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DV Question in re: to OC


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:?: Ok, I think I have a small grasp on the DV process. If I understand correctly, DV is only done with collection agencies. So, my question is...what if I have some old accounts that are listed on my credit report under the original creditor, but in charge off status. I have no idea if a collection agency is handling these because I've never received notice from them so how do I proceed?? Do I send a DV to the OC or do I send something else?? Help! :)

Thanks for any info you can supply

Melissa

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yes, only CAs get DVs.

as for what to do, what are you wanting? do you want to get the TLs deleted? if you are trying to raise your FICO getting the TLs deleted may not be the best thing. do you know the DOLA of these accounts?

depending on what you want, and what the TLs actually say (how old, do they still have a balance, etc.) really determines how to approach it.

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I have the same problem. The OC (EMERGE/PVN) is listed on my EXP report as a charge off for $3800, DOLA 5/2001. It is showing a $0 balance and purchased by another lender. This is the oldest revolving account I have which dates back to 1999. So, is what you are saying is that this account would drop my score if it was deleted?

On the flip side, any time a lender sees a Charged-Off collection CC account, this could warrant an automatic denial. So, what is the point of having a higher score if you are not able to get approved for a CC?

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the older the negative mark, the less impact it has on SCORE. lenders may or may not consider an older negative in their decision to give you credit. they will be more inclined to overlook it if;

1. you tell em a good story about why it happened (i lost my job, was hospitalised etc)

2. you have perfect history since the bad thing happened. they seem to like 2 years of good payment history, showing you learnt from your mistake.

you can lose points from deleting an old account coz the age of your credit history goes down, if you have other good accounts that are older, or the same age, the effect will not be as dramatic than if that was your oldest account by far.

remember its all a game and the person with the highest score wins :)

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