NEWBIE WITH SOME QUESTIONS PLEASE HELP!

[teresa9394]

I have been reading for 2 days straight! I have read so many sites but yet this site seems to be the most valuable information.

My situation: I have entries that are duplicated 6 entries are duplicated with all twelve having balances. One from the OC and one from the CA. The dates are confusing to me. I have two dates on most entries: balance date and date opened. which date is the 7 years and 180 days calculated from? Most of these are from 99,00,01. A few have dates as far as Balance Date: 2004 but yet it originated in 01. I also have a repossession that is from 98 and I know for a fact that the finance company and car company are both out of business. I am in the military and also have a debt listed that was a bonus I received in the reserves but had to pay back once I went on active duty, how is that a debt? i paid it back through the military and it was understood once i went active that i would have to pay this back? why is this on my credit? I have had a car loan (4 years) all payments on time and two installment loans paid in full and all ontime over the past two years. I do not currently have any credit cards but I am thinking of getting two secured ones and simply keeping them open for 6 months to improve my credit score. I am not sure what to do about the charge offs and the repossession. I need to either pay them or dispute them i am learning but see arguments on both sides. Most are, like i said 4 years old or older. Should I simply worry about the ones within the past 4 years and then worry about the older ones? Please give me some advice on how to start this process. I want to clean all this up in about 2 years. I have no need for credit till then but need to get it on track now.

I have been in the Army for 12 years and have an income of about 45,000 a year with only one installment loan and car loan with 1 year left to pay on it that I am in debt for now. My score is 563 and 557 with two of the agencies! Thanks for all that you do here! this site is great!

[Methuss]

The reporting period is calculated from the date of charge-off. Federal accounting rules generally require a bank or financial institution to charge-off a delinquent account after 90 days of delinquency.

You will need to speak with the military about the messed up credit reporting. After checking, I don't think the military has an exemption from the FCRA rules...although sueing the military may prove difficult.

You should get familiar with the FACT Act which added some special provisions for military personnel to the FCRA. This new leverage should help you get the credit reporting for civilian companies cleared up more easily.