Hi All! Haven't been here in a LONG time, so I appreciate any responses... and I forgot all the acronyms. Ha! I have two paid collection accounts that the date of service/debt incurred (forgot the term) was 8/2/2006. I have records of that date, because it was a medical bill. Except different dates are showing on every report - none of them are 8/2/2006! I am just about two weeks short of the 7 year mark. I believe that these paid collection items are negatively affecting my score, because I've had no other deragatories, a large credit line, and minimal credit card debt... mostly just my revolving card that I pay off monthly. I do have a mortgage payment (never any delinquencies) and car was recently paid off. Normally this 7 year period wouldn't be a big deal, except someone hit me last week and (I think) totaled my car. Waiting on insurance company to do something. Thus, I will be needing to go out within a short period of time and either finance or lease a new vehicle. Score right now is 706, but I believe my score needs to be higher in order to get the best interest rate. I haven't financed a car in 5+ years, so I'm not sure what the different car finance companies require. Thinking about leasing a BMW... Below are the line items showing different dates as it appears on my reports. Not sure what the best way to get these removed - wait 2 weeks and file a 7 year letter, or dispute the date of service reported to various credit bureaus? Any advice on the best approach/letter for this? Any links would be appreciated. I am kind of in a time crunch and don't have hours to pore over the forums to figure it out. Damn the careless driver who totaled my awesomely paid off car!!! [table="width: 500, class: grid"] [tr] [th]Account 1[/th] [th]Transunion[/th] [th]Experian[/th] [th]Equifax[/th] [/tr] [tr] [td]Creditor[/td] [td]RSI[/td] [td]RSI[/td] [td]-[/td] [/tr] [tr] [td]Date Reported[/td] [td]1/1/2007[/td] [td]1/27/2007[/td] [td]9/1/2008[/td] [/tr] [tr] [td]Status[/td] [td]Open[/td] [td]Closed[/td] [td]Closed[/td] [/tr] [tr] [td]Source[/td] [td]Medical[/td] [td]The Hospital's Name[/td] [td]-[/td] [/tr] [/table] Thanks in advance everyone!
Date Reported means nothing. You need the DOFD (date of first delinquency)....that's your compliance date, not what's above. An Open collection account would mean it's unpaid, so it's being reported wrong to them. If the DOFD is reporting correctly, then the account should roll off your reports very shortly. If you want to try to speed up the process, dispute the accounts as obsolete and chances are the CRAs will just delete considering its mere days from the 7 year mark. Won't your insurance company put you in a rental until you get another car (for a reasonable time at least)? If these collections are the only thing negative on your report, I'd suggest waiting till they drop off...even though a 706 should be tier 1, you still should get a better rate with zero negative trade-lines....maybe 0% even if they still do that. Welcome back to the board.
Agreed w/ Mindcrime - see if you can expedite the removal process on the accounts that went to collections, assuming the DOFD is close to 7 years. Are you still waiting for confirmation that your insurance company will supply a free ride in the meantime? That should buy you some time on getting these accounts removed. 706 is a good score, so you should be in for a decent rate assuming your credit history is pretty established (and it sounds like it is). 740-760 is when you start to see the Tier 1 rates. Getting these accounts removed might very well put you in that range, just depends on the DOFD of those old accounts.
Good to know Jason...for some reason we were told that we were in tier 1 (well at least the Mrs. was) with a low 700's FICO...maybe a bank thing?
I think it depends on the bank, yes. Was this recently? I was under the impression that the leash for the best rates was shorter compared to years past, but I could certainly be wrong. (I haven't applied for a loan personally since 2011.)
Middle of 2011. I just remember them telling us that she was tier 1 credit, and scores were low 700's. It's TMCC if it makes a difference....and I was a returning customer having just paid off another TMCC loan.
