• Content Count

  • Joined

  • Last visited

Community Reputation

10 Good

About pilgrimfaraway

  • Rank
    Impressive 100+ postings

Profile Fields

  • Location
  1. What is it that you get cleaned up off your reports and then have it return? About the 100 points in 30 days - no....that's mostly hot air and likely not even legal to advertise.
  2. Precisely - follow the identity theft process and these will be gone in 10 days max. That's 5 days to get a copy of the police report and 5 days to get the info blocked.
  3. Don't assume that the CA has recourse against you just because he says that he does! I'd ask a lawyer on that one. If someone comes after me on some debt from one of my old corporations, I would think at least twice before paying the bill personally. Remeber - CA's lie....Always.
  4. Yea, it's pretty unlikely that it will hurt your score and you'll probably see a positive bump from the improved utilization. Getting removed as AU is usually quite easy. Most banks simply do it upon request. Some banks have weird policies, like if the account is in bad standing you cannot be removed until it's in good standing - but that's very uncommon. I dropped off two cards with a simple call to customer service.
  5. Is the BOA loan revolving credit or an installment loan? You mention installment loan. If that's the case, they you are probably going to see a nice increase in your scores. If it's an installment loan, then you would very likely do best by paying off the cards as much as possible. You might be able to get your revolving credit utilization rate down below 10%. That almost always helps. Recent lates (11 months is still recent) decrease the bump you get from utilization improvements, but the bump will still happen. Congrats on the improvements!
  6. Ah.... C&D is very different from a DV. You C&D a collector, they can absolutely report the debt. They can also proceed to sue you. If you demand verification of the debt, then they may or may not be able to do these things (depends upon the particular situation, timeliness of the DV, etc). But Cease and Desist basically means - bug off, idiot! I don't want to communicate with you! Telling the CA to bug off won't protect any of your rights, other than the right to be left alone until the sheriff shows up.
  7. Why can't they report after you send a C&D? C&D affects how they communicate with you, not how they report their accounts with the CRA's. Also, you should C&D when you're sure you will win in court, because after you C&D them, they have 3 choices - 1. Sit on the debt and maybe revive it later 2. Toss it back to the OC 3. Sue #1 isn't likely. Between #2 and #3, just depends upon the particular situation. Just be sure you're ready to get served a summons before you C&D.
  8. Chase usually does report. It's strange that you didn't see the tradeline added. You might call and find out if a second file was created. This very frequently happens with AU accounts. If you don't share an address with the account holder, then when the account reports, the CRA can put it into a separate file and you need to ask that the files are merged. AMEX definitely reports. I've seen BofA, MBNA, Citi and Discover all report.
  9. If they actually report that you made a payment when you didn't, then that would certainly be a violation. If they simply reported that you are late in paying on an account that they hold, then that is not a violation. I didn't know that there is such a thing as "Date of Last Payment" on credit reports. I know of Date of Last Activity. DOLA can be updated monthly if the CA chooses to report on a monthly basis. And updating the DOLA will result in the account becoming more recent. It is not illegal - it's the nature of things. You disputed, they verfied. In their verification, they said, "Yes, this info is accurate and the consumer has not paid for over 120 days." This, by itself, isn't a violation. Now, if they failed to conduct an investigation, that's a violation. If they didn't mark the TL in dispute, that would be also. If you DV'd within the 30 day period after first contact, and they didn't verify, but continue collection activity, then that is a violation also. In your case, this was way outside of 30 days, so I don't think that applies. I would definitely try to get them to remove it if they cannot provide any proof of the debt. And I would try to get the CRA to remove on the basis that they cannot prove the debt. I just do not see grounds for a lawsuit here.
  10. Anytime I see people getting overly sentimental about credit scores and the sanctity or purity of the credit reporting system, I just have to chime in. Credit scoring works very, very well when taken as a whole. It is not intended for the individual consumer and cannot in any way even begin to represent the creditworthiness of the individual consumer. My parents are probably the lowest credit risk people I know. They PIF everything within a week of invoice. They carefully check every detail of every bill. They own their house and cars outright and pull down well into 6 figures tax-free. They have not missed a single payment for over 30 years. the funny thing - they also cannot open a department store card. Why would this be? Well, they use credit in their business's name instead of personal credit. Their credit files are next to empty. When you take the population as a whole, empty credit files represent serious risk - if you are buying a portfolio of paper with thin files, you had better have priced that in. But on the individual level, it is absolutely meaningless. There are so many examples! 1. I don't have medical collections on my credit report. Others do. Why? Because I raked the collector over the coals until they removed it. I was not going to let a $20 debt missed on a oversight put me in a category of shmucks. 2. I was recently late on a credit card. My FICO dropped 80 points. It's now back where it started. Why? Because I am a sweet talker and obsessive and I GW'd it. Others cannot write nice, flowerly letters and work the phone to the VP's desk. Does that make them more or less of a credit risk? Not at all. 3. DW just came to the US. Her credit file is 11 months long. No AU accounts, only joint accounts which I manage. Her credit score is higher than mine. She has never paid a single bill in her life and doesn't know how, and yet her middle FICO is over 740! The system is way too flawed to be fair to the consumer. It's designed for big business and some consumers luck out, others lose out. If a consumer has problems with managing his money, then he should learn to manage money. If he is foolish and undisciplined, then it's probably good that he has problems with his credit report that limit his access to credit. Other than that, I consider it moronic to overly glorify this rediculous system and subject yourself to it. If you have rights which will allow you to get your meaningless FICO score higher, then do it by all means! Then, the question becomes - what if everyone starts doing this and the credit system that feeds our economy breaks down? Well, i suggest you start by addressing all the inequities in the system that operate at the expense of the consumer, before asking the consumer to be subject to the system.
  11. Sexy Credit Book is amusing, and occassionaly useful, but not based upon the real world. I read a bunch of books on this topic before finding the boards. Only one book has not been frequently contradicted by real world experiences and information on the boards - "Fair Credit Reporting" by the National Consumer Law Center. Now, when Sexy Credit tells you to dispute each item separately, they are giving bad advice. Sending multiple disputes in a dispute window very frequently will cause the window to get extended. Should it? No - but in credit reporting, what should be and what is are very different things. It's wise to break your disputes into groups - I don't think I would personally recommend disputing 19 items at one time. At the same time, some have had success doing this. I would do it in 2 or 3 letters, waiting for the results from the first before sending the follow up.
  12. While I agree with you that the length of credit history should not change, unfortunately, the law is silent about how long CRA's must report account information once the account is closed, so long as there is no derogatory information. The says what they cannot do - they cannot report bad stuff for too long, but it doesn't say that they report good stuff after the account is closed. I haven't researched it enough to know if all the CRA's maintain a separate field for the length of your credit history or if it calculated on the fly based upon current tradelines. I know for sure that when a tradeline is added which has an open date earlier than your earliest tradeline, then the length of credit history is increased. My guess is that the CRAs have no data stored reflected the length of credit history and calculate this value on the fly while generating the reports.
  13. Paying off debt is definitely a good thing for financial health in most cases, but it might be a bad thing in the case of installment loans that are not longer in length than your overall average account length. Sounds like these are very short loans. If that's the case, then it will probably have at least a slightly negative impact on your scores. That being said, IMHO, the best thing to do is make wise financial decisions for your personal financial situation and let the FICO float around as it will. Some positive steps may not boost your score, but on the whole, your score will rise as you wisely manage your affairs.