Hello all. My name is Dave and I have had credit problems. That felt good. Anyway, through other websites I have ended up here. This sight is great. I have been reading for about 3 days and then decided to join. Here goes, my wife and I just checked our FICO scores through TU and EX. She had a 784 and I had a 623 for TU and 600 for EX. Most of my credit problems was from a previous marriage in 1994. Anyway, I had a repo in 1995. Charge off in 1995 and now Gulfstate has that charge off account and my report says that I am 90-120 days late. I didnt know they had the account until now when I got my report online a week ago. The company with the charge off was a loan with Associates financial which doesnt even exist anymore. Now, since this was 1995, should I wait until next year and just let the 7 year mark hit or should I ask to have this verified. What about Gulfstate? Will the repo come off in 7 years as well? Sorry this is so long but I need info. I am in the Air Force and stationed in Australia. We are going back to the states late next year and we want to buy a house. Thanks in advance.
Beware of Gulfstate, I understand they can be rather nasty. The only thing I can say is that, based on my understanding of how this all works, the Gulfstate account should be aged based on the original deliquency date, not the date they bought or started reporting the account. That is, it should fall off your report at the same time the original loan falls off. Someone please correct me if I'm wrong. Also, I don't think there's any harm in going ahead and trying to get this stuff verified and possibly getting it removed sooner. There are many sample letters here for validating debts with collection agencies in the 'Sample Letters' section. Also, make sure and watch like a hawk for the account being reaged. And, finally, 600 is a pretty good place to start, so best of luck to you on your quest. -- cnswift
Thanks for the vote of confidence cnswift. I hear the same about gulfstate. Does anyone have any info on them such as addy, telephone#, fax etc. I had two collections on my report. I faxed letters to verify and saved the "transmit ok". I am waiting the 30 days. If they do verify should I offer to settle in exchange for deletion. Also, I had an action card through bankfirst with 2 30 days and 1 60 day. I emailed them to ask if we could work something out to get them deleted. She emailed me back and said they have no record of me in their system. What should I do about these 30's and 60? Thanks.
The credit reporting agency can likely give you the address, phone number, etc if you call them and ask for it. It very well may also be in the archives here. I've never dealt with them myself, so I've never kept track of their info. As for whether to settle for deletion, you can try, but from what I understand it's a long shot with Gulf State. Your best bet is probably just to go through the validation->estoppel sequence. You might also just dispute with the CRA's and see if it falls off, you never know. I heard of one guy on a message board who just kept at them until they finally hung themselves with a FCRA/FDCPA violation, and then he sued for deletion and damages. Lots of ways to go at it. Just keep impeccable records. As for Bankfirst, you might ask if they'll send you a letter stating they have no record of you ever having an account with them, and that any associated trade lines should be deleted. Then use it to dispute with the CRA's as not mine. If they won't play ball, start sending them letters to verify the debts--you can use this and whatever they send or don't send back with the CRA's when you dispute it there. Heck, you might just go ahead and dispute it, it might just vanish. -- cnswift
Thanks again cnswift. It is amazing how excited I have become about rebuilding my credit. I honestly thought that I would just go through life being denied over and over but I finally see a light at the end of the tunnel. I appreciate all your help.
