LadyButler Posted February 10, 2005 Report Share Posted February 10, 2005 Under my "adverse accounts" list I have a Paid account for a line of credit. It lists the Date closed as 4/99 and the date paid as 5/99. I know for a FACT that the account was closed in 11/98 or 12/98... and paid by 2/99. I know it was paid by 2/99 because I had to pay it off to open a new bank account- which is on my report as having been opened 2/99.Should I do anything about this? The "Adverse" information on the account is that it was 30 days late once and 60 days late once.Edited to add: this wasn't a collection account. Bank was the OC and stayed that way .TIA Link to comment Share on other sites More sharing options...
divemedic Posted February 10, 2005 Report Share Posted February 10, 2005 I don't see how a paid line of credit with a 60 day and a 30 day late could be listed as adverse. Even if it were, those lates shouldn't be hurting your score that much, as this was 6 years ago. What are the facts here? What does the rest of your credit look like? Why is this account adverse? Why was it closed before payoff? Link to comment Share on other sites More sharing options...
LadyButler Posted February 10, 2005 Author Report Share Posted February 10, 2005 The rest of it is pretty mediocre, to be honest. My most recent FAKO was 594 from Experian. According to TU, I've got 6 "Adverse Accounts" - including the Wachovia line of credit (closed before paid off because of overdrawn checking account...bleck). The others are a refinance Student Loan with 1 30 day late in 12/98, a closed credit card with 1 each 30 60 90 in 12/98, another CC (closed) that I'm still working on the balance- 4 30s, 3 60s... actually says I'm currently 30 days late... need to get that fixed. (I'm not currently late...). Another closed CC with current remaining balance... 7 30s 1 60. Paying more than minimum balance- according to Money it should be paid off by March 2007.The 6th one is a collection with NCO which I'm still trying to decide how to go forward on. See http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=25293I've got three "Satisfactory Accounts" - One being another line of credit with a different bank, 2 is a student loan currently in defferment for economic hardship (although I think it just says "deferred"), and #3 is a Closed student loan account (DH and I consolidated).Thoughts? (I really appreciate your time!) Link to comment Share on other sites More sharing options...
divemedic Posted February 10, 2005 Report Share Posted February 10, 2005 If your goal is simply increasing your FICO and you don't have any pressing matters that you are trying to get credit for, here is what I would suggest.Take care of the collection with NCO. Get it deleted.Concentrate on getting the accounts that are most recent as up to date as possible.I would ignore the accoutns from 1998. They fall off this year anyway and you have other things to worry about. Link to comment Share on other sites More sharing options...
LadyButler Posted February 10, 2005 Author Report Share Posted February 10, 2005 We're looking at trying to qualify for a low-income mortgage in May or so... actually looking at the date... it may be more like August at this point. We have to be current on all accounts for 6 months and have everything paid off (or off the report) plus get two good letters from creditors. Easy enough if we stay on top of things...Did you read the background story with NCO? How would you handle that? I took the letter you wrote and changed the beginning to"This letter is to inform you that I am terminating my electronic check/debit authorization. No further electronic checks and/or debits will be honored. Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act etc etc." I also took out the first line of the second bullet list... as my previous authorization could probably be construed as an acknowledgement of debt owed to them. Any more thoughts? I can't thank you enough! Link to comment Share on other sites More sharing options...
divemedic Posted February 10, 2005 Report Share Posted February 10, 2005 Sometimes I put a line near the beginning to the effect of: "Identity theft is one of the fastest growing crimes in America. As a result of the times we live in, I am forced to verify and validate all doubtful claims I have received. I'm sure you will agree that collecting from the proper persons is one way to put a stop to this drain on our economy."It has the effect of implying that you are the victim of identity theft without coming right out and saying it. Just because you paid does not mean you really owed this debt.NCO is one of the bad ones (are there any GOOD CA's?). You may have to switch banks to get rid of them. They will continue to steal from your checking account. Link to comment Share on other sites More sharing options...
LadyButler Posted February 10, 2005 Author Report Share Posted February 10, 2005 As it happens, I just opened a new checking account because my cu has started charging minimum balance fees... So we just need to get the direct deposit switched over. (Would it be helpful to cc: my current bank- at least on the letter to NCO so they'll know that the bank knows?)Note to self: get DH to bring home new forms for direct deposit. Link to comment Share on other sites More sharing options...
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