plan, post it and see if the guru's think its a good idea. Just dont post too many details, you never know who's watching.

    Good luck
     
  10. woops

    woops Well-Known Member

    I just googled H&R accounts. It appears that they specialize in medical collections? If this is medical you can also look at the HIPPA process as an option.

    Like I said, my first sucessful PFD's mere small medicals as well. The whole process took less than a month.
     
  11. jd937

    jd937 Well-Known Member

    Thanks woops, I appreciate the info.
     

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