Hi all, I'm new to the board, and have been lurking for quite awhile trying to get some advice. I haven't been able to find exactly what I need (there is so much info out there!), so I was hoping one of you experts could help me out a little! Here is the background info... I'm in college, and have unfortunately racked up about $5000 in credit card debt (9 accounts) in the past five years. I'm able to handle it at this point, but I ran into some trouble last spring. I had a few cards reporting payments 30 days late, but not all of them. I plan to pay them down by about 50% by the end of this summer due to an increase in income, so that should help me out. Here is my major problem- I had a Jacobson's (Jakes declared bk about a year and a half ago) cc acount with a $300 balance on it at the time of their bk. My Dad was paying my bills at that time, and I was under the impression that the bill was paid off- but our lines got cross somewhere and it never was paid. I just found this out yesterday after getting my first credit report (536... ouch!). After 60 days of delinquency, it was sent to another office, and was subsequently charged off in April of last year. There was never any attempt to collect the debt- no statement sent to my apt, no phone calls... nothing. Is there anything I can do about the CO at this point or am I going to have to ride it out for 6 years? I would also appreciate any other advice that you may have... you all are very knowledgeable and helpful! Thanks so much for reading.
Also.... I'd like to consolidate my debt to one card with a lower APR if possible (my APRs are astronomical). Do the risks outweigh the benefits?
Have you disputed this account with the CRA's yet? if not, you may want to give it a try being that the company has gone bankrupt and may have a very difficult time verifying the account. Be on the lookout for Collection Agencies who may purchase this account. Search the board(s) to see if anyone has had success disputing this companies tradelines since their bankruptcy. check your state's SOL for this type of account so you know where you stand should this come back at you. Good Luck! bugman
Do what the bugman says. I disputed 2 OC's who had filed Chap 7, both were deleted. BK trustees don't have time to mess with answering CRA's.
So I'm still slightly confused about validation. I've read tons of info here on the site, but I'm not sure what all applies to me. I never received any communication from this collection company (which I just learned is called Shopper's Charge/Jacobsons in Mahway, NJ), so the 30 day validation rule doesn't apply to me if I write to ask for validation, correct? Also, should I do an online dispute through CSC credit services (the owner of my credit file on Equifax), write directly to Equifax, or dispute the account directly with Shopper's Charge? Any experience with this company? Thanks!
