Hiya everyone! First off, I'm a newbie to my credit repair attempts. After researching for a while and lurking here on the boards, I'm ready to take my first steps into cleaning up my credit. I also wanted to note that I live in Pennsylvania. I read somewhere that PA uses the same credit reporting laws as the FCRA. Is this true? So far, I've just pulled my reports and gotten organized. I've read all the primers and FAQ here on creditnet also. I wanted to post here to get some opinions and "battle plan" before I jumped in with both feet so here it goes. I want to make sure I do this right. And sorry for the longwinded post, I just want to be thorough My reports look like this: Collection Service Center Balance Owed: $93 Date Opened: 8/1997 Reported Since: 3/2002 Last Reported: 3/2002 History: Collection as of 3/2002 Collection Service Center Balance Owed: $74 Date Opened: 9/1999 Reported Since: 10/2001 Last Reported: 10/2001 History: Collection Account *I paid this account to the original creditor CITI Balance Owed: $371 Date Opened: 3/1993 Reported Since: 8/1999 Last Reported: 3/2003 History: Charge off as of 3/2003, 2/2003, 8/1999. 30 days: 0 times 60 days: 8 times 90+ days: 6 times Direct Merchants Bank Balance Owed: $874 Date Opened: 11/1999 Reported Since: 12/1999 Last Reported: 12/2000 History: Charge Off as of 10/2000-12/2000 30 days: 2 times 60 days: 2 times 90+ days: 2 times *Purchased by another lender. Discover Financial Balance Owed: $692 Date Opened: 8/1992 Reported Since: 1/2000 Last Reported: 3/2003 History: Closed by credit Grantor. Payments current, was 150+ 30 days: TU 5, EQ 14, EX 3 60 days: TU 4, EQ 10, EX 2 90+ days: TU 9, EQ 12, EX 3 120 + days: EX 1 150 + days: EX 1 Providian Financial Balance Owed: $0 (I paid this off recently) Date Opened: 4/1999 Reported Since: 4/1999 Last Reported: 3/2003 History: Closed by credity grantor. 30 days: TU 2, EQ 2, EX 2 60 days: TU 2, EQ 2, EX 2 90+ days: TU 4, EQ 5, EX 4 The Bon Ton (Department Store) Balance Owed: $105 Date Opened: 11/1992 Reported Since: 10/1994 Last Reported: 10/1998 History: Charged 9/1998 STUDENT LOANS **All of my student loans successfully completed a default recovery program to take them out of default. I haven't missed a payment in at least 3 years. The "good" loans show up on my credit report with a "never late". However, the same mirror defaulted loans also show up on my report as derogatory. Some reports also show them as "Special Handling" for a creditor's information. Does this perhaps refer to the default recovery program I completed? Here is a list of my "derog" Student Loan listings. They vary from credit report to credit report: Student Loan Balance Owed: $833 Date Opened: 12/1991 Reported Since: 10/1995 Last Reported: 12/1998 History: Charge Off. Defaulted. Creditor's statement: Special Handling - contact subscriber for additional information. Student Loan Balance Owed: $592 Date Opened: 3/1993 Reported Since: 2/1998 Last Reported: 12/1998 History: Charge Off. Defaulted. Creditor's statement: Special Handling - contact subscriber for additional information. Student Loan Balance Owed: $900 Date Opened: 3/1993 Reported Since: 2/1998 Last Reported: 12/1998 History: Charge Off. Defaulted. Creditor's statement: Special Handling - contact subscriber for additional information. Student Loan Balance Owed: $1,167 Date Opened: 11/1991 Reported Since: 2/1998 Last Reported: 12/1998 History: Charge Off. Defaulted. Creditor's statement: Special Handling - contact subscriber for additional information. Student Loan Balance Owed: $1,700 Date Opened: 9/1992 Reported Since: 2/1998 Last Reported: 12/1998 History: Charge Off. Defaulted. Creditor's statement: Special Handling - contact subscriber for additional information. Currently only my Discover and Student loans have an outstanding balance. All other debt I have is in good standing and never late (car payment, utilities, Capital One Visa). I welcome any and all advice on cleaning up my report. I want to put together a plan of attack and am hoping you good people of Creditnet can give me some help. If there's any other information I can provide or have left out, please just let me know. Thanks in advance! -BM EQ - 632 EX - 605 TU - 609
If I'm not mistaken, I believe the SOL in PA is 4 years on debts. Can anyone verify this? Oh, and thanx for the fast response! -BM EQ - 632 TU - 609 EX - 605
Pa is 6 years. http://www.cardreport.com/laws/statute-of-limitations.html Which leaves those two both in SOL. They are relatively small amounts, can you pay them? If you can, I would try simple not mine disputes to start, and if you "wake the beast", or they verify, consider negotiating payment for deletion.
I've done some searching and found conflicting info on the PA SOL. I've seen the site you listed and saw the 6 years but I've seen other sites that list 4 years. I'm not sure what to believe. Here are some of the links I found: Here and Here These are just two examples I found with searches that list 4. Again, not sure which is valid. I was thinking along the same lines as you jlynn on this. I didn't want to stir up a hornetâ??s nest if the SOL hadn't set in. I don't want to make things worse for myself and that's why I'm here soaking up advice. As far as paying goes, yes, I could easily pay these debts. I've thought about going with the "settlement" letter route and I figured I'd have the leverage if the SOL was up on the debts. Not sure what to do though. I'm in great shape financially and haven't missed a payment on anything in about 3 years. However, the sins of my college days have come back to bite me. So far I've taken your recommendation and whipped up a couple validation letters for the CA's I listed. Those will go out in the mail tomorrow. Unfortunately most of the derogs I have listed are for the Original Creditors. I did see somewhere that PA uses the FCRA guidelines as it's state laws for credit reporting and that original creditor's must validate as a CA would. Can anyone confirm this? Here is the post I saw in relation to this. Now that I've gotten validation letters set up for the 2 CA's, what is a good next step for me? Thanx! -BM EQ - 632 TU - 609 EX - 605
Re: Re: My credit situation...Help! When in doubt, and until you can verify with a source you are comfortable with, ie PA govt site, IMHO err on the side of caution. Hang in there your doing great. I'm 99 9/10% sure one of the more knowledgable on this site is in PA. You might put out a separate post such as "PA SOL Question" with these same links and see if someone bites. The question may have gotten lost in this post. Who knows the inner workings of FICO, but the older these lates get, the less they are affecting your score. You may be (unpleasantly) surprised if you get some off that you think are dastardly, and gain a whopping 1 point. But once you get the last derog off, they say that is when you see the big jump. I wouldn't know that yet. You can always start with simple disputes and see what happens, then move on to settlement as step 2 or 3 in your process. If that is definitely true, you will be able to use both Fed and State to your advantage. You should do some searching and find these codes whether it be online, or at the library. Then absorb them as well. I bounce between Fed and TX, whichever is in my best interest. I read the post, but its probably smart to have it in black and white, instead of 2nd or 3rd hand. Others may disagree, but here is what I would do (and did do). Once you get those two green cards back, do all your disputes with all the CRA's at one time. I subscribe to the theory (and it is just a theory) that the first round is the "easiest" with the CRAs. Something else that hasn't been mentioned of late. EX and EQ will allow multiple disputes going. TU, on the other hand, if you send them one dispute and then a few days later send another will tell you in light of the "additional information" they are rewarding themselves with a 15 day extension. They can't do this, but they do, save yourself the aggravation.
Re: Re: My credit situation...Help! I posted another thread on the topic of SOL in PA and after much debate, I believe it's 4 years. Any further advice on how to proceed if this is the case? Thanx!
Re: Re: My credit situation...Help! Well, basically you can tell them to pound sand because they can't collect. Nothing stops them from trying, but it is an affirmative defense. But, that doesn't stop them from reporting it for the balance of the 7 years. You might offer to settle for deletion. Start low (around 30-40%) let them know you are doing this out of the kindness of your heart because they are SOL because the SOL is up. Some mortgage companies would probably try have you pay it anyway, and the mortgage is your ultimate goal. Give yourself the score boost from deletion. Just my .02 others may disagree.
Re: Re: My credit situation...Help! I just looked at your other post. I forgot about Why Chat's site. He has some excellent advice there, and the research to support it. Tac was the more knowledgable person I mentioned earlier, didn't want to volunteer him, but was sure he would chime in once he saw the PA in your post. He has the research and personal experience in PA to support his posts. Always look for 2nd and 3rd opinions and do your own research. Here lately we are getting too much bad advice. Good luck!
Re: Re: Re: My credit situation...Help! Thanks for all the help jlynn. I really appreciate your advice. Your input has been a great boost to my confidence and efforts! I was thinking of starting with "not mine" and if that comes back validated, then offering to settle since the SOL is up and they are SOL anyway. This sound like a reasonable plan? Oh, and I had one other question maybe you could answer. How can I tell when the 7 year and 180 day ticker starts on a debt? I know what the FCRA says about it, but how can I tell when this date actually occurred with the OC? Many of the debts I've listed have been around for a long time. I'm not sure if any are on there longer than they should be. I'm still paying on that Discover card (closed by creditor) but have had it forever. If I pay the rest of it off, my 7 years doesn't start from that point does it? I'm sure my first delinquency on that account was many many years go. Although, the account has never gone into any kind of default or collection. I just keep nickle n' dime'ing my payments with them to the tune of like $15/month (the minimum payment). I haven't missed a payment in a several years now. Any ideas? Thanx!
Re: Re: Re: Re: My credit situation...Help! That'll work The clock starts ticking on the CO's from the DOLA (date of last activity). The first payment you were late and never caught up again. EQ has a DOLA, EX has a "scheduled to remain until x date", and TU I haven't quite figured out. Discover - I think your lates start ticking off as they hit 7 years, since you are still paying. My CR's just don't have the history to tell you for sure. All my stuff is from 6 months ago. LOL thats why my scores suck, no time is my advantage yet!
Re: Re: Re: Re: My credit situation...Help! UPDATE: Sent out two validation letters to the CA's listed on my report. I also sent a "goodwill" letter to PHEAA for my student loans asking that they remove the derogs according to their policies on the Default Rehabilitation Program (posted in another thread). Also included printed statements from their website that says those defaulted derogs would be removed...heh. Should I start disputing other items now with the CRA's or wait to get some info back on the things I just sent out? Also, I believe in PA, by state law, I can request validation from OC's. Should I start doing this as well? If so, which one's would be a good idea to start with? Is there any I should leave alone? etc. I'm just trying to get any idea on what is a good logical order to my efforts. Thanx!
When you get the green cards back, then dispute the other stuff with the CRA's. I wouldn't start rattling the OC's cages until you see if they just fall off the easy way. It looks like Citi is a few months short of SOL. So whether you wait or tackle it head on is up to you. If any of the OC's verify with the CRA then you can start your OC validation.
Sounds good jlynn. I'll follow this plan. I saw the Citi thing also and figured I would hold off on that one until the SOL makes them SOL As always, Thanx!
jlynn (or anyone else), I've got my green cards back in the mail and am going to start my campaign with the CRA's. Of the above mentioned debts, which one's should I start with? I've read that disputing more than 4 items is not a good idea. Thoughts? I'm still waiting on word from my "goodwill" letter from the student loans derogs so I know I can leave those alone for now. I think I've got a good case with those since their default rehab program promises to remove the derogs after completing it (something they didn't do). Also, the Discover card I still currently pay on despite the "closed by credit grantor" and all of the "lates". Still not sure what angle I should take with this one. Any advice on how I should proceed with my CRA disputes would be greatly appreciated. Thanx!
1. Start with the ones you have received green cards back on, and the ones out of SOL, and Direct Merchants. At the very least it should show -0- balance - but dispute as not mine. Some say 4 or 5, others say they have had good luck disputing more. IMHO, the first round, they aren't on frivolous alert yet, do em all. Its purely a personal choice.
Re: Re: My credit situation...Help! The following came back as "verified" by the Collection Agency (and quickly) which included a copy of the bill from the original creditor: Collection Service Center Balance Owed: $74 Date Opened: 9/1999 Reported Since: 10/2001 Last Reported: 10/2001 History: Collection Account *I paid this account to the original creditor Anyone have any advice on how I should proceed now? I haven't disputed this one yet with the CRA's. Should I go threaten to sue (nutcase) at this point with the CA and dispute with the CRA's? I'm very disapointed in this as it was my first response from a validation attempt. I had hoped for better results. Any advice anyone could give me would be greatly appricated. Thanx!
