Hello all, I'm new to the board, which I think is great and full of a lot of helpful information and people. I'm really unhappy about my current credit state, and I'd appreciate any help I may receive from this board. OK I currently have Experian's CreditExpert service, and I get my Equifax report once a month through Everyday Wealth. The Equifax reports doesn't include a score, but CreditExpert, as you know, does. Mine is currently 546. My report includes the following: BankFirst: Paid/Current, was part due 120 days. Account was closed by BankFirst. It has been paid off since like June 01. Discover: Closed/Current, was past due 90 days. I still have I balance, and I'm over my limit. It's hard to get under since they hit me with overage fees and finance fees. Fingerhut Corp: Collection. $199 past due as of 5-01. This account has been bounced from one collection agency. This account will be paid soon.. since I took a 50% settle offer this month. First USA Bank: Paid/Account charged off. I paid this account March 2001. My report has "Charge Off as of 8-2001 to 10-2001". That's confusing to me. GRDN/CBUSA: Petition for Chapter 7 Bankruptcy/Account charged off. ??? This also doesn't make since to me. In February 2002, I made a settlement payment, and then the balanced stayed until 9/02 then "Filed Chapter 7 Bankruptcy 09/04/2002" showed up on the Account History. I didn't get letter about this account after I paid it or anything. I called the company I paid settlement to last week and they said I need to dispute it with the CRA, and they're sending me a letter of settlement. Thing is in May 2002, I dispute online with CreditExpert and they posted "verified on 5-2002" on my account. So I can't dispute it online again. 2 MBGA/JC Penney 1: Open/Current, was a charge off. It will be paid off at the end of November. 2:Account charged off/Past due 150 days. Both these account was in collection with NCO. I've been paying on the first one and haven't been paying the other. NCO Financial: Collection account. This was a medical bill. I paid it this month.. They said they don't send settlement letters, and it should update within a month. And last but not least. Providian Financial: Account charged off/Past due 150 days. It's been bounced to different collection agencies.. I've current not paying on it. Well this all my Negative Items... I do have two Capitol One cards that are current. I also have a Walmart card that isn't showing up on both Experian nor Equifax reports. It's also current. I've had 2 inquires in the last 6 months; 5 in last year. The only other thing to mention is for my personal info, Experian has a lot of different spellings of my name, a SSN variation, and my mom's first name under "Spouse's First Name" (I've never been married) So there's all the dirt.. It's a lot huh... Any suggestions and direction is more than welcomed 'cause as you can see things are a mess.. I was told that Amex cards are the hardest to get, and if that's true then my goal is to get one. Then I can be confident that my credit is in good shape. Thanks in advanced Theossie
Before you settle anything, you should make them validate the debt. Search here for validation letters and sent them to all the collection agencies that are trying to collect. That's the first step. And don't talk to any of them on the phone. Along with your validation, ask them to cease and desist any telephonic communications and communicate only in writing.
I have two checks depositing this week for settlement of two collection accounts. Is it too late to sent out validation letters on those? Or were you referring to the rest the accounts I have. Thanks for the reply, Theossie
I took a 50% settle on the Fingerhut that will deposit tomorrow.. But the NCO collection with JCPenney will be paid with a check tomorrow and one at the end of the month.. What I'm askin is.. You both are telling me I me to try and stop payment of everything? Or is it done with those two since I've already made the agreements with them..
Theossie, basically, money is your best leverage. If they have your money, you have lost leverage. You can't make a deal saying "I'll pay x amount for you to remove this from my credit report" if they already have your money.....
If it were me I would, but understand I'm not a lawyer, and I'm just in the initial faze of disputing my debts... If they call and ask why you stopped payment, I'd tell them that you want all further correspondence to be in writing and hang up the phone. They will probably try to bully you a little, they're mean for a living.
ok here's more info.. One of the settlements came from "Law Offices of Mitchell N. Kay".. I've gotta 3 letters from them since August.. first saying I had 30 days to dispute.. and the other two offering me settlement (first 55%, then 50%) This is for AXSYS National Bank / Fingerhut.. It show on my report has Fingerhut.. The balance due is 1020.28.. and the settlement that I took was 510.14 (50%).. I never did get it validated.. and it's is starting to bother me that the only time I did communicate with anyone on this account it was just to pay them.. but I'm new to this.. So I'll just stop the payment.. (I'm breaking myself anyway by giving them my whole check) But I just hope I did mess up my future actions by taking the settlement in the first place. ......... The other account is with NCO Financial Systems.. I've been paying them since June.. $80 a month.. then I called them at the beginning of the month to see if I could get a settement. The balance due is $560 and they let me pay $212.50 for the next two month as settlement. Again I didn't know anything.. I just very badly want to make I check better, and I'm tired of all the collection letters and what have you.. So I'll stop this payment also. But I'm just wondering if the fact that I've been paying them for the past 3-4 months will mess me up. Thanks alot guys.. Theossie
Yes, before you pay you definately need to negotiate a "pay for deletion from the CR" settlement. Otherwise, you're just tacking another 7 years on your CR for that tradeline.
All good info. I think I would go the whole validation rout, first send validation letters to the ca's, crrr, then I'd dispute with the CRA's. There's lots of info on the board all over the place about how to do this, be patient and read a lot before you do anything. Then, if they don't commit any violations negotiate a settlement for deletion, but you want to go through all your other options before giving them any money, imo. Make them work, remember, they want money that you have.
ok.. I just called to cancel those payments.. and heard all the "you can't get the money from this person" and "your settlement will be void" and blah blah blah.. lord... That was so aggravating.. that was NCO.. then I called the other company and they were ok but i'll get a $20 fee... bottom line is they still may put them through even though I told them I don't have it... We'll see
Don't stop payment with them, and DON'T CALL. Call your bank and stop payment there. It will probably cost you a fee. Immediately write the CAs letters, sent Certified Return Receipt Requested. Tell them you want no telephonic communication and will communicate only in writing. Tell them that you were paying this to clear your record, but you never did know what it was for, and now you have decided that you really need to know what this is all about, and that you want validation of the debt from them. Tell them that you have stopped all payments until you have received satisfactory validation. Modify the validation letters a bit to suit your circumstances. If you get anything from another CA, immediately send them a validation request with a request to communicate only in writing. If someone calls you, tell them you will communicate only in writing, and get their name and telephone number, as well as who they work for. Keep logs of all calls, you may need them later.
I've stopped payment with my bank.. the one for NCO will be stopped.. the other one still has a chance of going through.. if they still post.. since it's for tomorrow.. Ok now I need to get my letters ready....
Re: Re: My Repair Starts... You're learning fast. You just found out why you never talk to a CA on the phone.
