MindBend

Utility Collection Reporting Multiples with CRA

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I have an electric utility that is reporting on my EQ CRA five accounts. (3 small ones that I think came from apparent settlement items not getting paid from a previous house sale...all small: $99, 115, 490)

 

However there's a large one of appx $2K that is being listed as a collection from OC, but recently was purchased by a consolidator (Trident) and is now double-dinging me with both the OC and the CA reporting it with a different account# and a different status (one listed as UNPAID, the new listing is "120+ days delinquent"). Is this legal?

 

To reiterate: all 4 accounts are reporting with OC listed as Creditor and Agency, but the largest one is now being reporting twice: by OC and new CA.

Have no idea why there's 4 accounts listed.

3 out of 4 are post SOL, including the large one reporting twice.

 

Not sure where to start with this: Dispute with CRA (they'll likely get validated), call the OC and offer to PFD, or send validation letter to new CA?

 
Thx for any input.
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All accounts are marked as UNPAID, including this larger one. (not SOLD, etc.) So, actually getting dinged for two largish collections.

I do have the funds to work it out, but won't consider anything but PFD. They are old enough that they aren't really effecting my scores much right now.

Having the luxury of no immediate credit needs puts me in the driver's seat, I suppose.

 

Any thoughts about calling them vs. sending a PFD letter? I probably need to call anyway to figure-out why there's 4 accounts listed.

 

Thx

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You can always call to see if you can negotiate.  However, keep your finger on the "hang up" button.  (Or ready to press it.)  Collection agencies are often nasty on the phone.  In addition, don't do anything until you see something in writing!

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Additionally, I may fire-off a zombie-debt letter to the new CA for their violations of inaccurately reporting and re-aging this account.

Since it's only reporting to one CRA agency, will dispute with them as well.

 

I explained this to you in the other thread you started about this.  They have NOT re-aged the debt.  They are reporting when the CA opened the account and that does not change the DOFD or when it drops off your CR.  

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I pulled "the" score at myFico.com (was much lower than Fako).

 

No specific credit needs at this time...own my cars and already mortgaged for my house.

Just looking to play the game a little. May refinance once I get more scores up.

No active trades reporting except my current mortgage (only one 30 day late in 2 years).

 

Need to get some positive trades reporting, but am working on removing those negatives first.

Considering an AU trade, or a secured card of decent size.

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Cool. That's what I'm looking for.

What's the "magic number" for Bank Card approvals?

 

There is no cut and dried answer to that.  It isn't just the "magic number" they look at.  If you have charge offs, collection accounts, and other causes for concern the FICO may mean nothing and they can still deny you.

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I'd be curious to know how many are actually score-only driven, versus reviews of other items.

Would assume that the credit inquiry decision-model can be programmed to factor in any/all of the items on one's report.

 

Naturally, I'd expect the higher the score, the less impactful those items are, otherwise the scoring would be meaningless. Afterall, the score accounts for negatives as well as positives.

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Actually, the "sweet spot" for new CC accounts is a FICO Consumer Score around 600-650...the range where your credit history implies that they will make money charging you over limit and late fees...plus, they'll stick you for high interest.

 

Remember...CCs aren't looking for people with good credit...they're looking for people they'll make money on.

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Believe you 100% an that one. However, I don't think the approval probability is there at those scores.

Maybe at a credit union you can get a card.  Other possibilities are secured cards. 

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I think I would qualify for some cards with my TU at 665.

My others have some derogs that are really dragging me down. Trying to clean up my derogs first. They total:

 

1. This pesky util collection, amounting to $2K. Called OC and they sold it. I DV'd the new CA today. (6 years old).

2. 3 small medical collections ($500, 100 and 125).

3. One CC written off for $26. (4 or 5 years ago I had an auto-pay agreement with them and somehow the last payment must've gotten mucked) gonna try to Goodwill that one.

 

Have recently DV'd all 3 CRA's too.

 

Only positive trade is current mortgage, one 30-day late 18 month ago.

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$2,000 for a utility bill? Wow! That is insane. Who is the JDB? Luckily time will murder that one if you don't. The medical collections are low so I imagine something could be worked out for them. The CC will depend on who the OC is. The one 30 day late on the mortgage, I would dispute with the CRA. There is a one in four chance it goes away (I made that statistic up).

 

How does one DV a CRA? You can dispute items with them... You can send MOVs to them... But a DV?

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