Trying to get started on the "smaller stuff", but need advice please

[Simmie38]

Hi! I had several credit cards in the mid to late '90s. In July 2001, I stopped paying them because I lost my job. I was under the impression that this would "disappear" after 7 years. So, I'm about 6 years into this now, and decided to see what I can do and tried to get credit. It's still really bad. The man that got the report gave me information about a company that can "fix" it, but it's expensive and doesn't pass the legitimate test because they are asking for money up front, etc.

I think my first step would be to send a DV, but I'm a little afraid... I don't want to restart the clock or trigger a lawsuit. I'm in North Carolina and see that the SOL is either going to be 3 or 5 years (2004 or 2006.) I also see on my credit report that some of my OC's (that have charged off my account) have reports in Dec. 2007. Plus, my accounts have been sold to new creditors are constantly updating things on my report. Will there ever come a time that these things will drop off my report or should I try to start getting them cleared up instead? I was told today that every time my account is sold, the clock starts over. Is that true?

I also have two inquiries, the one today and one by "Northland Group." I think I have seen that name before. I've kind of had my head in the sand about it all because I just don't want to have to deal with it, but now I am beginning to see that I will have to do something. Any advice?

[2001Badyear]

You sound exactly like me, when I got here. Kind of ignored things and thought if I did so they would go away. Not completely the case, as I paid most off quite some time ago, but never followed up and never bothered to look at the reports.

Look, you need to do some reading, lots. First thing I did was read through the stickies and the posts until I had a feel for what was going on. It's pretty alien at first with all the acronyms they use here (do a search and print those).

You have the order of things wrong in your inquiry. There's a specific way and order in which you need to proceed. Generally, pull all reports and figure out what you have. What's right and what's not.

After that you can dispute to the CRA's, but you do not DV a CRA. They will sometimes delete and sometimes not depending on the situation.

Depending on what they say, you may DV a CA and that is approached different depending on your situation.

You can request an investigation of an OC only.

Last, don't confuse SOL with a get out of court free card, it's not. If summonsed, you have to respond or they win and yes that can happen after SOL.

Don'y ignore collection attempts. Don't talk to them on the phone or just long enough to tell them to write to you. They will. Respond with a DV.

Timing is everything and keep a paper trail.

Look for links to the flow chart for the dispute process etc....

And read, read, read.

It'll make sense but takes a little while.

[n00b]

Hi Simmie,

Something that I did, in addition to the ideas in the stickies, was to go to myfico.com and get my credit scores and reports for all three CRAs. Doing that depends on your disposable income, I suppose. Between a free trial, some promotional codes and being a little methodical with add-ons, I got my scores and reports for the big 3 for the low, low price of $25. (Did you catch the car salesman impersonation?)

Then I spent the afternoon combing through the reports, highlighting the things that seemed to be the biggest priority, and made a spreadsheet of every single negative remark on any report with columns to the right with notes on the CA, acct#, OC, amounts owed, the strategy that i plan to use, if it's a collection acct or still with the OC, and finally, which CR the comments were on. (Not all three were exactly the same.)

The thing that I like about the myFICO is that it tells you which accounts/ TL's are hurting your score the most so that you can also prioritize your work. It also had a cool utility where you could make "simulated changes" to your CR to see how certain things affect your credit score. It was pretty cool.

I was also able to get a free copy of my EX report through consumerinfo.com by calling the tollfree number on EX's website and chatting up the lady who answered the phone. She signed me up for something so that I could print a copy of my CR because I had spilled coffee all over my free annual CR and ruined it. I only had access for the afternoon, but it was long enough for me login and print out my report. (I was also a paying customer of theirs for several months.)

The thing that I especially liked about the web version of the EX report is that it has a status field which tells you when a debt is scheduled to fall off your CR. eg, there are 2 on mine that will fall off on FEB 08. Good info to have; I'll just bide my time on those.

Finally, take heart. The learning curve feels huge, but things start coming together very quickly as soon as you start digging in. My mission is only a few days old, and I feel like I'm starting to understand my situation and am forming a sense of direction.

Best,

n00b

[divinemadness]

wel i must say wonderful advice above there,

i was new here in december. i started my journey in august 2007.

i tried to ignore it all too and then when we had to move and rent a place, they pulled my reports and tons of chargeoffs and collections.. had to be paid so we could move.

i wish i would have found cic sooner!!!!!!

so is tart credit repair, and to date, my Equifax report is 100% perfect and clean. im still working on TU and EX but they are coming along about 75% baddies left.. takes time, but its worth it.

what i found helpedm e best, was to read read read read all the stickys and other peoples questions i thought helped my own - educate yourself on whats going on and credit in general. get a plan of attack and action!! its a long hard road, but its worth it!!! good luck and ask any questions u need too!! and dont forget "search" is a wonderful function too!