Hello, I just joined Creditnet today! I have been reading everything I can in the past 2 days and I think I'm beginning to get a grasp on a course of action to take about my husband's credit report. Let me just give you a bit of background and then I'll ask my question. We just sold our house and we are looking to buy another one. We will have about $13,000 when the deal closes. We plan on paying off the collections against us(About 18 of them-all medical bills), plus an old Sears credit card that is now in collection. This adds up to close to $4000 . We will then have about $9,000 for a down payment and closing costs. My husbands scores are XP-549, TU-519, and EF-555. I have looked at dh's credit report over and over again. I believe that the accounts are true and most of them seem to be accurate. The Sears debt, however , is listed 3 times, with 2 different companies. Can they do this? Can I ask them to remove all but the CA that has the account? Sherman Acquisitions is listed twice, with 2 different dates and two different amounts. Neither of the amounts is correct, as we have been paying them faithfully for the last 5 months. CBUSASears has us listed, too with so many lates that my head is spinning from trying to figure out if it is accurate. All 3 of these are the same account! We also have several student loans that had many lates on them 4-5 years ago. They have all since been paid off or consolidated and are current. They are doing damage to the credit score, though. I don't want to challenge them as not mine, but could we just ask them to remove the lates for us? We want to get a decent loan and as of right now, we just can't! I have one more question! LOL! By clearing these issues that I listed above up, is there a good chance that we could get into a good qualifying range for a mortgage soon? Thank you for your help! L. M.
You need to get tough with your unpaid creditors ... pay for deletion is the new rule. Negotiate shrewdly, give up no free information to the creditors (not that you expect a lump sum of money, nor that you want to buy another home), and don't take no for an answer. Cooperative creditors get a lump-sum that comes closer to making them whole (50%+, there's no reason to pay 100 cents on the dollar if you negotiate), uncooperative creditors should be made to settle for as litttle as 30 cents on the dollar--they deserve the punishment. As for the old lates, the age of the listings they're on is probably more valuable to you than the lates are harmful. These should be tertiary issues at best, especially since losing the TLs off the report could do more harm than good. You need to cross the 600 threshhold to have a chance of not being in the BC credit penalty box. Obviously, higher than that is better, with 720 being where the lowest rates start to kick in. Getting better than 600 is probably just a matter of having your creditors paid off and disputing a few of the listings away. But remember to fight for "pay for deletion" so that the disputes are less numerous and time-consuming for you. You might look into lease-optioning the next home, giving you time for credit repair before you exercise that option and go for a mortgage.
Thank you very much, Flacorp. I am going to have my husband call the creditors starting today. I am such a wimp on the phone. I'll make sure he gets everything to be sent to him in writing before we pay anything!
UNDER NO CIRCUMSTANCES CALL!!!! NO NO NO NO NO NO NO NO!!!!!!! DO IT ALL IN WRITING, CRRR!!! You need it ALL in writing, from start to finish. CA's are notorius for promising and not delivering. They WILL talk you into paying 1st and you'll never see the written agreement. DO NOT TRUST A CA!!!! They will take your money and continue to report the debt, some will not update TL, some will even let you beleive you have paid it and think it's over, and a year later.....BAM BAM BAM!! They'll try to collect on the whole balance again, or the balance you thought you "negotiated" with them to remove. You need to write the agreement you are willing to give them, send it CRRR and let them contact you. DO NOT TALK TO THEM ON THE PHONE!!!!!!!!!!!! EVER!!!!!!!!!!!!!!! They need to know you are in control! Make sure you put a "limited cease and desist" order on each letter you send to each CA. That will alert them that you know your rights and will only do business my postal mail. You;ll be thankfull you did this, trust me.
Ok, T! I'll start writing up letters instead. Thank you for your help. I am still reading a lot and learning as fast as I can! I appreciate all the help! L.M.
Send validation letters to all of the CAs before you make any kind of an offer. It doesn't matter if it's yours or not. If they can't PROVE that it's yours, they have to remove it. Everything you send them is certified, return receipt. While you're waiting for the response, read a lot more on this board. Start with the top postings. Then, when you get the response, we figure out the next step. If you can get them removed this way, you may not have to pay anything. But make sure they validate before you make any offer. DO NOT acknowledge that the debt is yours.
I must have misunderstood the 1st post....I somehow thought you had the validation already. HOWEVER everything I said is still valid. Hedwig is right, start the validation game with EACH CA, wait for the green cards to come back and then dispute w/ the CRA's that list the TL. If the CRA cannot verify the information, you'll get the TL deleted. If everything gets validated PROPERLY and you want to make settlement offers, then start what I said earlier. My bet is that you'll get some deletions. Good luck!
Re: Validation I don't know if it is too late to validate with CA because a court date has been set. When I received my summons, I replied to the court and CA to "verify" and not "validate" certain information..I have not heard from them since. The court date is still set for Jan '04. this is ffor a Cqpital One CC. IS it too late to validate with the CA.
I am going to have my husband call the creditors starting today. McLauBRAC ================ Don't talk to the CAs on the phone. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Validation But remember to fight for "pay for deletion" flacorps ========== No reason to pay other wise. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
