I am new here and just looking for some guidance. It seems so exasperating a process to start, but I would like to buy a boat or get a better rate on a car someday so i have got to do this. My scores are about 600 (+/- 25). i have only 1-3 accounts that are not paid and have a balance owed. about 5-7 accounts that have late pays 30-120 days. and a lot of old stuff some of which are older that the 7 years i understand theyare supposed to report? I am confused as to whether I should validate with the Credit Reporting Agencies first or contact the creditors? Should I go after the really bad stuff first and work back from there? should i even mention the old stuff (>7 years) ifit is positive?
Welcome FL_cop. I'll work backwards here on your questions: Positive information on your report(s) remain for 10 years, negative items remains for 7. From what you've posted, it seems the worst stuff you have on your reports are just late pays (no charge-offs or collection accounts, correct?) If this is true (just late pays) you could start by disputing the lates with the CRA's. I suggest you only dispute 3 or 4 items at a time. Disputing more (like 5-7 or more could raise a flag with the CRA as labeling you as someone who is just out to get all the derogs removed from his reports). Validating is for collection agencies. Disputes are for credit reporting agencies.
there are some charge off's (all paid now) no current outstanding derrogatory debt now,just the late pays and charge off's. if I only go after 3-4 at a time, who should I target first?
I'd suggest disputing the oldest derogs first, they're more likely to either not verify (the creditor that is), or the CRA may just remove them if you're lucky. If all the charge-offs and collection accounts are paid you have nothing to lose as far as sending validation ltrs to the CA's, or disputing the charge-offs with the CRAs. Validation ltrs can be found in the sample ltr section of the board, or if you do a search you may find some unique validaiton ltrs others have created.
on more question; I understand that you validate with a CA - collection agency. what if the debt is not from a collection agency, ie. capital one. one of the accounts is chase auto over a lease return. it isa charge off, "customer paid less than owed" or something like that. would it be worth the effort to call or write them and try to get them to remove the derog info, as they are the new mort. holders on my new home (or another CHase division is)?
Okay, I'll assume here you're referring to a charge-off with Capital One. If it's a *paid* charge-off, and reporting as R-9 (equifax talk for charge-off) on your reports, you could contact Mr. Cooke (capital one's consumer advocate) via PFB, he will probably work with you and change your rating to an R-5. It's still negative, however it's better than charge-off status R-9. If anything is an unpaid charge-off, and it's within the SOL of your state, there's always a risk of "rocking the boat" and waking the sleeping dogs. As far as repo's go I'm not familar with what paths to take for them. I can offer you this though: If you settled the account for less than what was truly owed, calling them won't work ( as far as asking them to remove "settled for less" ) You may just have to dispute this with the CRA's.
