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Made some progress...need a bit more help


klink
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Hello all,

As a quick update, due to some of the great info and help that I have found on these boards, I am well on my way to having a respectable credit score. However, I do have a few more items on my report that I would like to ask anyone's opinion on.

First off, I currently have HSBC/GUITR reporting on TU and XPN with a balance. They are reporting on EFX with zero balance. Then, there is Arrow Financial, which is a collection agency for the same account, reporting on all 3. I would like to take care of this one, I'm just not sure how to go about it. The account went to collection some time ago, and the debt is out of SOL. I'd like to pay it off with HSBC, but I'm not sure if its possible. Is the first step to DV Arrow?

Second, I have an old Citi credit card that they are reporting under collections right now. I know the credit limit of the card was $2000. This is a pretty old account (again, out of SOL) but they are actively reporting a balance of $15475, increasing monthly. This is the OC I believe. Well, it started out as Associates Visa I think...This is the biggie that is really hurting me. Any ideas or advice on how to proceed? I could really use some help with this one...

Thank you all for any help or assistance you can provide. If there are other threads that address these questions, feel free to point me in the right direction. Have a fantastic day everyone!

-Klink

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Once an account has gone to collections, the OC will not accept payment. You need to deal with the collection agency.

The methods for dealing with an OC late pay or charge off on your credit report are to do a credit report dispute and then the 623 method.

Ways to deal with collections are here:

http://www.creditinfocenter.com/repair/five-collection-methods.shtml

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Admin,

Thanks so much for your excellent response. I have one more quick question if you or anyone else has a moment....

I have come across quite a few reports today regarding the fact that Citi sues immediately on DV. I am slightly concerned about my account mentioned below as the balance is very high (although I never charged anywhere close to that amount), and my recent credit report shows a DOLA of 2006. I know I never made a payment then. The last payment I made on this account was in 2004.

So my question is...what constitutes a change in the DOLA? Is it only payment, or can other things affect this too? And just because the DOLA is more recent, does that affect the SOL? My credit report still says this account is scheduled to drop off next year (2010), so I seem to be getting mixed signals...

Also, isn't it incorrect for HSBC to be reporting a balance, AND have Arrow trying to collect as well? I guess that is where DV'ing Arrow would come in...

Again, thanks for all of your help!

-klink

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Admin,

Thanks so much for your excellent response. I have one more quick question if you or anyone else has a moment....

I have come across quite a few reports today regarding the fact that Citi sues immediately on DV. I am slightly concerned about my account mentioned below as the balance is very high (although I never charged anywhere close to that amount), and my recent credit report shows a DOLA of 2006. I know I never made a payment then. The last payment I made on this account was in 2004.

So my question is...what constitutes a change in the DOLA? Is it only payment, or can other things affect this too? And just because the DOLA is more recent, does that affect the SOL? My credit report still says this account is scheduled to drop off next year (2010), so I seem to be getting mixed signals...

Also, isn't it incorrect for HSBC to be reporting a balance, AND have Arrow trying to collect as well? I guess that is where DV'ing Arrow would come in...

Again, thanks for all of your help!

-klink

I am not so sure the past actions of Citi are any longer a reliable indicator of their methods moving forward. There have been several reports that they are offering low settlements which was never the case in the past. When you are in as much financial trouble as Citi currently are, then expenditure on legal fees on what appears to be an uncollectable account or one which is likely to be defended needs a lot more justification than was the case perviously.

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So would the logical next move be to get them to do an investigation (whatever the OC version of DV is - just can't think of it this second)?

I know I used to have an Associates Visa that I assume got bought by Citi. I am not positive of this. I also know the balance never got even close to that high. I assume they can continue to add on late fees/interest though. Is that correct?

Also, is actual payment the only way to change the DOLA, or are there other ways?

Thanks so much guys!

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