Hello everyone, just found this board and I know I will get input and feedback from the experts on my situation! I am at the end of my credit nightmare, with most of my baddies having dropped after 7 years. I currently have a collection account that shows DOLA as July 98, so I want to get this one deleted pronto. Not sure what its from to be honest. It's for a rather measly $175. Before finding this board, I did dispute with CRA, but they sent it back as mine. After reading this board, I sent a validation letter to CA, and am waiting to hear back. I'm certain it won't be properly validated and I should get it deleted. Would you dispute again with CRA after I get green card back, or just wait the 30 days to see if CA responds and then insist on deletion with the CRA if CA doesn't respond? Like I said, most derogs fell off this year, however I still have 3 others that are due to fall in Oct and Nov. Would you just wait out the time at this point, or try to speed things up with validation. One shows an amount of $9300, the other 2 don't have an amount listed. I don't want to screw things up at this point. I want my ducks in a row when I go for a mortgage at the end of the year or early next. Thanks for all your input, I really appreciate it.
Good for you!!! =) CONGRATULATIONS! I was so excited when I saw all that stuff GONE for the first time! I would go ahead and call now and dispute as 'not mine' or just ask them to remove them because they have matured. You have nothing to lose. Usually the CRA's begin cleaning up your reports 6 months early if you ask nicely. But I am sure the rest of the gang will come along and beat me to a pulp. They don't believe that just waiting 7 years works! =)
congrats, allot of people would love to be in your shoes. I know for me, I have atleast 2 more years before I'm at that point (unless I can remove them myself) Anyway, it's true, you can get most items off your report 6 months before they are due to purge simply by disputing them. Sal
You should be congratulating yourself. You'll be there soon! =) You only have 1 year and 6 months to go! I must admit, initially I didn't believe all those derogs would simply fall off my report. But what a wonderful feeling it was to see all that stuff gone from my report the first time. I couldn't believe it. Only a few small items remained & one phone call erased those. I kept looking up at my name to make sure that was really MY report. =) A little patience will carry you a long way!
Re: Re: What would you do at this stage? Of course waiting 7 years works. Big deal. What if someone just went through a bk in January of 2003. Would you advise they just tough it out until 2010? What would you advise he do with the one that shows a dola of 7/98, which means if he does nothing, it will remain until 7/05?
Re: Re: Re: What would you do at this stage? Nowhere in any of my posts do I mention a BK. I did not go that route nor do I advise BK unless you have no other recourse. I don't advise anyone to do what I did. It takes a lot of patience to wait 2,3,4,5 years for items to fall off your report. That was what I chose to do and it worked for me. As for the OP's dola of 7/98, the decision is up to him what he does. I'm not a credit expert. I'm just sharing what worked for me. *smooches* =)
That's what I would do. Alot of it depends on the SOL for collections in your state. What are your scores now? Have you tried simple disputes?
I'm in Florida, and these are past the SOL. The $9300 was a unsecured loan taken when I lived in Virginia. What's interesting about that one is that it is listed by the actual bank (Crestar) on my TU report, but by a different bank (Sun Trust) on my EQ report. I'm guessing the bank may have been bought out, etc. My EQ report also shows a positive installment loan that I had with Crestar/SunTrust, so I'm leaning with not disputing, and just waiting, since I've read stories of people having postive accounts removed by mistake. Maybe just call TU and dispute? The other two I believe are CC chargeoffs. They show up as Postal Executive Financial and BankAmerica. Neither have any type of balance info, I would be more inclined to validate those. Would you start with the requesting validation from the companies themselves, or dispute with the CRA? Actually, BankAmerica doesn't have any contact info on the CRA report, so I'm guessing that I could dispute that directly with the CRA. If they can't show an address, how can they verify, right. Waiting at this point is not the end of the world, heck, I've waited this long!!! I just don't want to stir a sleeping giant for just a few more months headstart of cleaning up my report. The collection account is what I truly want to get rid of. I'm expecting the green card back by tomorrow or Monday. I'll start the 30 day timer, then dispute again with the CRA, if I've read the info correctly. Thanks for all the great feedback!
Re: Re: Re: Re: What would you do at this stage? I didn't say you filed bk. I was just asking a hypothetical question of what you would suggest a person in that situation do.
Re: Re: What would you do at this stage? You're in the best possible position you can be in. I would just call and ask the CRA's to remove the derogs because you have passed the 6th month mark. AT this point why call the CA's and wake them?
Re: Re: Re: Re: Re: What would you do at this stage? I have never been in that situation so I can't comment on that. I am not suggesting anyone do anything wrong or unethical. I am just providing proof that the 7 year law works to your advantage.
Re: Re: Re: Re: Re: What would you do at this stage? They don't believe that just waiting 7 years works! =) SoParkDiva ======================== Sure it works but what if there are better faster ways? If it was 10 12 15 or 20 years would you still be willing to wait? Me thinks you have overlooked several flaws in this. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Re: Re: Re: What would you do at this stage? SoParkDiva, You should include in your signature that you have no experience with credit repairing. All should be safe then. I would think though you might be able to help those who need information on building credit after they repaired their credit or how to re-establish credit. P.S. Why are you here? I wonder at FICO 781 what could be your credit goals. Are you trying to build more or learning credit repairing in case it happens again? or?? Obviously mine is to repair my credit and raise my scores how about you?
Re: Re: What would you do at this stage? SEVEN years. SEVEN years. SEVEN years. SEVEN years. SEVEN years. SEVEN years. SEVEN years. Is it possible you could have worse results doing anything else than nothing and just wait SEVEN years? At near six years depending on SOL in your state if you owe money. You could be sued and have a judgment. Then you could have a little patience again and wait SEVEN more years from the file date. Then the judgment could be renewed and with a little more patience depending on the state you live in at the most it would be up to TEN more years. Why would anyone just wait SEVEN years? Debt paid or not? An account being on a credit report for SEVEN years is a worse case situation not a great situation. SoParkDiva this is not meant towards you really. If one person understands this point then they would be YEARS ahead.
Re: Re: Re: What would you do at this stage? *Sigh* :\ That didn't happen in my case. I have no judgments on my file so I assume I didn't get any or they fell off. I am not worried about that. You seem to be though. Why bring up worst case scenarios when it is not necessary? Why can't you accept that the 7 year law is there to protect us and give us a second chance?
Re: Re: Re: Re: Re: Re: What would you do at this stage? What flaws? It worked for me & I'm sure it worked for others who obviously don't need this board because their credit is excellent now. You don't have to wait 10, 15, 20 years - the law says 7 years and then delete! Bombarding the CRA's with endless form letters will only get you so far. At some point the baugh has to break.
Re: Re: Re: Re: Re: Re: What would you do at this stage? When I came to this board I was in the process of rebuilding and I wanted to interact with like-minded persons. At the time my scores were in the low 600's. Now that my score is high should I leave the board? Is the board only for people who want to rebuild their credit & then membership is revoked when they achieve their goals? That 781 is recent. It is the result of a disputed 3 times 30 days late on my report. I believe that was on my report for about 3 months before Christmas so I didn't catch it. When I caught it I called the CRA's and disputed. Then my bank told me not to worry, they would take care of it. It came back verified by Equifax which leads me to believe they don't really verify the first time. They simply don't have the manpower to do it. They must have a system that determines bona fide verifications randomly. The rest they bluff and hope you go away. Anyway, I digress. By the time they got around to correcting my report - my FICO shot up to what is now. I expected to see 730 - 740 so imagine my shock when I saw 780! =) It might come down but hey, I got 2 prime cards as a result of it =)
You see, this is exactly the bad information everyone is talking about. You pass this information out like you have read the FCRA or actually know what you are talking about. You had no judgments - well congrats you are one of the lucky ones that ignored debt and it DID disappear. Others are not/have not/and will not be so lucky. Creditors will seek judgments. Guess what? The clock starts ticking on those from the day they are obtained. This has been explained to you before. Some people, if they take your "advice" COULD end up with judgments, and their bad credit won't be over in 7 years. Some state's SOL are longer than 7 years. Sure they won't show up on your credit reports, but they have not been freed of the obligation to pay. Let them run out and get new cards as you suggest after 7 years, and watch the CA's come out of the woodwork. They could also take your "advice" to change addresses, and pay everything in cash. They might wake up one morning to find out their checking account is wiped clean by a garnishment order -- From a judgment they knew nothing about. They could also take your "advice" and quit paying everything to find they have been garnished without benefit of a judgment for FED student loans. The list is endless and too pass out "Oh hon, just wait 7 years and all your troubles are over" because that's what "the law" says advice is just plain irresponsible.
The CA's can come out of the wood work until the cows come home but if the SOL is up then there's nothing they can do, right? If that account is deleted from the report they can't put it back on! The objective of this board is to clear up our credit reports and increase our FICO score am I correct? I am saying - to those whose circumstances were similar to mine - don't pay the sharks. Let them swim away to other waters. Allow the 7 year law to work for you. If the 7 year law does not work, then why is it in place? Stop knocking it & stop scaring people who are in the same situation I was in and can't pay their enormous debts. That's who the law is for - to give people like them a 2nd chance!
Do you not understand that there are two SOL's? One for reporting (7-10 years, forever for unpaid tax liens) and one for collections which vary from state to state and can be longer than 7 years? Did you know that under 3 specific circumstances the 7 year reporting period is not applicable? Do you not understand that judgments are new debts and the SOL for credit reporting starts from the date obtained? You keep saying if you have any judgments they aren't on your report. Good for you, I truly hope you don't have any. But that doesn't mean that you, or someone else, doesn't have a judgment somewhere, older than 7 years, just waiting to sneak up on them and bite them in the butt when they least expect it. Do you not understand that just because something is not being reported, it doesn't mean it is uncollectible? Did you know that under certain limited circumstances the SOL for collection of a debt can be extended? The clock temporarily stops counting down? I'm not trying to scare anyone. I am sharing facts as I have learned them here, to help people (not unlike myself) returning a favor that was given to me by people that have been here before me. Yes, the 7 year clock does work, as far as your credit report is concerned. BUT THAT DOES NOT ALWAYS MEAN THE DEBT IS GONE!!!!!!!!!! I will say it again, it is absolutely 100% irresponsible to pass out advice - wait seven years and all is good in the world again, without knowing where they live, without learning their specific circumstances, and not sharing information so individuals can make an informed decision for their particular circumstances. Yes, a large focus of this board is to clean up cr's and to raise FICOs. It is here for those people who don't want to wait 7+ yrs. It is also here for those people who, out of personal choice, want to clear up past mistakes and want to know the best way to proceed and limiting the damage to the crs. It is here for those people whom are buried in debt, and truly want advice on how to climb out of debt. It is here for people that want better credit cards because they think it is ridiculous to pay 21% interest with interest rates at an all time historical low. It is here for people that have been victims of the CRAs reporting errors, and want to know how to proceed. If people have found their way to this board, they are not here to get a response - aw shucks just wait 7 years. They have pretty much decided that is not what they want to do!
