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What to do about a LOT of late on C/C


cakelover
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Hi,

This is my first post.

After lurking for a while I pulled my credit report and scores (delaying for years) last week and immediatly started 7 online disputes and am sending more in via certified mail.

No matter what happens, thanks for helping me pull my head out of the sand. It's been stuck for way too long.

Question: I have an MBNA card that has an embarrassing amount of lates that I finally closed a few months ago.

Should I dispute the account (ie, not mine)? It was originally a First Virginia card - last used in 1999/opened in 1995. I've been paying interest and lates (stupid). I finally saved and recently paid the whole lot off. Can I do a DV?

Thanks and sorry if this is a boring post - I hope to contribute once I learn more.

Cakelover.

EQ: 587

EX: 555

TU: 535

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As I learned the hard way myself, it's difficult to DV a paid account. If you've paid it, you've already admitted it's yours so it's too late. Also, did you pay off the people who issued the card, or a collection agency? In most cases you could only DV a collector, not the original creditor. It will help a lot for all kinds of questions if you show in your profile what state you live in.

I paid off a lot of CA's before I found this site. Some of them deleted, some of them said "you paid it; we don't have to do squat."

Give it two or three months, and you might be able to get it off by disputing it with the bureaus. Sometimes when you pay stuff off it takes much more time and effort to get rid of it. As more people get more info about your situation, you'll get more advice. Good luck! :)

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I disputed 6 late payment accounts about a week ago. 2 were within the past 18 months, but since the late payments I haven't missed a pmt and paid off most of my balances. THese were with Cap 1 credit cards.

I disputed with the CRAs and sent a good will letter to Cap 1 telling them I was a loyal customer and had used them for an auto loan and was considering them for a new auto loan. 5 days later, off come the 2 30 Day lates.

Another late payment was with Discover and was 4 years old. Disputed it and now gone. I have a 0$ balance with Discover and have had a card for 10 years with a fairly high limit ($10K)

Another is from Applied Bank (CrossCountry). If they verify, they will get a good will letter.

There are two remaining lates from 6 years ago. One with HSBC on a credit card that was 90 days. The other is from a Fleet CC and is a 30 day. These have been disputed with the CRA. If they are not removed within the next month, I will send a letter to them asking them to verify under FACTA. I'm not really worried about these because my scores have already jumped considerably (and will jump above 700 once the two collection accounts are deleted as promised in writing by the CA's today). Also, they are old and will fall off in the next year or so.

Maybe my situation is an anomoly, but I will have successfully removed about 10 negatives from my reports in a weeks time. If only I had known about these strategies one year ago, my house payment would be about $200 per month cheaper.

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Wow Big Law, ten removals?? I'm jealous! I have been working for two years and have only been able to remove about six. After two years, and three years without a late payment on anything, I'm still sub-600. Say a prayer to the credit gods and have a drink on me!

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For me, those were the killers.

I was sub 600 a year ago because of revolving balances and collection accounts.

I paid down my balances when I got my Bonus, but my scores still sucked and hovered around 580 to 600. I couldn't figure it out.

Then I looked at my negative items. 6 or 7 late payments, half of which were 6 years old. I disputed with the CRA and poof. The CC companies could really care less about a 6 year old late when they are PIF and current. Cap 1 did me a solid and got rid of my most recent lates from 18 -24 months ago. My scores have jumped a bit on these. Probably 30 to 50 pts.

Then there is the big hitters. THe Collection accounts. I had 4 total.

1. Was a time warner unpaid for $1,200 for non-return of 2 cable boxes. When I got my mortgage over 1 year ago I found this on my report. This was from 2001 when I moved to start school. For some reason, I still had the receipt in a file folder. It took me 3 weeks of threatening law suits to get TW to admit it was placed in error and force their CA to agree to remove it. TW and the CA both sent letters to me. Its still on EQ and TU and showing as unpaid. I disputed it a week ago and provided them with the letters, THe CA also said they would request deletion again. THe CA was CPA.

2. There was an old Tampa Electric collection that resulted from their misapplication of a payment from 1999/2000. Back then I tried to get them to remove it, but got nowhere. Luckily, the account statements that made things pretty clear were in teh same folder as my TW receipt. I DV'd them a week ago and received a letter today saying they had no records and that they will request deletion if I give them some more info so they can adequately report to the CRAs. THey also told me to dispute it again by stating that "CA has not located the account" and it would dissappear. THe CA here is MAF.

3. There was a $286 unpaid collection from DirecTv that popped up on my CRAs when I bought my condo last year. It was from NCO and is allegedly from an apartment in Tampa that I used to rent. The DOLA is listed as 6/2001. The problem is that I moved from that address in 1999. Also, I know I paid my DTV account in advance with my CC. I DV'd NCO via e-mail and they caved immediately and sent me a deletion letter.

THey sent the account back to DTV who then assigned it (the same day NCO deleted it) to RMA. THe problem is that RMA is NCO. I now have a couple possible violations to hang over their head. I DV'd them again today and sent their legal department a nasty letter. This debt, even if I owed it, is 2 years past the SOL so I can't imagine they will continue.

4. THere was a 4th collection that was 6 years old. It was from a construction equipment vendor that my former employer used to do business with. I was the COO of that company. I called the OC as I know the guy personally. He looked it up and said that he has no account for me (which we both knew was the case) and that my former employer was one of his best clients and was running a credit balance.

He gave me the CA's name and phone number. I called him and he looked it up. It was for another company and all he had was a peice of notebook paper which contained a scribbled note for my sales rep to call me. From that he found my SSN and put this listing on my Credit profile. I have a letter from the OC and the CA on that.

As long as NCO/RMA gets their act together, I should be in the mid 700's soon as all that will be left will be one 60 Day late from 1999 that will drop soon. (Assuming it doesn't delete from my dispute)

I was lucky in that my worst lates were from accounts with otherwise strong payment histories and that I really didn't owe any of my collection accounts. (I guess syou could say I was unlucky that they were ever on my report).

The funny thing is that over the past 5 years, AMEX was probably the account I had the toughest time paying. I went 60 days with them several times and they have never once reported.

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I disputed with the CRAs and sent a good will letter to Cap 1 telling them I was a loyal customer and had used them for an auto loan and was considering them for a new auto loan. 5 days later, off come the 2 30 Day lates.

I'm going to do this with all my dealership inquiries. Thanks for the reminder. :)

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Some people also have good luck doing a dispute around the holidays and they end up getting things deleted.

I still have 1 or 2 baddies that I might leave alone for a few months and try again around the holidays.

Now if I can GET some credit - I'll be golden! 8]

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