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Everything posted by Ahntara

  1. Charge off is both a status and an event. Once an account is C/O'd, the status may be subsequently reported. The 'date last reported' is the month/year a transfer of data occurred. It is meaningless to the length of Reporting Period and to SOL. SOL is state law which establishes a period of time during whch a valid lawsuit may be filed and details the ramifications should judgment be granted. RP is the length of time an account may appear on your CR. It's established by the federal FCRA. There's a sticky at the top of the page for your reference. RP is detailed in 1681c, Subsection 605. It begins with the 'commencement of the delinquency'. Experian typically doesn't list the 'commencement of the delinquency', which usually parallels the beginning of SOL. You should read your state's law just to be sure. "Date of Status' can be ignored. You can contact Experian and request the date they have been provided as the beginning of RP. They HAVE it. We know this from readihg the FCRA 1681s-2, Subsection 623. BUT... "...last reported 2006..." Any correspondence on this TL will trigger a standard CRA dispute. The result will either be suppression or an update. The update will, most likely, cause a drop in your score. Just FYI.
  2. Research '623' letters. That refers to the FCRA 1681s-2, Subsection 623. You may wish to read that section of the law. It calls for 'supporting documentation' and for your dispute to go to the Data Furnisher, not the CRA. You can send both previous and current copies of (that part of) your CR showing the change in reporting and ask why.
  3. The collection = reported TL on your CR The case = a Public Record (judgment) also reported on your CR in a different section The court case was dismissed, not the collection. So the dismissal (probably) won't get the TL removed. If you had a judgment showing, the dismissal would allow you to fight to get the PR suppressed. But the original TL should remain. Lots of ifs, ands and buts there. You have a chance of suppression with every dispute, if the Data Furnisher fails to respond in time. But, realistically, don't expect it. "...past SOL..." If it's past SOL, then Portfolio shouldn't sue. Do you have proof of the DOFD/DOFHarm? "...showing against my debt to credit ratio...What can I do about that..." You know the answer to this one. Only way to fix that is to get it suppressed or pay it. FYI: Disputing and PIF will both cause the TL get to updated, typically causing a drop in score.
  4. "...hoping to buy a condo..." That's different. You do, indeed, have reason to be concerned. In fact, this is the EXACT time to worry about your score. It's hard to figure out without actuallly seeing your report, but from your follow-up post I still see little to worry about here. If you can wait 'til your most recent SL ages past 6 mos., you should see a little bump. The ever-increasing SL tradelines is typical. Most student/consumers aren't aware because their SL company tends to lump the loans together when speaking of payments or balance. But what you describe is commonplace for how SL's report. Lenders will be totally fine with it, as long as your DTI remains favorable. The inquiries and other derogatory data also seems fine. You will be asked to write a letter of explanation for any derog data. Just let them know that you missed a payment, by accident, and that it's never happened again. They'll see that confirmed by your CR. Your inquiries are fine. The same compiling of inquiries within a specific time period will happen when you apply for a mortgage loan, so keep that in mind. You can take a Consumer-oriented CR to a mortgage broker or banker and begin the qualifying process. (Yes, they will WANT their own CR with their own format, so be ready and be ASSERTIVE.) You can assure them that you are simply protecting your score and will allow a pull once things are (almost) finalized. Consumers control most of the factors that make up a great score. In specific, this refers to a lack of derogatory data (like you learned with that one missed payment) and Utilization, which is totally within your control. Mortgage lenders like to see a balance on active CC's. For maximum points, it's recommended that you keep between 1% - 9% balance of the highest credit (limit) reported. Keep a rolling balance of that minimum until your loan closes. One more note from my own experience, since we don't know how comfortable or familar you are with the process...be sure to hire your own Real Estate Attorney to protect you through closing. I think one of the reasons for the current meltdown is too many consumers just signing their names to a big pile of papers without understanding what they mean. Good luck on your new place!
  5. Good. At least you don't have to scrap the money together now. Legal items require their legal disposition. For a judgment, that's either a Satisfaction of Judgment or an Order to Vacate Judgment. The latter is preferable and allows you to fight for removal from your CR. Since it's paid, you may wish to investigate (your state's laws, your county's procedures, etc) to see if a Vacate is possible. The plaintiff may just sign off. If a Vacate isn't possible or not easily accomplished, you must get a Satisfaction. Typically, you would pay an additional fee to get the disposition recorded at your county Recorders office/department/section. But one tactic involves NOT having the document recorded, since this tends to glue it permanently to your CR. You then continue to dispute and hope that your success at EQ is repeated. Keep the Satisfaction or Order to Vacate with your important papers for the life of the judgment, just in case you need to prove it's been resolved.
  6. Looking over your post, there is little to be concerned about. And, if you aren't planning a major purchase soon, you don't really need a great credit score. Scores relate to your perceived Risk as a potential borrower, insuree, employee, etc. Equating a drop in score to punishment gets in the way of understanding. Credit scoring software is heavily weighted to recent history. FICO & lenders both know that things change and look to what you done Lately to assess what you may do in the future. So a late payment within the past 12 months can have a huge impact on the 'magic number'. A late payment from 2 years ago isn't having much of an impact at this point. And the impact will continue to lessen as the slip-up ages even more. FICO-based scores also typically dip when you have new accounts. They offer no data on how you (will) pay them; the unknown equals Risk. This impact also lessens as the tradelines age, even on deferred Student Loans. The inquiries are nothing to worry about. FICO-based programs factor all inquiries within a specific time period as ONE. They can tell you were car shopping. And that ONE cummulative inquiry only factors as (up to) 10% of the total score. It's likely that you experienced a drop from the closing of your oldest card. I wouldn't worry about that either. Try to get it re-opened, if you can. If you can't, focus on other things.
  7. "...Why would one CRA remove...and another leave it on..." The CRA's are separate businesses. They don't compare notes or Consumer Files. When you dispute something, each repository 'verifies' the disputed data through their own channels. If their records match up, the item stays, if it doesn't, the item gets suppressed. Despite your initial experience, it's notoriously difficult to get legitimate Public Records removed from your CR. Be aware that the judgment still exists, even if it's not listed on one, or all 3, CR's. You didn't mention if the judgment had been paid, was resolved or is still outstanding. Judgments impact title (deed) to real property. Depending on laws of your state (where you hope to purchase a home) this item may impact title during the recording of your mortgage & note. This is exactly the situation mortgage lenders hope to prevent by searching your CR for Public Records and by using a Title Company, or Real Estate Attorney, to search PR's for the subject property. Getting your judgment suppressed off of your CR won't prevent the damage once you actually purchase a house. You may wish to do some more research and get this resolved instead of just hidden from view.
  8. Owning a car doesn't subject someone to repossession. Assuming that 'Husband and wife own' means that both names are on the loan docs as liable parties, a repossession will be reflected on both CR's. "...save the wife..." She can pay off the loan, sell the car (to pay off the loan) or make payments herself to keep the loan in good standing. If they separate legally, she can ask the judge to grant PIF on the car loan, and any other joint accounts, to preserve her credit or request the car. He may not comply, but at least she will be able to sue him under Family court rules in that contingency. (Up until recently) Divorce and major medical incidents are the two primary reasons for bankruptcy. This is a good example why that's true. Tell the wife to keep her chin up.
  9. Sounds like you're surrounded by ignorant people. First, the 'lender': Are you sure you aren't referring to a processor? It's even harder to believe that a lender would be so stupid. "...paid off several CC's to $0..." That means nothing is owed. "...she said it still hurts your DTI..." ZERO can't impact your DTI because you don't owe anything. You owe ZERO. This isn't rocket science. DTI = Debt to Income Ratio. Payments on a ZERO BALANCE are ZERO. Call her again and ask her how this could be counted in your DTI. Ask to speak to a supervisor, manager, account rep, broker or whoever would be her superior. Ask for their explanation. As far as the reporting, 'payment' is just a datafield. It doesn't matter what's reported in that field if the BALANCE is ZERO because a zero balance means you don't owe ANYTHING. As far as EX: They are stubborn and difficult to deal with. But what they say, and do, shouldn't matter as long as a zero balance is reporting on the TL's.
  10. "...need a job to pay bills and bills are keeping from the job..." What swirlgirl said... When you apply, read the authorization paragraph carefully and refuse to allow your credit report to be pulled. Tell potential employers up-front that you have bad credit and that if THAT is going to prevent you from being hired that they should save themselves the expense and save you the inquiry. Take control of the process and don't let credit issues stop you from getting ahead. "...using one credit reporting agency against the other..." Beware of listening to 'someone'. They may not know what they're talking about. The CRA's are business competitors. You can't leverage one CRA's info against the other two.
  11. Kudos and brownie points for writng your own letter. Most people want a form, which is not in their best interests. "...I expect you to Verify, not validate..." You want them to validate, not verify. Verification is simiply confirmation of your personal data: Name, address & SSN. "...Complete payment history..." It would be rare for them to have this. "...Copy of original signed loan agreement or credit card agreement..." This isn't required to open a loan or CC account and, therefore, isn't required to establish your liability. "...I expect you..." You may not wish to tip your hand. If they do not report the tradeline as in dispute, it's a violation of the FCRA. You can request the sun, moon and stars. That doesn't mean you'll get what you want. That's why it's important to know what the law requires of them. Before you start editing, you may wish to read over the 'validation' portion of the FDCPA to find out exactly what it is you are asking for with your letter. There is a sticky at the top of the page. Look in 1692g Subsection 809.
  12. I agree with Flyingfir. The KISS philosophy is best. But I would add the word 'dispute' in there somewhere.
  13. Ahntara

    late pymnt

    When in doubt, go straight to the source. From the FCRA 1681c, Subsection 605 "...Requirements relating to information contained in consumer reports [15 U.S.C. ยง 1681c] (a) Information excluded from consumer reports...no consumer reporting agency may make any consumer report containing any of the following items of information...(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years..." Late payments qualify as 'any other adverse item of info'. They must be suppressed after 7 years.
  14. Nope and nope. Installment loans ARE closed when PIF. Paid revolving accounts add to the Age of credit accounts when left open. Closing them may cause a drop in your score, or may not, depending on other factors. You should leave things as they are.
  15. Yes For additional information, you may wish to read the FCRA 1681b, Subsection 604(a)(3)(F). That's the PP part. Collection is considered a 'legitimate business need'.
  16. "...How TransUnion could verify something..." You can search the term "E-Oscar" for detailed information on the process. It's electronic and automated, one computer system taking to another. If the DF's computer has the info, they reply 'yep, verified' back to TU and TU parrots that to you. "...never provide any evidence of verification..." They never will. They only provide their results, which you quoted. If you want anything else, you must get it directly from the DF. Keep in mind that no CRA will ever intervene into the nature of your dispute. The DF is their client/subscriber and they work hard to keep them happy, not the consumer. You dispute to the CRA's and get 'verification'. You request 'validation' from the DF (Midland) and get the run-around, cuz they don't want to do anything but get money from you. You may wish to research those terms to get a more thorough understanding and also search '623 letter' (as in the FCRA 1681s-2, Subsection 623) for more tactics.
  17. "...why is it so important to fight...wait until you have the funds saved..." Judgments aren't like CO'd credit cards or other unsecured debts. They are legal actions that may impede a consumer's ability to do other things, such as purchase a vehicle, or obtain/refinance a mortgage loan. They also accrue interest, per the issuing state's laws.
  18. He's right about the ghosts and about the after-effects. Noone will probably ever be caught or prosecuted. But file a report for your own protectiont. I've heard of consumers being asked for reports that date from the time of the alleged crime, not when it's discovered; although this is not mentioned in the actual law. For the best info on this, read the FCRA 1681c-2, Subsection 605B. All the documentation listed must be submitted or your claim can be ignored. FYI: Placing a Fraud Alert and getting some things suppressed can be easy, OR can be more difficult, especially without a valid report. But once you submit the Report, the CRA's have no choice but to permanently block the alleged entries. Notice that you can dispute entire accounts or specific transactions. You may also wish to refer to the FCRA 1681a, Subsection 603(q). That's the 'definitions' part of the law. It gives the official take on a valid ID theft report, provides the reason it's required and gives alternatives to lazy, local police.
  19. You can obtain CR's directly from the CRA's. If you choose to purchase via their websites, tread carefully past their marketing bluster. They want to sell you as many items & add-ons as possible. But it's possible to get just a copy of your Consumer File for $8 - $15.
  20. You may wish to rethink your dispute reasons. "Not mine' typically results in verification. That can make the process more difficult as you go along. From your OP, it sounds like you have multiple issues in the TL(s). Pick one per each dispute. You're not aiming for a correction, but for a failure to respond (which results in suppression.
  21. Ahntara


    Yes, I get it now. Thanks for the clarification. You are correct that the entire history should show, if any. But you may wish to pick your battles. The hardship/relief program is moot because the entire debt was discharged by subsequent action (your BK). So, you have to ask yourself if it's worth the fight to add even MORE derogatory data to this TL. Up to you... "...11b,but...also...delinquency..." That's ok AS LONG AS the delinquency is past history or status and not current status. Makes sense that you were delinquent and then filed BK. The typical CRA action is to ADD the BK notation to the TL, not change the existing info. Also, by 'delinquency', do you mean late pays, the CO notation or balance? It also depends on how, exactly, the TL reads. From your posts so far, it sounds accurate.
  22. Since Data Furnishers pay to report, disputing a paid CA for any reason sometimes results in suppression. That being said, it's always better to find small inaccuracies in the TL and use these as your dispute reason rather than use something that says, "not mine". For instance: The 'balance' reads $400, but you paid $401 to settle this. Dispute using 'wrong balance' as the reason. If that's verified, use 'wrong high balance (or credit limit)'. You're hoping the CA will fail to respond in time with suppression being the result. Remember, nothing ever actually gets deleted. Good luck!
  23. Yes. How else would they know who's requesting your personal credit information? This is a MINIMAL security precaution. Many consumers put this info directly onto their stationary, so that the CRA's can't use it's exclusion as a stall tactic. Be aware that anytime you send the CRA's additional info, even at their request, the law gives them an additional 15-days to respond to your dispute.