HELP! warning: long msg..

I've heard that collection agencies are not allowed
to rereport stale accounts? Let me elaborate what my
situation is.. I have several accounts with creditors
that were charged off back in 5-8/97. The SOL of CA
is 4 years, so the expiration is near approaching.
However, Coldata, NCO, Cavalary Investments LLC have
bought out these debts.. now they report them as 1/01
and 12/00, and to go away in 2007. I realize that
this is against the law.. but what are the steps I can
do to fight this?

My plan is the following:
1. Dispute w/ CRA first as "not mine, innaccurate" to
try and get it removed. Redispute if verified, and
redispute again if verified.
2. At this point, hopefully the SOL will be satisfied
and I can start writing to the collection agencies
directly to have them prove to me that that debt is
mine.. using the letters, where I require them to show
my signature, proof, etc. and continue sending these
until they remove the lines. Is this the correct process?

My second question is regarding the original
creditors.. I have many 30,60,90,120 day late pays and
charge offs on my reports. Do I challenge these as:

1) no late pays, and no chargeoffs and hope the CRA
cannot get these verified and then the account will be
changed to good status? Or if they are not verified,
will the lines simply be deleted?
2) if in the case it is deleted, isn't disputing this
as "not mine" the same? Also, if these are back in
5/97, how much positive influence will this have on my
score anyway??

My third and final question of this long email is
regarding building credit. My goal is to have
"gleaning credit" in 1 1/2 years. I hope this is
sufficient time to reach my goal.. the positives I
have on my report include:

1) Car Loan, All paid off on 9/00, 5 year loan with no
late pays or nothing derogatory
2) AmEx Corporate Card, have had it for 1 year, no
late pays, avg $4-5k balance per month I pay off fully
each month
3) authorized user as a credit card (shows up on my
CR), with no late pays, perfect record
4) student loans, financial aid, etc. totalling to $9k
left now. I have been paying these for about 5 months
with perfect pays, no lates, etc.

My plan is to completely pay my student loans off by
June 2001 ($9k). I will be able to do this with the
money I make monthly.. however, I recall reading your
msg that it is best to build and pay debt for 12 mos
to build credit.. thus, my question: should I prolong
the payments further? I desire to simply do away with
the debt soI can become debt free.. but will it be
better for me to prolong the debt and pay
interest/payments? Is the positive record saying that
the debt is completely paid off just as good or not?

I also realize that my goals also come into play here
so the answers to the questions I ask may vary.. well,
briefly, these are my goals: I plan on purchasing a
car in January 2002 - so getting a car loan.. and
hopefully purchasing a house in December 2002. These
dates are still a considerable way off, but I wanted
to work on obtaining "gleaning credit" and paying off
loans - and rebuilding at the same time.. is there any
general advice you could give to be effective in
building credit? I have many other items on my report
(all negative, the worse being a settled judgement),
but I believe I can take care of those based on what I
have studied in the kit and the previous msgs.. so,
these are the questions I am left with.

I hope a few knowledgable people can help out w/ my questions.. thanks in advance for everything..

 

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