drummerswife310 Posted March 25, 2011 Report Share Posted March 25, 2011 Good Morning,I'm a Newbie and I've been doing research for the last couple of days trying to weigh all of my options and make a decision on what to do here's my situation.I have 1 judgement on my credit report from 2007, a repo on a lease from 06, I had my student loans refinance and they took my tax money in 2008 so it's paid but still on my credit report. I have 7 items in collections totalling 1500 bucks and I have no idea what they are. I had to by a car from one of those shady buy here pay here places, I was never late on my account but after 3 months the car broke down 6 times, I had them tow it back to the dealership on 10/09, I have all of my documents on file from the amount of money I put into the car. They have it listed on my report as a repo from 12/11. My debit all together is about 35K. I have no way of paying this back. I guess my question is should I just file for BK or can I build on top of my already bad credit. I want to buy a house in a couple of years and this credit is hanging over my head like a bad cloud, I also don't fully understand how credit repair works...and how to start my dispute process.Thank you in advance for your help Link to comment Share on other sites More sharing options...
BV80 Posted March 25, 2011 Report Share Posted March 25, 2011 I have 7 items in collections totalling 1500 bucks and I have no idea what they are. Do you recognize the names at all? On each one, what do they list as the date of last payment?I have 1 judgement on my credit report from 2007, a repo on a lease from 06, I had my student loans refinance and they took my tax money in 2008 so it's paid but still on my credit report. I assume they took your tax money because you were no longer paying on the account. A negative TL (trade line) can remain on your CR for 7 to 7 1/2 years after the date the account went into default...the date the you missed a payment and never paid again. Link to comment Share on other sites More sharing options...
drummerswife310 Posted March 25, 2011 Author Report Share Posted March 25, 2011 Thanks for your response,I reconize a couple of items but the 2 I do reconize are from 2006. Most of them have to be over 5-6 years old because I haven't mad a payment on them since, but my last payment listed is 2010. The judgement is from a furniture store in NY, They garnished my paycheck once, but I moved to NC since and they only garnish for Taxes and child support. They haven't contacted me since 2006.The nissan repo is on my report correctly, I leased the car in 06 for 20,000 but since they sold the car it's now on my report for 9,000.The repo from 2009 is on my report for almost 18K, when the purchase price was 13K. And they have it from 2010.I'm lost at what I should do. I can get a secure car but will this improve my score with those negatives on there? Link to comment Share on other sites More sharing options...
BV80 Posted March 25, 2011 Report Share Posted March 25, 2011 If I'm not mistaken, credit card debt in NC has an SOL of 3 years. The SOL begins the month after you made your very last payment on an account. I'm not sure what the SOL is on other types of contracts. If any of the items you don't recognize appear to be credit cards, you could list a few of the names for us, if you feel comfortable doing so. Or go through this site looking for names of junk debt buyers (JDBs). It's possible some of your accounts were sold to JDBs.Examples:Capital ManagementMidland Credit Management (MCM)Cavalry PortfolioAsset AcceptanceUnifundRedline RecoveryLVNVYou can dispute items on your CR. Follow the 623 m Dispute Method on the top of this page. Link to comment Share on other sites More sharing options...
drummerswife310 Posted March 25, 2011 Author Report Share Posted March 25, 2011 None are credit cards. I haven't had a credit card since 2002. The Items are:Closed AccountsNissan Motor Acceptance. - Involuntary Repo- Last payment Date - 6/09 which is incorrectAuto King, INC.- Involuntary Repo - Last payment - 10/09 - incorrectNew York State Higer Education - Paid collectionSLC Student Loan Trust - Paid collectionMy collections arePinnacle Financial Group -T-mobile -2007 last payment 2011 (incorrect)Online collection GRVL- Southwest Credit SystemsJNR Adjustment CompanyFirstpoint Coll ResourcesRMA/NCO FinancialReceivables Performance MG - listed twice Direct TVFair Collection & OutsourcingParagon Revenue Group - Direct TV listed again.The CBE Group Inc.Caine & WeinerNational Credit SolutionsNational Recover AgencyNCO Financial Link to comment Share on other sites More sharing options...
McLovin Posted March 25, 2011 Report Share Posted March 25, 2011 In my experience, NCO Financial and National Credit Solutions are pushovers. They were easily subdued with DV letters. Link to comment Share on other sites More sharing options...
BV80 Posted March 25, 2011 Report Share Posted March 25, 2011 Pinnacle, NCO, and National Credit Solutions are debt buyers as well as collection agencies. I don't know if the others purchase debts or not.If it were me, I would dispute the debts you know are outside the SOL. Dispute any wrong information. If you don't recognize the debts, dispute them as "not mine". Give it a few weeks, then check your CR again to make sure the agencies are reporting the debts as "disputed". If anything you dispute comes back verified, dispute directly with the CA or JDB, and send them a validation letter. You want to try to find out the names of the original creditors (OC) if the OCs are not reporting. Again, follow the 623 method.Keep us updated. Link to comment Share on other sites More sharing options...
drummerswife310 Posted March 25, 2011 Author Report Share Posted March 25, 2011 Thanks. So, do I just sent out my dispute letter to the CRA's and dispute everything saying not mine or do I say wrong amount. Also, do I do one account at a time or can I do all accounts at once on the same letter? I've been looking for a step by step guide on what to do, but I get so overwhelmed with all the info and don't know where to begin. I do know before I do anything I'm going to continue to research the site for a better understanding. Link to comment Share on other sites More sharing options...
drummerswife310 Posted March 25, 2011 Author Report Share Posted March 25, 2011 Okay...I get it. Most are out of SOL. So do I say wrong date? Sorry for all the questions I just want to get it right the first time.Thanks again. Link to comment Share on other sites More sharing options...
BV80 Posted March 25, 2011 Report Share Posted March 25, 2011 You need to read the dispute requirements of each credit reporting agency. They have that information on their website. You can dispute online if you choose.If you prefer to send a letter, make sure you follow their instructions regarding everything they need to process your dispute (again, available online), and send the letter CMRRR (certified mail, return receipt requested). Some may say it's not necessary to send a letter to a CRA by certified mail, but, just as with a JDB, I like to have proof that mail was received. Link to comment Share on other sites More sharing options...
drummerswife310 Posted March 25, 2011 Author Report Share Posted March 25, 2011 Okay thanks! Link to comment Share on other sites More sharing options...
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