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Q's on some accounts on CR


Bry
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Wasn't sure which forum to post this is as I believe it falls under both Credit Reports and Credit Repair, but since I have been trying to rebuild my credit for the past 18 months, I hope this suffices. 

 

A brief history of the past 18 months, and myself.  I'm 32 and made a few of suspect credit decisions in my mid-20's. I was applying for a new car loan at the same CU I've used since 2000/2001.  One of the really helpful tellers informed me that to get the new loan, I was going to have pay off some of the debts listed on my credit report, as my credit score was really low.  I don't recall what number the reports later said, but if I had to guess, it was in the low 500 range.  I ended up paying $750 towards these debts immediately.  I wasn't in huge debt; less than $2,000 give or take. 

 

Today, I printed my CR's out to see what was going on.  My score is 605.  TU 638, Ex 569, and Eq 591. I have not had a credit card for 5 years; the account is closed.  

 

I currently have 3 installment accounts listed with my CU which have always been up to date due to the loan payments coming from my paycheck direct deposits each week. 

 

Sorry for the delay, but here are my questions.

 

(1) On my CR, it's showing total 10 negative accounts across all 3 CRA's.  4 for Experian and Equifax, and 2 for TransUnion.  All 10 are from the same 2 accounts I used to own, showing both under the open and closed account sections.  Confused?  As an example, Debt A is showing both opened and closed, which accounts for 2 negative hits. 

 

The strange part is that Equifax lists no negative accounts in the break down, so I'm pretty confused where these 4 hits are coming from?  Does anyone have any suggestions on some sort of action I can pursue?  

 

(2) Same accounts.  They are being listed as: Paid in full; was a collection.  One with AFNI (estimated removal date is Feb 2014), the other with NCO (estimated removal date is June 2014).  Is there a possibility that I could have either of these removed prior to the respective dates, or do I just have to wait it out at this point?  Both accounts were paid in April 2011 if that matters.

 

(3) A separate account is listed as: Paid in Full; was a Charge Off.  It was paid with the OC, and has an estimated removal of Oct 2014.  Was paid in March 2010.  Is there a possibility I could have this removed prior to its estimated removal date, or again, do I have to wait it out?

 

At this point, I have $375-ish left in debt to pay off.  In the past, I would just call whoever was listed on my CR and pay the debt.  Having done some reading on here, I found that isn't the best course of action for getting things taken off. One is a medical bill showing on both EX and EQ.  Another shows on all 3, but is non-medical.  Is there a course of action I should pursue to settle these debts? 

 

TIA for any comments and suggestions! 

 

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I would suggest you read the credit repair tips in this section, and start by disputing the negative items on your credit reports to each of the CRA's.  dispute each one seperately.  They will have to remove double entries, unless it goes like this--- you owe original creditor xxx.xx, they charge it off, and sell the debt.  JDB buys debt, while OC only reports it as sold, or closed, the JDB starts reporting on it.  Dispute each one, if the reporting creditor does not validate it with the CRA's in 30 days, they have to remove the entry.

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I would suggest you read the credit repair tips in this section, and start by disputing the negative items on your credit reports to each of the CRA's.  dispute each one seperately.  They will have to remove double entries, unless it goes like this--- you owe original creditor xxx.xx, they charge it off, and sell the debt.  JDB buys debt, while OC only reports it as sold, or closed, the JDB starts reporting on it.  Dispute each one, if the reporting creditor does not validate it with the CRA's in 30 days, they have to remove the entry.

I appreciate that, and will continue reading the stickys.  Thank you!  For each of the negatives, the same CA has both opened and closed entries.  NCO Financial had one, AFNI, Inc had another.  In those instances, 6 negatives were created over 2 different debts.   

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Thank you!

 

I read through all the material including any related links.  I'm not entirely sure I took the proper course of action.  Allow me to explain, and if anyone can weigh in, I'd greatly appreciate it!

 

For the 3 PIF's (2 with CA's, and 1 with OC) I have on my CR's from over 2.5 years ago, I disputed them on the basis of verifying accuracy.  My logic was that I had nothing to lose at this point since they will all be falling off in the next 6-12 months.  I'm guessing they'll all come back as being verified to be PIF.  If this goes as expected, I have a couple GW letters for a CR adjustment.  Perhaps I should have just sent the GW letters first???? 

 

I do have 1 account currently in collections from 2008 that I disputed to verify accuracies.  If it is verified, I plan on trying a PFD with the CA.      

 

**I did run into a headscratcher and would like some advice.  I do have one CO that is with the OC (First Premier), according to my CR.  It is also set to fall off in 2014, however I did still carry a balance with them.  I was going to attempt a PFD and called to verify they still have the account prior to sending the PFD.  I was informed that they sold the debt to a CA in March 2013. The CA is NOT listed on any of my CR's. However on my CR, the OC is showing a couple of "Fail to Pays" with a >PRL< remark for May and July 2013.  If I am understanding this correctly, the Collection Agency is still reporting on a debt as the Original Creditor.  Is this typical, and is it permissible?  The DOLA is 08/2007 if it matters.  In my state of PA, the SOL is 4 years so I am easily beyond that. 

 

Were these steps an advisable course of action? 

 

Thank you all in advance!

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**I did run into a headscratcher and would like some advice.  I do have one CO that is with the OC (First Premier), according to my CR.  It is also set to fall off in 2014, however I did still carry a balance with them.  I was going to attempt a PFD and called to verify they still have the account prior to sending the PFD.  I was informed that they sold the debt to a CA in March 2013. The CA is NOT listed on any of my CR's. However on my CR, the OC is showing a couple of "Fail to Pays" with a >PRL< remark for May and July 2013.  If I am understanding this correctly, the Collection Agency is still reporting on a debt as the Original Creditor.  Is this typical, and is it permissible?  The DOLA is 08/2007 if it matters.  In my state of PA, the SOL is 4 years so I am easily beyond that. 

 

Were these steps an advisable course of action? 

 

Thank you all in advance!

@Bry - OCs do not do Pay for Deletes.  The CA may do a pay for delete, but if possible, see if you can still pay the OC (FIrst Premier).

 

I'm not understanding - you said the CA is not reporting but then you say they are reporting as the OC?  I'm not sure what you're trying to say here.    

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@Bry - OCs do not do Pay for Deletes.  The CA may do a pay for delete, but if possible, see if you can still pay the OC (FIrst Premier).

 

I'm not understanding - you said the CA is not reporting but then you say they are reporting as the OC?  I'm not sure what you're trying to say here.    

@ admin

 

Yeah, you're right.  OC's don't.  I don't know what I was doing there.  Understanding that the CA's do, I still went ahead and prepared a PFD for that anyways. 

 

I'll see if I can explain that issue a little more clearly.  Here goes.

 

On my CR I have a charge off listed for First Premier, which would be the OC in this case.  I called First Premier to make sure they still owned my debt.  They said that the debt was in the hands of a CA since March 2013.  Looking at the dates on the CR for First Premier, it lists the account as a CO from 02/2008 to 07/2013, and each month in between with the exceptions of 05/2013 and 07/2013 in which there is balance info, a >PRL< in the remarks column, and two "Fail to Pay" for the respective months.   

 

Essentially it looks like this: 02/2008 to 04/2013 CO

                                            05/2013 Fail to Pay >PRL< remarks

                                            06/2013 CO   

                                            07/2013 Fail to Pay >PRL< remarks

 

 

The CA they sold the account to is not listed any where on any of my CR's.  So I assumed that First Premier still had the account. 

 

I suppose my question should be stated differently.  IF the OC sold the debt 03/2013 to a CA, then who is responsible for reporting the 'Fail to Pay'?  Is this the CA acting like they are the OC? Each of those 'Fail to Pay' updated the account.  For example, the date updated now reads 07/14/2013.  Which is clearly beyond the date First Premier supposedly sold the debt.   

 

Or am I still not making any sense?  I dunno.  I'm sorry.  Just becoming impatient for the 2014 fall offs, and thinking I may have a shot to get them off sooner than that. 

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@Bry - I don't see the CA acting as the OC if they're not even reporting on your Credit Report.  I'm confused by this statement.  :)

 

However, should First Premier be updating your credit report if they sold the account?  NO!  But now comes the problem of proving it and the other problem of finding case law to force them to do any legally to stop updating your credit.  

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@Bry - I don't see the CA acting as the OC if they're not even reporting on your Credit Report. I'm confused by this statement. :)

However, should First Premier be updating your credit report if they sold the account? NO! But now comes the problem of proving it and the other problem of finding case law to force them to do any legally to stop updating your credit.

@admin

FWIW, I'm confused by it too. LOL. I'm just trying to figure why FP would have it listed as a CO for all those consecutive months, 62 to be exact, then all of a sudden update it as Fail to Pay out of now where. Just seems odd to me and was curious if anyone else had seen anything similar to compare it to.

@Bry

That doesn't mean the account was sold. It's possible that FP simply hired the CA to collect.

@BV80

Interesting point. I did not consider that possibility.

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FWIW, I'm confused by it too. LOL. I'm just trying to figure why FP would have it listed as a CO for all those consecutive months, 62 to be exact, then all of a sudden update it as Fail to Pay out of now where. Just seems odd to me and was curious if anyone else had seen anything similar to compare it to.

@Bry - No clue why they would do that.  It's a new one on me.  

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@Bry - No clue why they would do that.  It's a new one on me.

@admin

I appreciate that. Is there a way I'd be able to find out if the OC "sold" the debt, or simply hired a CA to collect it, like BV80 mentioned?

Oh. And I did want to mention that the disputes I opened caused my FICO score to drop 42 points. I'm guessing this is only a temporary drop as my investigation brought older negatives more current? Or did the disputes do more immediate harm?

Admittedly, I made the disputes online in an attempt to try and do it the easy way before sending letters thinking that its sometimes better to be lucky than good.

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I appreciate that. Is there a way I'd be able to find out if the OC "sold" the debt, or simply hired a CA to collect it, like BV80 mentioned?

Oh. And I did want to mention that the disputes I opened caused my FICO score to drop 42 points. I'm guessing this is only a temporary drop as my investigation brought older negatives more current? Or did the disputes do more immediate harm?

Admittedly, I made the disputes online in an attempt to try and do it the easy way before sending letters thinking that its sometimes better to be lucky than good.

@Bry - The best way to know if the OC sold the debt is to investigate the CA handling the account.  Google them.  Are they a collector or a JDB? 

 

The temporary drop is just temporary.  However, it's not because older negatives were made more current.  There's no way that would happen.  THe drop could be because accounts in dispute no longer are considered in your score until the dispute is over.  That changes the mix.  

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@Bry

 

Along with what Admin suggested, another way to determine in FP still owns the account is to see if, in their entry on your CR, they state that the account has been sold or transferred.

 

If it doesn't say that, check to see if they are still updating their entry every month. 

 

If the entry doesn't include "sold" or "transferred" and they are updating each month, the chances are that they still own the account.

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