Jump to content

Time to Begin and could use a little help


GottaStartSumwhere
 Share

Recommended Posts

Hi everyone! I've been checking this site out for over a year dabbling in the thought of fixing mine and my husband's credit and We'd like to buy a home in the next couple of years so it's time I get to it! Any advice would be appreciated!

 

A lot of the debt is small time ($25-$200) medical collections with jdb's. I'm thinking a few good PFDs would help with these. I found a lot of threads saying to DV everything, but then some say that is a bad idea.

 

Here's the PA SOL:

 

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 4
 
This means 4 years after Date of Last Payment, Date of first delinquency  or date of first CR report? My CR's are from 8/2012 so they aren't fresh but they are a good start, I think.
 
I am working on my student loan and the only other big one is a $7000 loan that I haven't made a payment on in since 8/2007 and still with the OC. Maybe I can work with them?
 
I have a strange TL on my EQ CR from Midland for $1069 under "Closed Accounts."
Original Amount: $839
Date Opened:                                    9/2009
Date of First Delinquency:                  11/2007
Date of First Major Delinquency Reported: 11/2009
Date Reported:                                  7/2012
 
That's from a credit card from before 2008 and it doesn't even have a last payment date. I think it was re-aged by the DB... am I right?
 
Now there's 2 TLs under "Collections" in my EQ CR that are from 2006. Do those get to stay there because they were assigned to CA's?
 
My hubby's credit leaves me baffled because 99% of it is medical debt ranging from $25-$3000. I could probably DV most of it because it's with JDBs but not sure if that's the right tactic because we've been getting letters from CA's for years.
 
But there is a charge-off from First Premier on there from 3/2006. Zombie?
 
I read so much and thought I was ready but now I feel confused.
 
Any help is appreciated!
Link to comment
Share on other sites

 

Hi everyone! I've been checking this site out for over a year dabbling in the thought of fixing mine and my husband's credit and We'd like to buy a home in the next couple of years so it's time I get to it! Any advice would be appreciated!

 

A lot of the debt is small time ($25-$200) medical collections with jdb's. I'm thinking a few good PFDs would help with these. I found a lot of threads saying to DV everything, but then some say that is a bad idea.

Always dispute with the credit bureaus first.   Then you can do a DV/PFD.  

 
This means 4 years after Date of Last Payment, Date of first delinquency  or date of first CR report? My CR's are from 8/2012 so they aren't fresh but they are a good start, I think.
SOL is date of first delinquency.  
 
 
I am working on my student loan and the only other big one is a $7000 loan that I haven't made a payment on in since 8/2007 and still with the OC. Maybe I can work with them?
You can rehab your loan with the Department of Education.  They have programs where you can make 12 payments on time and they will then report the account as in good standing.  
 
 
I have a strange TL on my EQ CR from Midland for $1069 under "Closed Accounts."
Original Amount: $839
Date Opened:                                    9/2009
Date of First Delinquency:                  11/2007
Date of First Major Delinquency Reported: 11/2009
Date Reported:                                  7/2012
That's from a credit card from before 2008 and it doesn't even have a last payment date. I think it was re-aged by the DB... am I right?
No.  They show the date of first delinquency. 
 
 
Now there's 2 TLs under "Collections" in my EQ CR that are from 2006. Do those get to stay there because they were assigned to CA's?
No.    They are tied to the first date of delinquency. 
 
 
My hubby's credit leaves me baffled because 99% of it is medical debt ranging from $25-$3000. I could probably DV most of it because it's with JDBs but not sure if that's the right tactic because we've been getting letters from CA's for years.
Dispute with the credit bureaus first!
 
 
But there is a charge-off from First Premier on there from 3/2006. Zombie?
Yes, zombie, but can still report on your credit for 7 years. 
 
Link to comment
Share on other sites

Tjoe! Where to start.....

 

Okay - you're starting with conflicting thoughts - either you want to do a PFD or you want to fight, which is it?

If it's medical debt and you want to pay it, make sure you get IN WRITING that they will delete it from your credit report.

 

If you want to fight, dispute it with the CRA's FIRST...  And unless you're within the 30 day window of the CA's first dunning letter, they don't have to respond to your DV request anyway....  so....

 

Next - statute of limitations means different things.  There are two. One is for how long a CA can sue you for the debt. (that's the 4 years in PA bit that you put in)

The other is how long it can stay on your credit report, which is 7 years, plus 180 days... or 7.5 years.

 

Mind you a debt collector can come after you after the SOL of 4 years passes. They can even sue you over it.

However YOU have the burden of telling the court that the debt is time barred, or out of SOL... but they can always 'try'...

 

Medical debt is very hard to make go away... it almost never does. Same with student loans, though there are circumstances that it does.

 

The 3/2006 debt from Premier is definitely zombie debt (did you incur it while living in PA, or another state? If another state, check their SOL).

However, as I've said, it will stay on your credit report for 7.5 years, and only then will it drop off.

 

I think if you keep in mind the way I've explained SOL here, it should answer the rest of your questions.

Link to comment
Share on other sites

  • 4 weeks later...

 

I have a strange TL on my EQ CR from Midland for $1069 under "Closed Accounts."
Original Amount: $839
Date Opened:                                    9/2009
Date of First Delinquency:                  11/2007
Date of First Major Delinquency Reported: 11/2009
Date Reported:                                  7/2012

 

 

The 7 year reporting period is based upon the OC's date of first delinquency.  Considering Midland didn't begin reporting until 2009, the fact that they're showing a 2007 date of first delinquency means that's the OC's date.  It appears the entry will fall off your CR at the end of this year or within the first few months of 2014.

 

 

 

Now there's 2 TLs under "Collections" in my EQ CR that are from 2006. Do those get to stay there because they were assigned to CA's?

 

 

Is the OC for whom they were collecting reporting?  If so, go by the OC's date of first delinquency.  The CAs' entries will fall off when the OC's entry falls off.

 
Link to comment
Share on other sites

SOL is date of first delinquency.

 

Admin,

 

If you're referring to a state's SOL for collection, then the SOL is not always based upon the DOFD.  The SOL is based upon the date of last payment and that date is not always the same as the DOFD.  Did I misunderstand your meaning?

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.