Should i just wait till 7 years is up?

[abstrak360]

At the beggining of this year, i began my quest to clean up my credit. Since then, I've paid off a few hospital bills, misc bills and a credit card bill. All of which were sent to collections. I paid a total of about $3500 and I now only have one credit card bill still in collections. My credit history shows alot of items sent to collections but i've paid them all off in full except for this remaining card.

I owe them $1000 but the card was opened in 2000 and my transunion report says it is scheduled to be removed from my report 09/07. The problem is my experian report says its going to stay on till 06/08. I'm thinking about just waiting a year till its removed because that will allow me to invest that money elsewhere and my credit will be better off when the negative history is removed anyway right? how do i know when this item will really be removed? help please.

[TheRoadBack]

Have you dv'ed the collection agency?

[breathing_easier]

When was the last time you paid on the account?

[abstrak360]

they all say something different. the equifax report shows my last activity on 05/01, experian shows the account was 30 days late on august 01/jan 01(?), and the transunion report shows the account closed on 02/01. I'm very confused.

Ideally, i should wait until its removed off my report anyway if i'm going to purchase something like a house right? since a better credit score can save me thousands of dollars in the long run, why not wait a year right?

and lastly, in response to "the road back's" question, i don't know what d'v means.

I appreciate all the feedback.

[TheRoadBack]

dv means debt validation. Click on the search button and do a search on dv, debt validation or 1-2 punch. Most of the people on this board have had some sort of collection problem or another and with a little reading you can have this removed from your credit report without having to wait another year.

I would also go under the credit repair category and read divemedic's sticky(permanent post) on how to begin credit repair- a primer.

Good Luck!

[abstrak360]

i have indeed verified with that the credit is valid. so they do have proof that it is my debt.

[direred]

Date of Last Activity isn't the same as Date of First Delinquency. How long an item appears is based on the DOFD.

Here's the kicker:

I owe them $1000 but the card was opened in 2000 and my transunion report says it is scheduled to be removed from my report 09/07. The problem is my experian report says its going to stay on till 06/08.

This indicates that different DOFDs are being reported to each CRA. One is nine months later than the other.

The fact that such different information is being reported to the different CRAs strikes me as prima facie evidence for an FCRA claim.

[divemedic]

i have indeed verified with that the credit is valid. so they do have proof that it is my debt.

How can they have validated this debt? You yourself said you don't even know what the DOFD is?

Two hours ago, you didn't even know what DV meant, so how can you now say the CA has validated the account?

[kevin3344]

Keep in mind a collection on your CR - paid or not - is a black mark. Many have purchased a home with oustanding collections, it's not a problem if they are over two years old. So I wouldn't worry about that.

Now, if you want to pay this debt because you feel it's the right thing to do, fine. Before you do that, however, I would check on the SOL for your state. Not only is the reporting time almost up (7 yrs) but in most cases the SOL can be up, too, depending on where you live.

________

Infant Nexium

Edited September 9, 2011 by kevin3344