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jjohns39

Financial advisors credit help- good idea?

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So I met with a financial advisor/planner yesterday who was recommended to me by a friend to take a look at my current credit issues. I have been doing a good bit of research on my own and I have a plan of action that I was hoping to take, however after meeting with this advisor their advice was not in line with what I have been reading for the last few weeks. We went over my CR one account at a time and came up with a plan of action. First off I have a CC from BOA that went delinquent 3/06, the status on that account shows as "closed by credit granter" however the account has been sold off twice to JDB and is showing up as three accounts on my report. The advisor claims that the two duplicate reports will be removed if I file an online dispute with CRA's and the newest collection account will remain on my report and we will address that at a later time. I also have a couple of other accounts that appear this way on my report as well, one including a student loan that I have consildation about a year ago, however it is still showing up as 3 seperate loans, all of which are showing up under "derogatory accounts" even though the status is Paid in collections. My first question to you all is can I get these duplicate accounts removed from my CR? I am under the impression that I can by simply filing a DV letter with the CRA, but again I am new at this and I do not want to make a mistake here.

I also have several accounts that are all past SOL and have been sold numerous time to JDB and charged off and are all 6+ years old. The advisors advice on these was that I contact the JDB and negotiate a payment with them. I asked him about the SOL and 7 years it'll take to fall off of my report and asked if there was another way to go about doing this. HIs response was that any debt I have on my report can haunt me forever and if the account is sold to another JDB it will automatically restart the SOL. I didn't believe that this was true at all! It was my understanding that once you are late on a payment that is the start of SOL on that account and selling it to a JDB and then to another JDB will not restart the clock. Is my understanding of this true? I feel like this is a huge issue to disagree on if I am going to use them to help me with this process.

At this point am I am not completely confident in this advisors ability to help me and I think I am going to attempt to do this on my own. If you were me what would be your first course of action? Trying to clear up some of the duplicate accounts and then start addressing each of those accounts one at a time? I basically have 14 accounts reporting, however in reality it's only 5 accounts and all the others are duplicates. As for the debt that 6+ years old my thought is that I should send a verification letter to the current CA to find out the exact dates of my first missed payment, as it deosn't show on all the accounts, and also to find out if the account can be negotiated. I'm a bit apprehensive about just jumping in a sending letters off because I am afriad that any action I take will also cause some reaction by any of the other creditors. Your advice would be greatly appreciate!

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I also have several accounts that are all past SOL and have been sold numerous time to JDB and charged off and are all 6+ years old. The advisors advice on these was that I contact the JDB and negotiate a payment with them. I asked him about the SOL and 7 years it'll take to fall off of my report and asked if there was another way to go about doing this. HIs response was that any debt I have on my report can haunt me forever and if the account is sold to another JDB it will automatically restart the SOL. I didn't believe that this was true at all! It was my understanding that once you are late on a payment that is the start of SOL on that account and selling it to a JDB and then to another JDB will not restart the clock. Is my understanding of this true? I feel like this is a huge issue to disagree on if I am going to use them to help me with this process.

Boy, is the advisor way off on this. If you make a payment, that WILL restart the SOL. It's old. I personally would just allow it to drop off. As far as reporting on your CR, it should be due to drop off next year. It cannot be put back on after that if the DOFD was in '06.

I can't help you as far as the duplicates as I've never had this issue. I will say though that you don't DV the CRAs. You send in a dispute. From everything I've read, you'll want to do that first before you DV the CAs/JDBs listed on your CRs.

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Do not make payment on an account that will fall off next year. As far as the JDBs and CAs...do an online dispute with the CRAs. Wait until they verify the accounts. Then send a written dispute to each JDB/CA and the same letter to the CRAs.

The letter should get the JDBs to pull their tradelines off of your reports. the CAs, if any of the original tradelines are set to fal next year, the CAs reporting should fall off as well.

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Credit and Your Consumer Rights

How to Dispute Credit Report Errors

Credit Repair: How to Help Yourself

Federal Trade Commission

Edited by racecar

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Thanks for all the input! I have decided against going with this financial advisor as I agree that they are completely wrong in their advice and taking their course of action would cause more harm than good. I will be getting started this week with disputing the duplicate accounts and any inaccuracies, hopefully all goes well!

Thanks for the link as well! Very Helpful

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Thanks for all the input! I have decided against going with this financial advisor as I agree that they are completely wrong in their advice and taking their course of action would cause more harm than good. I will be getting started this week with disputing the duplicate accounts and any inaccuracies, hopefully all goes well!

Thanks for the link as well! Very Helpful

Financial advisor's should not be dealing in credit repair issues.

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