HELP! warning: long msg..

Discussion in 'Credit Talk' started by Ender, Mar 5, 2001.

  1. Ender

    Ender Well-Known Member

    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..
  2. roni

    roni Well-Known Member

    as far as the student loans, you can pay those off. They actually hit your report the day you took the loan out in school, so you have an extending rating history with that account already.

    I think you have a handle on how to dispute as well.

    good luck.

  3. Ender

    Ender Well-Known Member


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