When is a trade line better deleted (or maintained)

[Mannerheim]

As I mentioned earlier, I disputed some late car payments directly with the bureau. As a result, my whole trade line was removed (roughly 21 good payments and 3 bad payments over the last two years).

Of course, as a result, my scores have dropped.

At what point is it worth keeping the line deleted? If lates outnumber currents?

As long as current payments outnumber late payments, is it best to keep the trade line on my report (including the good, the bad and the ugly), for my score's sake?

Thanks,

Andrew

[score booster]

Generally, if the lates are 24 months old or older it's probably best to leave it be. Goodwill letters are the best approach. Anyway, if the lates are fairly recent, the acct. is likely still open and if it gets deleted by some fluke it'll just reappear when the lender reports the following month! It's best to dispute only bad debts such as collections, judgments, charge offs etc.

[Mannerheim]

Hi,

Thanks alot for your input and advice!

I had a feeling that the stuff that was removed would pop back up again.

Is there a good strategy for "cherry picking" specific lates out of a good credit line? I talked to Citibank today about changing some 1x30s to current, and they told me that it was illegal (even though it was their fault).

Thanks again!

Andrew

[Champion80]

I agree with scorebooster on those lates, I know that more recent lates ovioulsy have the greatest effect on lowering the score, but a good reason to have your car loan on your account, especially if you only have 3 lates compared to many good payments is the amount of the loan, and the history paying off a loan of that size, I just spoke with some CC companies in the last few days about the fact that consumers shouldnt be in the dark about what scores they generally approve for their cards, of course their response was that it is not only the score they look at but other factors, and they have a specific system for their companies approval process. Another factor on your credit is the average length of credit, so if your loan is deleted, not only your good payments, your average credit, and a nice sized payed off loan would be gone, so you are in luck for it to come back.

What type of dispute did you ask for by the way for it to be delted completely? I am assuming never late, but it confuses me on how the TL would be deleted, it only tells me that maybe the Loan Company wanted to teach you a lesson and scare you, or maybe the CRA's really dont do there job everytime ( the latter seems more likely)

I haven't stepped into the realm of getting lates deleted off good accounts yet, that is actually next for me, I wanted to rid the CO's first, but I agree with Score Booster on the time of lates, I do know your score is oviously effected to a greater degree on recent lates, you had said you spoke with Citi bank about getting rid of lates and the rep told you it was illegal, remember that getting something such as a CO off of your account sometimes takes patience and sometimes many attemps, I say this because we sometimes seem to talk with people that seem to believe they have the right answer just to feel important. I would trysending a few goodwill letters saying you apologize for you past late payments because of some hardship you had encountered, then remind them through that you still managed to keep their account current and you are now trying to buy a home etc. This is what I am going to try, I will write to the higher ups in the organization, and also try be-friending an associate over the phone and get there honest opinion. And I will never take no for an answer until I get a result.

[Mannerheim]

Thank you for your reply and advice.

I had filed a dispute with the bureaus for every account that had late listings, stating that I had always paid on time. I sure didn't expect the bureaus/creditors to go nuclear on my whole credit file!

I guess I should expect these lines to reappear within the next couple of weeks, when my next payment posts. One exception, though, (I think), will be accounts that are long paid off. There's no payment to post, so the line won't be restored (which is sometimes a good thing!).

How did you best deal with Chargeoffs? I assume with a DV letter? What if its the OC?

Thanks for the help!

Andrew

P.S. - I just started about a month ago, and have removed 3 judgments and 106 inquiries! Yeah!

[Champion80]

Wow, those inquiries are amazing, sounded like you had application addiction lol.

Yeah those current TL you disputed as never late will probably show up, but remember what I said above, the average life of credit is a factor, the longer the better, so if you happen to have a good TL that was deleted but is a closed account, you should be able to get the CRA to re-insert the file, by either calling them and telling them it was a mistake to delete it completely, you were just never late, I would also think though, that if they couldnt verify the account all together is why they deleted the TL, so if they couldnt verify they were reporting correct information, and they do not fix the late payments, and they do re-insert the files you ask them to, they cannot report the lates because they cannot really verify that is true, if they do, it has to be a violation, of course this is just speculation based on what I know of the FCRA, I think a more knowlegeble opinion would be required, but it makes logical sense.

As far as the chargeoff goes, I cant really tell you anything special for my report, it does depend on whether or not it is paid or not though. I had two Charge-offs on my account, one was about 6 years ago, I was young then and I paid upon collection efforts of the company, but it said paid charge-off, so after learning from this site, I just simply disputed this one, it was deleted off EQ and TU, for some reason EX told me they got a reply by mail, which sounded like a lie, I am going to now request there method of verification, and then also write a letter to the OC and tell them they must of mistaken an identity, I know for a fact there are a few others in Cali that have my name, so I will tell them they are reporting something that is not mine. I will try everyway possible to get this one off my EX report.

Now it would be different on an unpaid chargeoff, you can of course DV them and hope for a deletion with luck, but if that isnt achieved, you can then try to get a violation if they did not then report that TL as disputed, what I did was this.

(The OC was the one showing the debt on my report not the CA)

I first disputed a few months in a row right after another with the CRA's hoping it would just fall off, never did, during this time, I had a lawyer send a letter to validate the debt or delete, the OC doesnt legally have to reply so of course they didn't, but they do have to report as disputed, so after a couple letters and no reply, I searched the company on Google, got the names of the CEO, and all chairman, and sent them all an email (i saved the email in my sent folder if needed, and the letter I attached on a word file is below), the CEO forwarded the email within one business day to the companies CO director, he wrote me an email stating he would like to help me deal with it personally, I called that very day and I was very friendly because he came off very professional and helpfull from the start, so I stayed very candid and did not let out any steam directed at him, just my frustration that I wasnt sure what the debt was and I was trying to buy a house, and it was damaging my credit We had a lot of small talk, I felt him out, and because it was in my name he asked if I would take a little accountability a portion of the balance, and I replied ; If we can get this resolved and it will be deleted, I would be fine with that, he said, so what about $100, I said if you take $75 we got a deal. This was on a debt of $408, I told him of course I appreciate all the help and asked if he would take CC, and then told him he was very helpfull, and considering the situation, I would need a letter for the terms of our agreement. He had someone type it up, had it faxed to me within the hour, it had the necc. statements; We are prepared to accept $75 to settle balance in full, Upon receipt of payment we will delete our entry on your credit reports, and your account will be recalled from Alliance One. (the CA)

Here is the letter I sent to the OC:

Buyers United Dated: 2/18/2005

14870 Pony Express

Bluffdale, UT 84065

To whom it may concern:

I became aware of a debt owed to Buyers United after running my credit report. The debt shows an amount due of $408, with a beginning balance of $160. The account number relating to this debt is 2169***.

In the recent months I have sent documentation requesting verification of debt that you say is owed to you by me on several occasions, and have received nothing. I am in business for myself and I can understand the collection of a debt that is owed, but in regards to the debt stated above, I do not find myself obligated to pay this debt, and have confidence it should be removed immediately from my credit profile, stopping further damage to my credit rating. If the debt had been validated with proof I myself would have accepted responsibility.

I have spoken with counsel in regards to an issue such as this, and the costs incurred for both me and your company can be avoided if this matter is resolved. Please respond to this letter, I have been trying for months now to resolve this debt, my intentions are not to harm the reputation on your company, just to have this debt fully investigated by your company, and after a thorough investigation you will see I am not responsible for this debt. I am aware of the laws that a company such as yours must have a 3rd party verification and a signed contract or an electronic signature, information that would in fact show this is not an account I opened. Again I would like to keep both our reputations in tact; I will wait 15 days from receipt of this letter before filing suit. According to The Fair Credit and Reporting Act (FCRA), section § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

Buyers United has violated at least one provision, and for my assurance I have kept all correspondence in regards to this issue.

I thank you in advance for taking the time to read this letter, I sent this to your level because I know you have a respect for your business and your customers and feel you will help me with this matter.

Thank you again.

I mentioned to this gentleman on the phone that I did have possible violations that I could exaust but said my intention isnt to try and make money off of the company, just to be represented properly, but if he would have been uncooperative I would have quickly gone midevil on his a$$.

So I do not know what balances you have on the unpaid, or even if you have unpaid chargeoffs, but if they are not that great of an amount, and you may be able to be prepared to make a payment offer, this is an option, but of course try to rack up some violations for bargaining power, most CA or OC's are still unaware that consumers are becoming this educated, in the end all factors can have an affect if you use them properly, OC's amd CA's know a chance of recieving payment for a debt year after year decreases dramatically. Another good post I read had said if you try this near the end of the month with the CA, they will settle for more than they would in the begining of the month, because their time to make quota is right around the corner.

I hope something in here helps,orry for the long answer I just feel its important to tell the specific details of something that was successfull.

Good Luck..

Go Get um..