ImaBird Posted January 13, 2008 Report Posted January 13, 2008 Good morning all:I am new here, and am preparing for the long journey to the land of credit repair.Anyhow, I have a lot of accounts that are with CA's... some with their second CA... so obviously, I am considering DV as a first step.However, I have a concern with DV:Let's say I have a debt with Providian, and it has been sold to Palisades.And for fun, let's say that Palisades can't validate. For even more fun, lets say I get a pay status of "Paid".Great! Life is good! No, wait... what about the bad mark from the OC? How do I get that to disappear?Any help is appreciated!
willingtocope Posted January 13, 2008 Report Posted January 13, 2008 If an OC sells an account, their TL should change to "Sold to another lender" and their balance should be set to $0. Anything else is incorrect and can be disputed. However, the chances of getting that TL removed are slim...but, the good news is...it hurts less as time goes on. Once they've sold it, they can't continue to report updates.
lovelydria Posted January 13, 2008 Report Posted January 13, 2008 what if it just complety fall off, the whole TL
willingtocope Posted January 13, 2008 Report Posted January 13, 2008 Legally, if the DOFD of the original creditor causes the debt to pass the 7 year reporting period for credit reports, then any JDB who buys that debt cannot report it. However, you may have to take this to court...
ImaBird Posted January 13, 2008 Author Report Posted January 13, 2008 Okay, what's DOFD... that's a new one...
lovelydria Posted January 13, 2008 Report Posted January 13, 2008 I am talking about a TL that is not due to fall off until 2013
Amerikaner83 Posted January 13, 2008 Report Posted January 13, 2008 date of first delinquency. The day you went delinquent on your credit obligations
PCS Posted January 14, 2008 Report Posted January 14, 2008 I have found that almost every collection agency re-ages the DOFD. One of the members once asked me how I know and I was not sure what to respond back becuase they are on the credit reports I pull. My credit reports are bank credit reports and it shows more info than what the bureaus send out.I will ask this question again; If you first went delinquent 5/2001 and the CA buys the collection 10/7 so that is when the collection is open but the date of last activity is 11/07 I believe this is re-aging. I am under the impression that date of last activity and DOFD are the same.
willingtocope Posted January 14, 2008 Report Posted January 14, 2008 I will ask this question again; If you first went delinquent 5/2001 and the CA buys the collection 10/7 so that is when the collection is open but the date of last activity is 11/07 I believe this is re-aging. I am under the impression that date of last activity and DOFD are the same.The date of last activity and the date of first delinquency are NOT the same. Read the FCRA above.If you went delinquent in 5/2001 (and never again brought it current) that's the DOFD. If some CA or JDB comes along and reports the DOFD any different, that's reaging.
PCS Posted January 14, 2008 Report Posted January 14, 2008 How would you find out what DOFD is? Derogatory credit is 35% of what you score is made of, if a CFA bought a debt and they reported the DOLA 11/07 then that is hurting your credit more than it should.
Amerikaner83 Posted January 14, 2008 Report Posted January 14, 2008 and that's what you can sue them for.
PCS Posted January 14, 2008 Report Posted January 14, 2008 I see this scenario on 90% of all collections, if you guys are only seeing credit reports from teh bureaus and you see what I see you would be pretty upset. Allot of my lenders require you to pay off collections within the last 12 months. I am on this sight to learn more. I cant imagine how many folks I have had them pay off a 3-5-7-9 year old debt that a CA was reporting DOLA 10/7 when the DOFD was 5/98.
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