Guys- My equifax credit report looks like this: ///////////////////////////////////////////// //COLLECTION AGENCY ACCOUNT // ///////////////////////////////////////////// Maryland-Baltimore Gas*unpaid*balance:$567*last activity 07/95 Maryland-Delmarva Collections*paid*balance:0*last activity 01/94 Maryland-Delmarva Collections*paid*balance:0*last activity 01/94 ///////////////////////////////////////////// // CREDIT ACCT INFORMATION // ///////////////////////////////////////////// Acme Credit card-PAID in full-good! Maryland College*STUDENT LOAN-PAID COLLECTION*last activity 03/94 SALLIE MAE STUDENT**ACOUNT TRANSFERRED OR SOLD* last act. 07/95 Sallie Mae Student*STUDENT LOAN-ACCT TRANSFERRED OR SOLD*last activity05/95 Student Loan Marketing Assn*ACCT TRANSFERRED OR SOLD-STUDENT LOAN PAYMENT DEFERRED*last activity 05/94 USA Funds*PAID COLLECTION-STUDENT LOAN*last activity 04/95 USA Funds*PAID COLLECTION-STUDENT LOAN*last activity 04/95 USA Funds*PAID COLLECTION-STUDENT LOAN*last activity 04/95 USA Funds*PAID COLLECTION-STUDENT LOAN*last activity 04/95 USA Funds*PAID COLLECTION-STUDENT LOAN*last activity 04/95 USA Funds*PAID COLLECTION-STUDENT LOAN*last activity 04/95 ///////////////////////////////////////////// I sent a big dispute letter that disputed all the items on my reports. I stated that the top 3 collection items were identity errors, and the student loans were supposed to have been deferred. I am in the process of writing a letter to TransUnion. [1] I have heard before that it is better to just dispute 3 items at a time. Is this true? Or should I do a mass dispute? [2] I have heard that in some states PAID COLLECTIONS can only stay on the report for 5 years? What website carries state information? I lived in Maryland when all the negative credit marks came on my record. [3] After the CB's reinvestigate, what do I do if everything is verified by the creditors? What is the next plan of attack? Hopefully some of the lines will be deleted. [4] Surely others have defaulted on student loans by SAllie Mae, the SLMA, and USA Funds. Tell me, do these places usually verify information? What have you guys done to get these negative student loan lines deleted from your credit file? [5]I know some creditors use mag tape to report to the CB's. If I dispute an item and it is deleted from the credit file because the creditor is too lazy to verify the information, that is great. But what happens when the creditor runs the mag tape at the end of the month? Will the item be put back on my credit report?
RE: Here's my bad credit repor The idea is that there are supposedly a few *mistakes* on your credit report. As the number of items inolved increases, the credibility of this claim DEcreases. If there is a general pattern of positive behavior, but a couple of negatives, then they might look "out-of-place," but if there is a general pattern of lates/defualts/collections, then the bureau might find it hard to believe that your report is almost *entirely* erronious. If the items are verified, then wait a year before disputing the same item again. Disputing an account repeatedly can provoke the "frivolous and irrelevant" defense by the credit bureau for refusing to re-investigate. This is another reason to spread out the various disputes over a period of time. As I understand it, defaulted student loans are quite resistant to credit bureau disputes. With the monthly updates, an account that was deleted due to lack of response may be re-inserted if it appears on next month's tape. I expect that collection agencies will *not* take the effort to include old paid-off accounts. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/
RE: Here's my bad credit repor I recently had 3 paid collections with USA Fund deleted from Equifax because they didnot respond. You may have this luck with the student loans. Dont dispute them as deferred accounts. Dispute them as neverlate etc. Use the bureaus standard list of reasons for deletions to make it easier for them to actually do a verification. In other words dont send a lengthy explanation letter of dispute. Simply say never late, paid as agreed and never in collection. Good Luck.
RE: Here's my bad credit repor Roni that is great news, thanks!! did you also dispute the USA Funds with TransUnion and Experian? How did they respond?
RE: Here's my bad credit repor I noticed you didn't mention your status. Were you listed as an "I5" or what? Student loan servicers and guarantors are subject to the FCRA and FDCPA just like everyone else. They also must follow certain federal regulation (CFR & HEA), but rarely do because it is almost never enforced. Always argue from the truth. If your loans were defered, argue from that. Beware that guarantors will generally re-report derogatory info on magnetic media or whatever quarterly, semi-annually, etc. So, if the credit bureau takes it off without verification, it goes right back on. Also, Equifax has a contingency plan themselves. If their assets are deleted (meaning derogotory information about you), they already have you coded as a defaulted borrower and it just reverts to the way it was again in a few months. The only way to get the negative stuff off, it seems is to have the trade lines fully deleted. And, even that is not a sure thing. Never mind that their activities violate various laws. Both seem to regard a regulation under the HEA to authorize them to re-report derogatory info on defaults for 7 years as currently past due. Then, the last reporting remains another 7 years. Go figure. If you can argue that your loans were truly defered and never defaulted (nor should have defaulted), make the case to the creditor. Hassling with the credit bureau is probably a waste of time unless they verify it with the creditor and the credit buys your story. Roni got her stuff off because she complained to the ombudsman (good move actually). If you really are being falsely reported you might try that or complain straight to the guarantor and lender oversight office at the Dept of Ed.
At last, a workable model Thank you, Roni. I always wondered what GROUNDS I could use to dispute derogatory entries. Everyone says to dispute and hope the creditor doesn't respond, but they never say HOW to dispute.
RE: Here's my bad credit repor Isn't there a way to just pay Sallie Mae, the guarantor some cash to make them delete it entirely from the mag tape?
