Hello guys, Giving you an update as to where I am as far a credit repair. I just settled on a loan with PNC bank and next I will be settling on two loans (one where I am the primary borrower and the other where I am cosigner. But I have some questions about some other credit card accounts. There are three credit card accounts from Best Buy, Sears, and Circuit City where I believe that I may have opened in the store. You know how they push that crap at the register and stupidly as a college student I probably gave them my info. Now they are chargeoffs on my credit report. Should I demand validation of my signature on a contract from the original creditor or collection agencies? Should I be working on all three at the same time or one at a time? Finally, I am quite confused by MBNA. I have a MBNA credit that was formerly through First Union on my credit report. It is in good standing as I use that card and pay in a timely fashion. However, when I was in college I had a PNC bank credit card that was also sent to MBNA. It charged off. Now there are items on my credit report that says that the MBNA card (through PNC Bank) has a zero balance and chargeoff and account has been transferred. That is Experian credit report. On Transunion the MBNA card (through PNC Bank) is also reported a few times. One where is just a chargeoff. Another that says zero balance, account transferred, and it also states that it was paid off in 1999. I do not remember paying off this account and I do not have anything in writing that says that I did. Should I contact MBNA directly? What should I say if I do? Thank you in advance and sorry for the length.
Your first step it to take each creditor or collection agency on your credit reports and send them all validation letters by certified return receipt requested letter. You should never pay off any debt once it has gone to collections. If you do, you lose all your rights under FDCPA and you will live with the bad report on your credit files for the next few years with no really easy way to get it off. You may be able to spam them off after enough tries, but the results are not that great. About 50% can be gotten rid of that way.
