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A little help from you credit repair gurus would go a long way for me!


tekn0pumpa
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Greetings everybody,
I’ve decided to start my credit repair journey after about a month of research. I have a pretty good grasp on quite a bit of information I’ve read but I also have some questions. I did utilize the search button and I got a lot of conflicting results on this board and other boards. I was hoping to post a summary of my current situation and get some input from you credit repair vets. Additionally I had a few questions I would be very grateful for some guidance on.

Sorry for the long read but I just want to try to give some detailed information. I’ll stick to the points.
At this point I have not started or done anything beyond research. I wanted to acquire knowledge before I just started shooting out dispute letters.

I am 24 years old, never married. Most of my bad credit comes from disregarding medical and utility bills with some late payments on my CC and Student loans and closed accounts sprinkled in. I also have a 3k judgment for a broken apartment lease.

Currently my credit scores according to Identity Guard are:
09/01/2013 11/04/2013
Equifax: 504 523
Experian: 506 552
Transunion: 531 554

I’m guessing my bump in score over only a couple months is by cracking down and paying all my balances down. Also, I had a few inquiries fall off. I’ve been diligent over the last year or more about not applying for any credit.

I’ve posted some questions below, some include excerpts from information I’ve read around the boards and some are question I have come up with on my own.

I sincerely thank everyone in advance for any help.






The whole key to the credit repair procedure is that if a credit bureau cannot verify information on your credit report within the time allowed by law, they must remove it. For instance, if a collection agency is reporting a collection on your report and they cannot verify the information, the credit bureau must delete the entry.

What qualifies as “verification”? My girlfriend had sent out disputes and all they sent her was a copy of her old bills.
What is “the time allowed by law”?
What if you send a “not mine” dispute and they don’t respond in “the time allowed by law”?

Also, if your creditor has NOT notified you of negative information they have recently placed on your credit report, they are currently in violation of the Fair Credit Reporting Act. You can use this to pressure the original creditor to remove the listing by reminding them they are in violation of the FCRA by not notifying you.

What qualifies as “Notification”? Do they need to specifically state that they HAVE ALREADY reported negative to the CBs or that they MAY or CAN?
How long can I go back and claim they never notified me?

General Questions:

1. How long is “Account Status” i.e. “Paid or paying/Was 30 days past due 2 times” stay on report? Is this corrected if I dispute ever paying late?

2. What is “Prior Delinquency” they show as codes on my report. 201210, 201305, 200811?

3. Does 24 Month payment history become less of a FICO factor the further away in the past the delinquency occurred?

4. What does ownership mean? i.e. I, J?

5. Is “Filing Date” or Date Opened” the date the clock starts for the negative information to fall off report? (7 years in my state) (Idaho)

6. Do I send my first round of collections disputes to the OC or the CA?

7. Do I send my first round of late payment disputes to the OC or CBs?

8. Does a verified dispute restart the 7 year fall off date? Is there anything I can do other than acknowledge and make a payment on the debt that can restart this clock?

9. Do I need to dispute an item with each CB or just one? As I understand it, if the CA takes it off they will take it off all three, but if the CB takes it off I may have to go to each one.

10. My student loans (which at one point where noted at 150+ days past due) were recently “transferred” from US DEP EDU. To another company, I am currently in deferment so I’ve stopped the bleeding but I’m curious, since the accounts have been opened under another company now can I have the old US DEP EDU ones removed from my report instead of “Closed or transferred”?



Lastly, I see there are a lot of “begin here” threads but I actually never got a clear picture of where to start. Is it best to start be disputing just collections or just late payments?

My plan is to do one big shipment of certified “not mine” disputes on all collection accounts to the CA’s and a big “never missed a payment” disputes shipments to the OC’s I’m still in good standing with as a place to start, just to see what gets taken off that way. Then when I start to receive responses, I can plan for the next round of disputes for whatever was not taken off.


I’m open to any and all feedback, thanks so much for all the information you all have posted thus far on these boards, I’m really trying to get my credit straight so I can buy a home for my family in the next couple years and I hope this all helps. I was young, dumb and in the Army with money to waste and credit to ruin, now I just was to turn it around.

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General Questions:

1. How long is “Account Status” i.e. “Paid or paying/Was 30 days past due 2 times” stay on report? Is this corrected if I dispute ever paying late?

2. What is “Prior Delinquency” they show as codes on my report. 201210, 201305, 200811?

3. Does 24 Month payment history become less of a FICO factor the further away in the past the delinquency occurred?

4. What does ownership mean? i.e. I, J?

5. Is “Filing Date” or Date Opened” the date the clock starts for the negative information to fall off report? (7 years in my state) (Idaho)

6. Do I send my first round of collections disputes to the OC or the CA?

7. Do I send my first round of late payment disputes to the OC or CBs?

8. Does a verified dispute restart the 7 year fall off date? Is there anything I can do other than acknowledge and make a payment on the debt that can restart this clock?

9. Do I need to dispute an item with each CB or just one? As I understand it, if the CA takes it off they will take it off all three, but if the CB takes it off I may have to go to each one.

10. My student loans (which at one point where noted at 150+ days past due) were recently “transferred” from US DEP EDU. To another company, I am currently in deferment so I’ve stopped the bleeding but I’m curious, since the accounts have been opened under another company now can I have the old US DEP EDU ones removed from my report instead of “Closed or transferred”?

 

Just don't have enough time to fully respond but for starters, the reporting period starts on your date of first delinquency can cannot be "restarted" unless you bring the account current and default again. A dispute does not restart the reporting date. Each item needs to be disputed with each respective credit reporting agency, disputing to one does not dispute to all. If your old school loans are on your report and have been sold, they need to be reporting $0 balance. You should dispute the "closed of transferred" accounts, if they're reporting correctly. I never recommend lying to remove a trade line. Note also, that it's possible for your score to go down when old trade lines are removed, even if they're derogatory.

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I can try to help some of these.  I'm newer to this board, but have learned a lot so far.

 

 

 

 

1. Late payments will stay on the report for 7 years.  You can dispute it as not mine or dispute it as "Never paid late." It might be removed, it might not.

 

2. Prior delinquency is the last time you were late on the account.  You can dispute it as not mine (the entire TL could be removed) or dispute as "Never paid late."

 

3. Late payments affect your credit less as they age.  If you are talking about a charge-off or an unpaid collection, it continues to affect your account unless you get it removed.

 

4. I believe ownership describes if the account is owned just by you or it could be joint if you had a co-signer or joint loan.

 

5. "Filing Date" or "Date Opened" is the date a judgment was filed or the date it went into collections.  The account should fall off 7 years after the date of first delinquency.  Sometimes, a collection account will show a "Date Opened" as the date it went to the Collection Agency.  It still should be removed in 7 years from the DOFD (Date of First Delinquency), not 7 years from when it went into collections.  

 

6. Don't dispute with the OC's or the CA's first.  Dispute with the 3 CRA's and see which ones are verified.  I am working on this and have had 11 Collections TL's removed, only 4 have been verified.

 

7.  Also start with sending Late Payment disputes with the 3 CRA's.

 

8. Disputing does not re-start the clock.  Only making a payment or payment arrangements can.

 

9. Dispute with each CRA the TL appears on.  

 

10. You can dispute the old TL as "Not mine" or another dispute, but if they verify, the TL's stay on.

 

 

 

Admin or other members please correct me if I'm wrong.  

 

http://www.creditinfocenter.com/repair/Repair.shtml is a good place to start.  

 

I am also in Idaho.  I have found a good National Association of Consumer Advocates attorney in Rexburg- his name is Ryan Ballard and he is willing to work on a contingency basis.

 

Another important point is to stay on top of your mail.  Old debt can be sold to JDBs and you need to make sure to send a DV to any new CA or JDB within 30 days to protect yourself.  I have gotten several "We have decided not to continue collection efforts" because of the DV's I have sent.

 

I dispute about 3 or 4 TL's per letter, others do more and others do less.  

 

Good luck to you!

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  • 2 weeks later...

so what's the order of events?

 

1) write CRAs to remove all old addresses

2) dispute all bad trade-lines as "not mine"  (do i need to avoid the ones inside the SOL so as not to "wake the beast"?)

3) wait for results, then dispute again with a different reason code

4) ask for goodwill adjustments

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so what's the order of events?

 

1) write CRAs to remove all old addresses

2) dispute all bad trade-lines as "not mine"  (do i need to avoid the ones inside the SOL so as not to "wake the beast"?)

3) wait for results, then dispute again with a different reason code

4) ask for goodwill adjustments

@huntergreen - I think you have the order right.  

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