My mom has a horrible credit report, especially Equifax. We have no idea what to do. Our disputes are failing. Creditors are validating them properly. No one will delete or amend for partial or full payment. This is the current derogs we deal with: These are paid or late derogs on EQ: Judgments 1/1998: $206 1/1998: $206 6/1998: $1,573 10/1998: $753 9/1999: $216 (One of the 1/1998's appears to be duplicate, and the 6 and 10/1998 judgments also appear as collection accounts) Collections 12/1996: $36 1/1998: $657 2/1998: $2724 3/1998: $1683 10/2001: $273 10/2001: $219 Charged off credit cards 4/1997: $775 9/1997: $1347 These keep going up every month. 90% of these are medical or business related. Paid derogs: 1/99 judgment. 2/99 judgment 12/97 settled charge off with 3 30 day lates, 3 60 day lates, 3 90 day lates Late pays 8/97 closed credit card 1 30 day, 2 60 day, 2 90 day 10/97 closed credit card 2 30 day, 2 60 day, 2 90 day. Mortgage: 13 30 day lates since 6/1996 Credit card: 9/2000 last activity. Account closed by credit grantor. 3 30 day, 1 60 day Auto loan #1: 30 days as of 10-1999, 9-1999, 7-1999, 5-1999, 12-1997 to 4-1998, 1997, 12-1996, 11-1996. Auto loan #2: 30 days as of 6-2001, 5-2001, 1-2001, 11-2000, 10-2000, 8-2000, 4-2000, 3-2000, 1-2000. Positives: AU on my Citibanks (9/2001 and 12/2001 open dates) Joint on Target (8/2001 open) Nextcard (open since 4/2001) Furniture loan: open since 4/94, inactive since 3/1997 Her score is 502. And I doubt anyone in heck would approve her like this. I know this board is mainly anti-BK, but should she do it? Will she be better off in the end?
I don't think that BK would be a suitable resolution in this matter. I can't offer much but this: I guess maybe she should just pay and THEN try getting items off. Since you have tried to negitiate payment for deletion to no avail. What choice do you have left? Maybe creditors won't respond to the CRAs investigations since they've gotten their money, etc. Besides...I think creditors would be more likely to extend credit to someone with paid negatives than to someone with unpaid negatives. That's just my opinion. What other choice is there?
I agree that BK is not a great solution, but I'll play devils advocate here... Naaaah do not pay unless you get the deletion...paying gives her no help whatsoever since the derogs are already on her report, except maybe a clear conscience. Keep disputing with the CRA's, verifying with the CA's and requesting deletion for payment in full if, and when, they verify. Eventually they will be deleted or they will accept your offer. What state are you in? What is the SOL? Since they are all from 98/99 they are probably still able to sue, so she needs to be concerned about them taking her to court...but courts are usually a bit more sympathetic about medical debt and she should be able to convince them (in or out of court) that she IS WILLING to work on paying the debts, that they are mistakes she made when she was ill and not financially able to pay, but she is NOT a deadbeat and she is willing to pay in full for removal of the entries from her report. However she is NOT willing if they are going to ruin her credit profile for an illness she had and maybe had less control of her finances. I am not a fan of stiffing anyone, but you gotta play hardball and you ONLY hold all the cards when you have NOT paid...once you pay you show your hand to the table and are at their mercy 100%. Keep working on them, and don't forget that these people are playing hardball too, they want their cash so they will put up a good fight, some lie and threaten but you can win. Good Luck! I hope your mom is well now, and that she succeeds in cleaning up the whole mess! -Peace, Dave
