Newbie intro

[ra2783]

Hello,

I came across this site last night and amazed at all the information available. I'm trying to repair my and my wife's credit reports. We had several credit cards that have been charged off by the OCs in the last few months and I'm trying to get them removed from my Credit Report. I've been sending letters to the CRAs and items are coming off of the reports, just not as fast as I'd like them to. I have not used the "Method of Verification" approach that I read about on this site. That seems like it may work better. I'll have to give that a try.

As of last week, my scores are as follows:

Equifax - 640

Trans Union - 610

Experian - 596

I hope to visit the site often and learn a lot. THANKS!!!

[stancil1]

Howdy !! Try reading this http://creditinfocenter.com/repair/DisputingWithOriginalCreditor.shtml

[sjokinley]

Hello and welcome. You'll find invaluable information on this forum, all for free if you're willing to read. Good Luck!

[ra2783]

I read the section on MOVs. In one of the steps, it says to call the OC and ask for records. What records am I asking for? An original signed application for credit or my credit history with them? My accounts have been charged off in the last 6 months, so they have recent histories that they can send to me. TU and EXP seem to be my biggest PIA. EQ removed all but one charge off. TU and EXP are not removing my negatives so easily. I want to try the MOV technique, but want to ask the right questions for the best result.

Thanks for your help.

[willingtocope]

Welcome....Please excuse me if I've misjudged but in your posts I sense a misunderstanding. "Charge off" doesn't mean squat to you. You still owe it, they can still report it, they'll still try to collect, and you might get sued. There nothing to dispute about a CO...

[lyle7289]

Hello and I agree with WillingtoCope.....

[ra2783]

What I've done over the last few months is asked the CRAs to verify that the debt is mine with the OC. Based on some of my requests, some of the charged off accounts have been removed from my credit reports. Others have not come off so easily. So now, my thought is that the MOV method would be the next step. If the CRAs have been relying on eOscar for validation, I need to know that and ask them why they haven't contacted the OC for proof. This would force the issue of validation by the OC, hence my original question...If I have to contact the OC, what records am I asking for from the OC? Original application or something else?

[willingtocope]

I'm sorry to keep harping on this, but charge off is one of those terms that gets tossed about without realizing that it has different meanings in different contexts.

If the TLs that disappeared were OC TLs, were they listed as "charge off" or "write off / sold to another lender", with a balance of $0. (CO and WO are two different things). If they were written off...then...they're likely to reappear under some JDB. (99% of OCs will not just delete a CO TL...they have no reason to).

[DeeT]

Now I am confused I have one that states

Status: Transfered, closed/Account

charge off $841 written off

Account history as of Aug 2003, June 2003

Feb 2003 to May 2003

150 days as of Jan 2003

120 days as of Dec 1002

90 days as of Nov 2002

60 days as of Oct 2001, Dec 2001

30 days as of Sept 2002, Jun 2002

Nov 2001

Creditors state "Purchased by another lender"

This item was verified on April 2007 and remained unchanged.

I thought my next step was a MOV too. Now I don't know if this is a CO or a WO. This information came back on a dispute.

[willingtocope]

DeeT: Based on the "Purchased by another lender", I'd say that account is indeed closed, charged off, written off, and sold. The original creditor no longer has any interest in it. You no longer owe the OC anything...but...you may, however, be contacted by some junk debt buyer tryinng to get you to pay it.

It was probably sold late 2003...and, unless they send you a 1099c that splits it into principal and interest, you owe income tax on $841 dollars.

[DeeT]

So I MOV the original lender and hope for no response correct?????

who did the CR get to verify this? I have to MOV them too, correct???

[willingtocope]

No, a MOV at this point is useless. The CRA did verify it with the OC...and the OC says they don't own it anymore, so basically they're reporting accurately, assuming their balance is $0.

(And...since they were kind enough (cough, cough) to show that they wrote off (i.e., lost) $841, its going to stay a negative and there isn't much you could do about it...unless you call the OC directly and give a big sob story about how you forgot all about them and will glady write them a check if they recall the account and delete from your reports. Get everything in writing before you send money.)

Remember also, when if the JDB contacts you about this...paying them will NOT remove the derog from the OC.

[DeeT]

Well Poop, I have two of these at least 8 others came off my report.

Thanks for your help. Back to my Federal Rules of evidence homework. It's actually easier than credit repair.

[darsar]

Okay, I think this will be my last question of the night.

I have seven items on my report which show a total balance of $25,463. Of these seven items, seven show notations of BOTH CO and WO, and the other two show WO only.

If this is the case, should I dispute with the CRAs on the basis that they should show a $0 balance? Or would it be better to hang out for a while and see what the CRAs do on their own?

Thanks!

[willingtocope]

The magic words are "sold to another lender"...both CO and WO can mean something different (usually, its just an accounting term for their own P&L). Until its actually "sold to another lender", they still own it, you still owe it, they'll still charge you interest, and they'll still try to collect, and the balance will continue to grow.

I'd suggest you wait to see what happens next.

[darsar]