Looking for advice for correcting/eliminating derogatory notes I think are dragging my scores down. For each situation, would it be best to ask for the accounts to be removed (on some "technicality"), corrected to show "PAID", or some other strategy. 1. First Tennessee - Settled with the creditor on $67K debt in 2009. Account Status shows on all 3 reports as "Settled". Payment Status is "Chargeoff or Collection" except EX which shows $66K Past Due/No Data Provided. Comments are derogatory. 2. Wells Fargo VISA - Settled with creditor on $12K in Jan 2010. Account Status is "Settled", Payment Status is: EX: Current EF: 120 days late TU: 120 days late Comments are derogatory 3. Ford Credit - Auto Lease paid to term with no delinquent. After vehicle turn-in, excess mileage charge sent to collection during "verbal dispute". Excess charges paid. Payment Status is "PAID"; Payment Status: "Chargeoff or Collection". EX shows erroneous past due amt of $1165. Thank you in advance!
Welcome to Creditnet. In general, if there's incorrect information associated with one of these negative marks on your credit reports, it's worth disputing through the CRAs first. You may get lucky because the CA has purged your information, won't respond, and then the whole thing will get deleted. Also, it's worth noting that getting a settlement or charge off/collection simply updated to a "paid" status isn't going to improve your FICO scores right away. A paid collection/charge off is just as damaging to your credit scores as an unpaid one, so keep that in mind too. Unfortunately, since you've already negotiated settlements on all these and paid them off, you've missed the window for negotiating how they would be reported on your credit reports. The best thing you can do now is dispute inaccurate information through the CRAs in hopes that they will get deleted from your reports. Then, wait and see what happens.
Thanks Joshua! In trying to get these items removed from my reports by disputing the inaccuracies to the CRAs, is it best to: 1. address all 3 erroneous accounts at one time with each CRA, or do one at a time over a period of months? 2. be ambiguous with my request, for example, "the First Tennessee debt is wrong and I demand you remove it from my report" OR, be specific, for example, "the First Tennessee debt is reporting $66K outstanding and this is erroneous, I demand you remove it from my report". Thank you!
Cleanup... I havent been around the boards long enough to answer your question, but i do have a suggestion. Try taking a look at the sample-letters in the discussions section of these forums. I would furnish you a link, but i need 25 posts first. It contains sample letter templates that can be used, and i think there are a few that are real close to your situation. Thanks, Tillman
Yes, take a look at the Sample Letters. There should be one for disputing an entry with the CRAs. It's probably best at this point to keep your disputes rather vague. Also, I would dispute one item at a time with each CRA. You don't want the CRAs to consider your dispute frivolous if they feel like you're disputing too many items all at once. So take your time and keep great records along the way.
